The global Almond
Milk Market size is expected to reach USD 13.3 billion by 2025,
according to a new report expanding at a CAGR of 14.3% over the forecast
period. Changing consumer lifestyle and rising health awareness about diabetes
and obesity are the key factors driving the market.
Almond milk is a plant-based product, which serves
as an alternative to animal milk. Consumers are shifting their focus towards
adopting such dairy alternatives due to growing vegan population globally. This
product has emerged as a booming segment in the market apart from soy milk. It
is used as a main ingredient for preparing food such as frozen desserts and
beverages like milkshakes.
Increasing use of organic ingredients such as almond
milk in personal care products is boosting the growth of the market. This plant
based product is rich in fatty acids such as omega-3 and also a great source of
vitamin E, which is crucial in keeping the skin hydrated and fed. Companies
such as Bodyshop, P&G, and Unilever use this liquid as their main
ingredient to formulate hair care and skin care products for their global
consumers.
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Inflated demand for almond milk, particularly in the
beverage segment, can be attributed to rising cases of lactose intolerance
among the consumers of Europe, thus driving the market in the region. For
instance, companies like Oatly and Califia Farms have introduced flavored
almond beverage as a substitute for dairy beverages, which is soy-free, gluten
free, vegan, and does not curdle when mixed with tea. Along with its major
applications, this product is also used in the bakery, brewery, and chocolate
industries. For instance, Baileys launched Almande Irish Cream Liqueur for its
vegan consumers made from this plant milk.
Asia Pacific occupies the largest share in the
global market due to high demand from the lactose intolerant population of
China and other countries in East Asia. The market in Asia Pacific is
anticipated to expand at a CAGR of 15.0% from 2019 to 2025 due to rising
disposable income and growing consumer preferences for the product.
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Further
key findings from the study suggest:
• Asia Pacific dominated the global market in 2018
and constituted 30.8% share of the overall revenue. This trend is projected to
continue over the next few years. The market in Europe is projected to generate
a revenue of USD 2.8 billion by 2025
• Other applications majorly comprise bakery,
brewery, and chocolate and are projected to exhibit constant growth in the next
few years
• Adoption and consumption of almond milk as a dairy
substitute and dietary supplement is increasing due to surge in the number of
obese people in countries like U.S. and South Africa
• The industry is highly competitive due to presence
of the main players including Daiya Foods Inc.; Hain Celestial Group; Whitewave
Foods; Sunopta Inc.; Blue Diamond Growers; Galaxy Nutritional Foods, Inc.; and
Tofutti Brands Inc.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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