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

Global Almond Milk Market Insights Forecasts to 2033

• The Global Almond Milk Market Size was Estimated at USD 10.84 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 7.16% from 2023 to 2033
• The Worldwide Almond Milk Market Size is Expected to Reach USD 21.64 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Almond Milk Market Size was worth around USD 10.84 Billion in 2023 and is predicted to Grow to around USD 21.64 Billion by 2033 with a compound annual growth rate (CAGR) of 7.16 % between 2023 and 2033. The market is driven by the rising incidence of lactose intolerance and the shift to vegan food. Additionally, increasing health issues and challenges have led to more expensive surgeries, and the rate of bariatric surgeries is one of the key drivers supporting the industry growth of non-dairy almond milk.

Market Overview
Almond milk is essentially plant milk that is processed from almonds and is created by grinding almonds, mixing it with water, and then straining the mixture of solid content. It tends to offer a creamy texture and nutty taste because it is a healthy milk with numerous health benefits and is high in calcium and vitamins. The market is growing due to fortification strategies and ingredient enhancement for improving nutritional offerings. Key brands such as Minor Figures, Alpro, and Califia Farms have consolidated a strong market share via ongoing product innovation and improvement. This phenomenon has been strongest within the food service industry, wherein establishments increasingly introduce almond milk versions in drinks and cooking. Moreover, with the rising world uptake of veganism, almond milk markets offer promising opportunities. Increasing numbers of people are going vegan for animal rights, and this trend has added momentum to almond milk as a green and healthier dairy substitute. Furthermore, according to the NIH (National Institutes of Health), approximately 68 % of the world's population suffers from lactose malabsorption. Therefore, to meet the necessary nutritional needs for well-being, consumers will be inclined to substitute lactose products. 

Report Coverage
This research report categorizes the almond milk market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the almond milk market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the almond milk market.

Driving Factors
The market for almond milk has registered exponential growth in revenues over several factors. A major contributor has been the increasing trend in the prevalence of lactose intolerance and hypercholesterolemia among people, since this disorder inhibits the digestion of milk products such as cheese and yogurt, leading to people seeking alternatives like almond milk as dairy substitutes. Additionally, increased adoption of veganism worldwide has stimulated greater demand for plant-based dairy substitutes like almond milk, especially where access to animal milk is limited. This increased trend towards the vegan diet has led to greater consumption of almonds as an alternative to animal milk. Furthermore, it is an essential ingredient in the frozen desserts market, finds extensive use in the production of different beverages, and is used in products in the personal care and organic cosmetics sectors. This multi-functionality has been a major factor in driving the revenue growth of the market.

Restraining Factors
In the almond milk market, the majority of individuals across the globe continue to favor cow or other animal milk. This may slow down the growth of the almond milk market in the future, making it difficult for it to grow financially. Additionally, rising temperatures in 2021 lowered the yield of crops in California, the globe's biggest producer of almonds. The income from the international market is expected to be affected by similar events or other elements that raise the price of almonds.

Market Segmentation

The almond milk market share is classified into nature, flavor, and distribution channels.

•  The organic segment accounted for the highest share 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 accounted for the highest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to consumers having largely opted for organic almond milk as a healthier substitute for traditional dairy milk because of its lower calorie count, lack of cholesterol, and high vitamin and mineral content, especially vitamin E. Furthermore, the rising trend towards clean-label products, where the consumer wants transparency in sourcing and production methods, further increases the demand for organic almond milk.

•   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 healthy options for aromatic varieties because they usually contain fewer additives and sugars. It aligns with the increasing trend of consumers looking for minimally processed foods with natural ingredients. Additionally, robust almonds among consumers display a strong preference for the milk experience, and the popularity of classic and unpublished varieties.

• The hypermarkets & supermarkets segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable 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 a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is due to their wide reach, convenience, and capacity to supply a diverse range of products. It is easy to buy fresh almond milk from one-stop stores, where many consumers obtain their supplies. Additionally, their availability in such stores helps ensure that almond milk is consumed by a large base, comprising both repeat customers and customers seeking special diet products.

Regional Segment Analysis of the Almond Milk Market

•     North America (U.S., Canada, Mexico) 
•     Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
•     Asia-Pacific (China, Japan, India, Rest of APAC)
•     South America (Brazil and the Rest of South America) 
•     The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is anticipated to hold the largest share of the almond milk market over the predicted timeframe.

Asia-Pacific is anticipated to hold the largest share of the almond milk market over the predicted 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. Moreover, rising awareness regarding plant-based milk products and the health-positive attributes associated with almond milk is fueling the market growth in this region.

North America is expected to grow rapidly in the almond milk market during the forecast period. The market in the region is driven by high consumer knowledge and rising demand for plant-based options. The strong market growth in the region is driven mainly by the prevalence of vegan and flexitarian diets, combined with the rising incidence of lactose intolerance and dairy allergies. Additionally, towards health and welfare, consumer trends, supported by a high disposable income, almonds contribute to the North American milk market.

Competitive Analysis:

The report offers an appropriate analysis of the key organizations/companies involved within the almond milk market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, business strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

•   SunOpta
•   The Hain Celestial Group
•    Ripple Foods
•    Malk Organics
•   Three Trees   
•    Milkadamia
•    Blue Diamond Growers
•    Califia Farms LLC
•    Danone SA
•    Nestle
•    Blue Diamond Growers
•    Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In January 2022, Silk launched new, extra-creamy almond milk. The new, extra creamy version has no cholesterol. 

Market Segment

This study forecasts revenue at the 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