The global almond milk market was valued at $4 billion in 2015 and is expected to surpass $7 billion by 2020, says Technavio.
Technavio has announced its latest market research report on almond milk to its non-alcoholic beverages portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the almond milk market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Blue Diamond Growers, Califia Farms, Earth’s Own Food, and WhiteWave Foods.
In terms of geographical analysis, North America was the largest revenue generating region in the global market, reaching revenues of almost $3 billion by 2020. The US and Canada will emerge as the key revenue-generators.
“Restaurants and cafes are increasingly using almond milk to the evolving customer tastes and preferences. Many restaurants across the globe are already using almond milk in their brand of beverages and other drinks. Some of the restaurants, coffee shops, and cafés in the US utilizing almond milk in their beverages and drinks are Undergrounds Coffeehouse, Tin Roof Café, Panther Coffee, Zeli Coffee Bar, Joe Coffee, and Coffee Tomo,” says Manjunath Reddy, a lead analyst at Technavio for non-alcoholic beverages.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rising levels of lactose intolerance
Lactose intolerance is the inability of the body to digest significant amounts of lactose present in milk. The demand for lactose-free food products is fueled by the rise in the incidences of food allergies and intolerances. Around one billion of the global population is lactose-intolerant. In the US and Europe, the sales of lactose-free products doubled in 2014 due to the increase in self-diagnosed cases of lactose intolerance. APAC is also a lucrative market for almond milk as lactose-intolrenace is a common phenomenon among its high population of more than 4 billion. About 90% of the population in Eastern and South-East Asia is estimated to be lactose-intolerant; although the current market penetration of lactose-free products is comparatively low.
Growing consumer preference for vegan diet
Vegan diets are becoming increasingly popular across the globe. Veganism is evolving into a style of living and philosophy. People are adopting vegan diets for several reasons including ethical concerns toward animals, for a better environment, and for a healthy world. The vegan diet does not include anything of animal origin, whether it is food, cloth, or for any other purposes. As almond is essentially plant-based food, almond milk is popular as a healthier alternative among vegans, vegetarians, and those consumers who are averse to dairy products. Furthermore, many people perceive a vegan diet to be healthy, and prefer to consume almond milk as a substitute for dairy milk.
Positioning as a premium product
Urbanization and increasing disposable incomes, especially among millennials, has spurred a rise in the demand for high-quality, healthy, premium-brand dairy products. Vendors in the almond milk market are leveraging this trend by offering super-premium almond milk to consumers seeking premium and health beverage products. For instance, Califia Farms, a major dairy-alternative milk manufacturer, has re-invented its almond milk products by offering premium almond milk with a unique creamy taste that is produced using artisanal practices. The company’s almond milk products strongly appeal to today’s discerning consumers owing to its attractive packaging.
Some of the other prominent vendors identified in this report are Freedom Foods, Hain Celestial Group, Hiland Dairy Foods, Nutriops, Pacific Foods, Pureharvest, Sanitarium Health and Wellbeing, SunOpta, and The Bridge.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Almond Milk Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Soy Milk and Cream Market 2016-2020
- Global Fresh Milk Market 2016-2020
- Global Dairy Alternative Drinks Market 2015-2019
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