PUBLISHER: DataM Intelligence | PRODUCT CODE: 998097
PUBLISHER: DataM Intelligence | PRODUCT CODE: 998097
Almond milk is a plant-based dairy alternative known to be rich in vitamin E and omega-3 fatty acids. It is derived from almond and is lactose and casein-free, and rich in several healthy nutrients. As a milk substitute, almond milk is popular with lactose-intolerant people, allergic to gluten, have heart disease, or want to reduce their consumption of animal products. An increasing number of health-conscious consumers, coupled with a rising inclination towards plant-based products, is anticipated to drive the market over the forecast period. The global almond milk market is likely to reach USD xx million in 2028, from its recorded value of USD xx million in 2020, growing with a CAGR of XX% during the forecast period.
A potential factor driving product demand is the rising incidence of lactose intolerance and diabetes in countries such as China, Japan, Germany, and the United States, where a shift in lifestyle and high exposure to pollutants affect the majority of the population. For instance, about 30 million American adults have some degree of lactose intolerance by age 20. After infancy, nearly 65 percent of the human population has a decreased ability to digest lactose. Lactose intolerance in adulthood is most common in East Asian descent, with 70 to 100 percent of people in these communities suffering from the condition. As per a report published by the National Institutes of Health (NIH), most of the lactose-intolerant population belongs to Eastern Asia, thus offering a broader scope for the almond milk manufacturers to tap such regions. Almond milk is a healthy and tasty alternative to conventional dairy drinks for people who are lactose intolerant. Almond milk can be used in any recipe that calls for animal milk. It also contains vegetable nutrients, which prove to be an excellent source of high-quality protein, minerals, antioxidants, and vitamins, which will expand the almond milk market over the coming years.
New products with almond milk as a primary ingredient have been developed by market leaders and new entrants that can be consumed by lactose intolerant and vegan customers. For example, Danone has come up with flavored milk and shakes, yogurt, nuts ice-cream and frozen desserts which are made using almond milk. The confectionary shops and bakeries have also started using almond milk for baking almond bread, cookies, pastries, cream liquor, chocolates, and cakes for vegan consumers. In addition, milk chocolate companies often use almond milk as a primary ingredient for fruit and nut chocolates. Demand for almond milk is expected to rise as a result of these factors.
In 2020, organic almond milk segment dominated the market, accounting for XX% of global sales. Owing to the growing health consciousness, consumers are shifting towards organic variants of almond milk. For the creamy texture, organic almond milk is prepared without any thickeners or additives. Organic almond milk is more costly than other non-dairy alternatives because the organic almonds used to produce it are more expensive. In addition, over 10% organic activated almonds are used in the processing of almond milk. Moreover, over 10% organic activated almonds are used in the preparation of almond milk. For instance, Nutriops, a premium organic almond milk manufacturer has come up with several organic milk products like EcoMil Almond milk sugar-free Bio 1 L, EcoMil Almond milk sugar-free calcium Bio 1 L, EcoMil Almond milk sugar-free protein Bio 1 L.
The personal care segment accounted for XX% share of the global revenue in 2020. The extended use of almond milk in the beauty and personal care industry to formulate advanced skin, hair, and face care products has increased the demand for almond milk. Companies like Unilever, P & G are promoting their products with the ingredient as almond milk and have claimed that almond milk benefits the skin. The beauty and personal care industry have claimed from research that almond milk keeps the skin hydrated and prevents aging.
Demographic shifts, lactose sensitivity, allergies, veganism, the paleo diet, general health and wellness, and shifting consumer preferences have all been identified as factors for the increased use of almond milk as a dairy alternative in the region. According to NIH, 85%, 61%, and 73% of people in China, India and Japan are lactose intolerant. Almond milk is the most common dairy alternative because it is light, high in fat, and goes well with Asian cuisine, even replacing cram in curries. 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. Moreover, 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 in the country.
The market studied is fragmented and highly competitive, with key players adopting strategies such as product innovation, strategic acquisitions, and expansions to expand their geographical presence and customer base. Some of the major companies offering almond milk include Whitewave Foods, Blue Diamond Growers, Daiya Foods Inc., Tofutti Brands Inc., and SunOpta Inc. Companies are primarily concentrating on bolstering their position as key players by integrating their business activities around the value chain and introducing marketing strategies such as personalized nutrition, new product launches, and other initiatives. For instance, in October 2019, Blue Diamond, a US-based co-operative launched a new beverage portfolio comprising Almond extract, naming Almond Breeze Almondmilk in Mexican Hot Chocolate flavor.
The COVID-19 outbreak is causing havoc on the food and beverage industry's supply chain. Almond milk demand, on the other hand, is unaffected since it is mainly used in the manufacture of health-beneficial products. The demand for health-beneficial products has risen as a result of the COVID-19 outbreak. Almond milk demand has also risen as consumers' attitudes toward veganism and healthy eating have shifted. Plant-based milks remains the largest animal-based alternative product category and reached sales of $2.5 billion in 2020, according to the SPINS data, 20% higher than in 2019. Milk alternative sales made up 15% of the entire category in 2020. Almond milk remains the category leader and accounts for about two-thirds of plant-based milk dollar sales. However, since the supply chain as a whole has been disrupted, the availability of almond milk products has been affected.