Global Almond Milk Market Size To Worth Exceed USD 21.64 Billion By 2033 | CAGR 7.16%
Category: Food & BeveragesGlobal Almond Milk Market Size To Worth Exceed USD 21.64 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Almond Milk Market is Expected to Grow from USD 10.84 billion in 2023 to USD 21.64 billion by 2033, at a CAGR of 7.16% during the forecast period 2023-2033.
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Browse key industry insights spread across 210 pages with 100 Market data tables and figures & charts from the report on the "Global Almond Milk Market Size, Share, and COVID-19 Impact Analysis, By Nature (Organic and Conventional), By Flavor (Flavored and Non-Flavored), By Distribution Channel (Hypermarkets & Supermarkets, Specialty Stores, and Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023-2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/almond-milk-market
Almond milk is a dairy-free, plant-based drink created by blending almonds with water, usually strained to eliminate solids, and consumed as a milk substitute. It's a favorite among those who are lactose intolerant, vegan, or just prefer a non-dairy option. The almond milk market growth is due to rising awareness towards good health and low cholesterol products among the vegan population, a growing patient base suffering from lactose intolerance, and the growing demand for low-calorie nutritious milk are the key drivers that support the growth of the almond milk market. Moreover, people are rushing to the organic almond milk alternatives because of increasing health awareness since this natural almond milk is made without thickeners or additives. Additionally, Product diversification and innovation have emerged as major areas of focus for industry players, with producers launching new flavors and formulations to address changing consumer tastes. Organic almond milk alternatives are pricier than those produced from other non-dairy materials. However, the market is the rising price of almonds. Prices have risen for various reasons. For instance, in Afghanistan, a leading almond exporter, conflict between factions such as the Taliban and Afghan forces reduced the supply of almonds in 2021. This reduction in supply led to a significant rise in almond prices, impacting importers, producers, and consumers, who paid more.
The organic segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on nature, the almond milk market is segmented into organic and conventional. Among these, the organic segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to rising health issues and organic almond milk being produced without thickeners and chemicals, customers are buying organic almond milk products. Additionally, the organic almond milk market revenue is positively influenced by the emphasis on environmentally friendly farming methods.
The non-flavored segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on flavor, the global almond milk market is divided into flavored and non-flavored. Among these, the non-flavored segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by consumers who prefer simplicity and fundamental almond milk features. Moreover, with purity and versatility, plain almond milk became a go-to favorite, especially in different culinary uses and as a substitute for dairy milk.
The hypermarkets & supermarkets segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the distribution channel, the global almond milk market is categorized into hypermarkets & supermarkets, specialty stores, and online. Among these, the hypermarkets & supermarkets segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to the consumer preference rising for shopping experiences on hand. Furthermore, many consumers prefer to do a physical inspection of products before purchasing, which is possible in these retail environments.
Asia-Pacific is expected to hold the majority share of the global almond milk market during the forecast period.
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Asia-Pacific is expected to hold the majority share of the global almond milk market during the forecast period. The dominance is due to the region consisting of developing nations such as India, China, and many more, where veganism is a new phenomenon, thus boosting the demand for dairy alternatives.
North America is anticipated to grow at the fastest pace in the global almond milk market during the forecast period. North America is rapidly growing due to the rise in demand for almond milk since roughly 36% of individuals suffer from malabsorption. Such conditions are pushing consumers towards using almond milk and driving market growth.
Major vendors in the global Almond milk market are SunOpta, The Hain Celestial Group, Ripple Foods, Malk Organics, Three Trees, Milkadamia, Blue Diamond Growers, Califia Farms LLC, Danone SA, Nestle, Blue Diamond Growers, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the almond milk market based on the below-mentioned segments:
Global Almond Milk Market, By Nature
- Organic
- Conventional
Global Almond Milk Market, By Flavor
- Flavored
- Non-Flavored
Global Almond Milk Market, By Distribution Channels
- Hypermarkets & Supermarkets
- Specialty Stores
- Online
Global Almond Milk Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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