Market Research Report
Almond Milk - Global Market Outlook (2020-2028)
|Almond Milk - Global Market Outlook (2020-2028)|
Published: May 5, 2021
Stratistics Market Research Consulting
Content info: 150+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Almond Milk Market is accounted for $6.79 billion in 2020 and is expected to reach $22.73 billion by 2028 growing at a CAGR of 16.3% during the forecast period. Growing acceptance of dairy alternatives among vegans, rising cases of lactose intolerance, hypercholesterolemia, and growing demand for plant-based beverages are the major factors driving the market growth. However, high cost of almond milk and availability of alternate milks to almond milk are restraining the market growth.
Almond milk is a plant-based dairy alternative known to be rich in vitamin E and omega-3 fatty acids, made from almonds which generally have a nutty taste and creamy texture, it makes bones stronger, helps in digestion, and it acts as a lactose-free substitute of milk. Almond milk is rich in minerals like calcium, magnesium, and iron. It is available in various flavors and enriched with minerals, proteins and vitamins. Almond milk does not contain cholesterol or saturated fat that helps in supporting heart health.
Based on the application, the personal care segment is going to have lucrative growth during the forecast period due to almond milk's unique anti-aging properties included in the products of personal care and amount of high proportion of vitamin C, vitamin B6, vitamin E, and zinc in its formulation, which has been used in skin repair creams and lotions. These advantages of almond milk attract the consumers worldwide, exploring the demand for almond milk in this segment.
By geography, Asia Pacific is going to have high growth during the forecast period as almond milk is prominently used in the Asia Pacific countries, especially India and China, and fast application scope of the product in the food and beverage industry has resulted in an inflated demand from countries like Japan hence the product is likely to witness favorable growth in this region. With the growing focus on gluten-free variants of almond milk, the market in Asia Pacific will grow further in the coming years.
Some of the key players profiled in the Almond Milk Market include Califia Farms, Blue Diamond Growers, Elmhurst Milked Direct LLC, Pacific Foods Of Oregon LLC, Natura Foods, Daiya Foods Inc., Orgain, Inc., Hiland Dairy Foods Company, LLC, Three Trees Organic, Sanitarium Health and Wellbeing, Earth's Own Food Company, WhiteWave Foods, Hain Celestial Group, Nestle and Galaxy Nutritional Foods, Inc.
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Note: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa are represented in the same manner as above.