Preliminary research of Fairfield Market Research indicates a promising growth outlook for global almond milk market during the course of next few years.
Spike in Veganism to Provide a Direct Impetus to Global Almond Milk Market
Rising concerns apropos to animal welfare coupled with growing inclination towards adopting vegan lifestyle among individuals worldwide has transformed the food sector. The consumption of meat products has been impacted owing to growing vegan consumers. The veganism trend is likely to grow in the coming years on the back of several health benefits. Owing to sedentary lifestyles, illnesses such as diabetes, cardiovascular disorders, heart disorders and obesity have been growing. This has prompted individuals to switch towards healthy lifestyle and consume health promoting diet and vegan food is no exception. Furthermore, awareness regarding nutritional benefits of vegan products along with increasing efforts of consumers to combat heart diseases and overweight is expected to drive demand for several vegan products. This factor has largely contributed towards the expansion of the almond milk market since past few years.
Additionally, there has been a rise in greenhouse gas (GHG) emissions with growing animal agriculture activities. As per the Food and Agriculture Organization of United Nations (FAO), around 18% of the GHG emissions are owing to animal agriculture. This aspect has shifted the focus towards plant based activities to reduce the environmental impact caused by such activities. This has provided an opportunity for plant based product manufacturers including plant based milk such as almond milk producers to leverage the trend and market their products and expand their portfolio. For instance, in 2022, Only Earth, a vegan milk brand, announced that it is going include almond milk in its product portfolio and it will be available to consumers via offline and online channels. Given this background, the veganism trend is poised to complement the growth of the almond milk market.
Shift towards Plant Based Products to Drive Almond Milk Market Ahead
Growing inclination of consumers towards plant based alternatives has created an intense friction between conventional and plant based dairy options. This can be attributed towards increasing awareness regarding health, variety of available substitutes and taste. Moreover, negative perception circling the animal based dairy products backed by the notion around animal cruelty has further triggered the consumption of plant based alternatives. That said, the demand for health promoting and low calorie plant based milk products, such as almond milk, is witnessing an upswing. This factor remains instrumental in driving the growth of the almond milk market on the global front. In addition, the rising flexitarian trend is also influencing the market growth. For instance, according to the Institute of Food Technologies (IFT), flexitarian people in the United States account for more than 35% of the total population of the country and this number is likely to grow in the coming years. Flexitarian consumers usually prefer plant based products owing to their nutritional value. That said, this trend is expected to bolster the growth of the market in the coming decades.
Growing Cases of Lactose Intolerance Paves the New Avenues for Almond Milk Market
Apart from veganism and demand for plant based products, there has been a rise in the lactose intolerant population worldwide. Lactose intolerant individuals suffer from problems such as gas build up, bloating and nausea post consumption of dairy products. Such individuals rely on dairy alternatives to maintain their daily nutrition levels. This factor has fuelled the consumption of lactose free milk in turn uplifting the sales of almond milk. According to NCBI (National Centre for Biotechnology Information), around 65% of the population worldwide is lactose intolerant. In addition, almond milk is a rich source of protein, vitamin, fibre, and antioxidants. This is expected to drive the consumption of almond milk among lactose intolerant consumers, in turn boosting almond milk market revenues.
Clean Label Trend to Carve Significant Opportunities in Almond Milk Market
Consumers are becoming self-aware about clean eating and are demanding information regarding processing methods, raw material sources, ingredient contents and nutrient quantities. This has pushed producers to reveal all crucial details regarding the food product on its packaging. Common population has been finicky about the product they purchase and the ingredients that are included. This has given a push to the clean label trend, which is likely to create an opportunistic scenario for producers in almond milk market.
Asia Pacific Poised to Remain an Attractive Revenue Pocket in Almond Milk Market
The almond milk market in Asia Pacific is projected to expand at a momentous rate in the forthcoming years. This can be attributed towards rising health conscious consumers in the region along with growing lactose intolerance. For instance, according to NCBI, around 90% of the overall population, especially adults in East Asia are prone to lactose intolerance or have developed the syndrome. Furthermore, growing vegan population in the region is also contributing toward almond milk market growth. Shift from meat towards vegan diet to maintain optimum nutrition and obtain weight and fat loss has triggered the consumption of vegan food and beverages. According to the Food and Agriculture Organization of United Nations, meat consumption has significantly reduced in India. In 2020, about 1% individuals are vegan from 500 million vegetarians and the count is expected to further increase. These aspects continue to influence the demand for plant based products, consequently propelling the growth of the almond milk market in Asia Pacific.
Almond Milk Market: Competitive Landscape
A few of the major players in almond milk market include Blue Diamond Growers, Natura Foods, SunOpta Inc., DANONE Group, Hiland Dairy, Nestle, Bridge S.R.L., and Pureharvest.
Regional Classification of the Global Almond Milk Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Almond Milk Market
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