Almond Milk Market Size, Share & Trends Report

Almond Milk Market Size, Share & Trends Analysis Report By Application (Beverages, Personal Care), By Distribution Channel (Hypermarkets & Supermarkets, Convenience Stores, Online), And Segment Forecasts, 2019 - 2025

  • Published Date: May, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-2-68038-868-8
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 80

Industry Insights 

The global almond milk market size was valued at USD 5.2 billion in 2018, and is expected to expand at a CAGR of 14.3% from 2019 to 2025. Almond milk is a plant based dairy alternative known to be rich in vitamin E and omega-3 fatty acids. Increasing number of health conscious consumers, coupled with rising inclination towards plant based products, is anticipated to drive the market over the forecast period.

Rising cases of lactose intolerance and hypercholesterolemia are projected to fuel the market demand over the anticipated years. The product is devoid of cholesterol and lactose, thus making it a popular choice, especially among vegan consumers. Preference for vegan diet has influenced consumers to choose substitutes for cow milk. Plant-based milk alternatives are an emerging trend that can serve as an economical alternative for the developing countries and in places where animal milk supply is inadequate.

North America almond milk market

Almond milk has varied applications such as beverages, frozen desserts, and personal care products and is used as a major ingredient for manufacturing chocolates, cream liquor, and bakery products. Together with protein, the product is a rich source of zinc that helps to prevent hair graying and thus keeps the skin free from blemishes. Several cosmetic manufacturers use the formulation to produce face creams and hair care products, thereby propelling the demand for almond milk in the industry.

Growing acceptance of dairy alternatives amongst vegan consumers is a major factor benefiting the market expansion. Aesthetic benefits associated with almond milk, along with its other properties such as low calorie quotient and high protein volume, make it befitting as a dietary supplement for consumers of all age. For instance, Raw introduced its 100% cold-pressed almond milk as a substitute for the other dairy shakes to promote the brand in the plant-milk segment for its vegan consumers.

Rising incidence of lactose intolerance and diabetes in countries, such as China, Japan, Germany, and U.S., where change in lifestyle and high exposure to pollutants are highly affecting the major population, is a potential factor propelling the product demand. The beverages and organic cosmetics markets are likely to witness strong growth over the next few years due to rising consumer expectations about the benefits of almond milk. Companies such as Daiya Foods Inc.; Whitewave Foods; Blue Diamond Growers; and Galaxy Nutritional Foods, Inc. are taking initiatives to thrive in the market by introducing a variety of cold-pressed beverages and frozen desserts on a global scale.

Application Insights

Almond milk is prominently used in the APAC countries, especially India and China, and hence the product is likely to witness favorable growth over the forecast period in this region. Vast application scope of the product in the food and beverage industry has resulted in an inflated demand from countries, especially China and Japan. The growth of the beverages application segment is attributed to growing vegan population in the APAC region. For instance, as per a report published by the National Institutes of Health (NIH), majority of the lactose-intolerant population belongs to Eastern Asia, thus offering a wider scope for the almond milk manufacturers to tap such regions. Beverages accounted for 31.8% share of the global revenue in 2018 due to wider application scope in the industry.

The personal care application segment is anticipated to expand at a CAGR of 14.6% over the forecast period due to the unique anti-ageing properties of the product and high proportion of vitamin B6, vitamin C, vitamin E, and zinc in its formulation, which have been used in skin repair creams and lotions. For instance, Bodyshop is known to manufacture a special range of body butters, shampoos, and conditioners for its consumers worldwide, exploring the demand for almond milk in this segment.

Other applications in the market include bakery, cream liquor, and chocolates. Milk chocolate manufacturers often use almond milk as a main ingredient for manufacturing fruit and nut chocolates. For instance, Toblerone, a Swiss chocolate brand, make use of almond milk to manufacture the products for its consumers.

Distribution Channel Insights

Surge in online apps has significantly impacted the supply chain of the market. For instance, Bigbasket offers a variety of almond milk beverages and other products through an online delivery option apart from the offline stores in India, thereby driving the online channel segment. Due to increase in the number of market players, convenience stores are also keeping a large variety of almond milk products for the consumer’s convenience during regular grocery shopping.

Global almond milk market

In terms of revenue, hypermarkets and supermarkets held the largest market share of 39.3% in 2018. The online segment is anticipated to expand at a CAGR of 15.1% over the forecast period. The major reason for preferring online distribution mode is the ease of payment with respect to ordering the product. A number of offers and discounts are available on various apps for the concerned consumers.

Regional Insights

In terms of value, the market in Asia Pacific is anticipated to exhibit a CAGR of 15.0% from 2019 to 2025. The market demand is anticipated to grow across the globe over the forecast period, especially in the beverage segment, due to rise in brands like Danome, Silk, Raw, and evolving dairy alternative technology across the globe.

Leading manufacturers in U.S. such as Hain Celestial Group and Blue Diamond Growers have started producing a wide variety of packaged almond milk in the beverage segment for consumers across the world. Modern product launches by Raw and Sofit have certainly added a trend of the vegan milk amongst consumers in the APAC region, thereby augmenting the consumption of almond milk in the region. Other applications popular in this region are personal care products, especially hand creams and conditioners.

The frozen dessert market in U.S. is one of the significant sectors boosting the market growth in the region. In 2018, the sector accounted for 26.8% share in U.S. The market is expected to grow over the forecast period due to rising per capita income and change in eating patterns across various MEA countries. Growing environmental concerns among consumers have resulted in the adoption of almond milk in daily routine.

Almond Milk Market Share Insights

The market is moderately fragmented with major players likeDaiya Foods Inc.; Hain Celestial Group; Whitewave Foods; Sunopta Inc.; Blue Diamond Growers; Galaxy Nutritional Foods, Inc.; and Tofutti Brands Inc.   

Companies like Danome utilize almond milk to manufacture beverages like flavored milk and shakes, along with frozen desserts like almond and nuts ice-cream and frozen yogurt. Confectionery manufacturers utilize almond milk to produce almond flavored baked products such as almond breads, cookies, and cakes, which are a thing these days amongst the masses. For instance, Baileys used the product to launch Almande Irish Cream Liqueur during the festive season for the vegan consumers.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Billion & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Country scope

U.S., Germany, U.K., India, and China

Report coverage  

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global almond milk market report on the basis of application, distribution channel, and region:

  • Application Outlook (Revenue, USD Billion, 2015 - 2025)

    • Beverages

    • Frozen Desserts

    • Personal Care

    • Others

  • Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)

    • Hypermarkets & Supermarkets

    • Convenience Stores

    • Online

  • Regional Outlook (Revenue, USD Billion, 2015 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • India

      • China

    • Central & South America

    • Middle East & Africa

Key questions answered by the report
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