Almond Drink Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1838
Almond Drink Market size is expected to witness significant growth due to its rise in application in food & beverages industry over the forecast period. Growing number of patients suffering from lactose deficiency will also drive product demand.
In a research of WHO in 2016, it was found that around 60%, 25% and 20% of adult population in Argentina, America and Canada respectively have lactose intolerance that in turn has upsurge the demand for almond drink. Unlike cow’s, almond milk is free from lactose, increasing its usage.
Growing health consciousness regarding dairy milk alternatives will further raise product applications. In addition, to increase its consumption, several companies are manufacturing sugar free products. These factors will boost the almond drink market
Milk contains low density lipoprotein (LDL) that helps in reduction of high density lipoprotein (HDL) and thus improves hearth stability. These are rich in vitamin C, D, E and considered good substitute for breast milk. New methods including using organic activated nuts that are easy to digest and have better nutrient absorption ability will increase product consumption.
Organic almond milk manufacturing companies including Nutriops contains over 10% of organic activated nuts in their drink. There has been an increase in vegan population in recent past and they do not eat or use animal products consisting egg and milk. Growth in product acceptance by vegan population is anticipated to drive almond drink market share.
Almond milk is creamy textured milk obtained from almonds and has nutty taste. It is manufactured by grinding nuts, blending with water and straining out the pulp. It can also be produced by adding water in almond butter. Calcium content in its milk is higher than that of cows’ milk. It is free from cholesterol and lactose and enriched with vitamins and traditionally consumed in Mediterranean region. It also comprises of around two third of US plant milk market. As of religious tradition, it is consumed by Muslims and Christians during the period of Ramadan and Lent festive respectively.
Major restraint for almond drink market is its price. Almond cultivation is generally not sustainable and consumes more water. Almonds nuts are costly that in turn increases the milk’s cost and hence not affordable for general public. It has low protein content and if consumed alone may lead to protein deficiency. People having weak digestion can face abdominal cramps on its consumption. These factors may hinder in almond drink market growth.
On the basis of form, product is classified into plain sweetened, unsweetened and flavoured form. Flavoured form is available in vanilla and chocolate flavour and has huge demand in children due to its improved taste. Plain sweetened is expected to gain major share in almond drink market owing to growing usage in beverages including puddings, ice creams, baked products, smoothies and shakes. Rise in diabetics patients on a global level will drive demand for unsweetened product and in turn increasing almond milk market share.
Based on application, almond milk market is segmented into food, beverage and cosmetics. Beverage accounts for the maximum share in almond drink market owing to its increasing use as a dairy alternative. Dairy alternatives market is expected to grow at a CAGR above 15% upto 2024 and shall drive product demand. Food has substantial share with its use in cheese, desserts, snacks and bakery products. It is rich in vitamin E and oxidants which is good for skin nurturing and helps in repairing damaged skin. These are used in cleansing lotion along with rosewater to remove dirt and impurities from skin.
Based on distribution channel, almond drink market is classified into grocerants, department & grocery stores and online retailers. Grocerants have major share as urban and semi urban population prefer these owing to ease in availability of product. There has been considerable increase in number of stores with major players like Walmart. With the increase in online platforms, discount offers and easy delivery, there has been around 10 % increase in online sale. Department and grocery stores have decent share and witnessing substantial growth with increase in local demand for the product.
North America dominates the global almond drink market owing to increase in lactose intolerant consumers in the region. Consumers have become more health conscious and prefer nutrition over content. In the U.S., it has surpassed the consumption of soy milk and comprises around 60% of plant milk sales.
Asia Pacific is the fastest growing almond drink market owing to increase in population and disposable consumer income. Rise in vegan population will also positively impact the product growth. Europe, led by Germany and UK is expected to witness substantial growth due to growing number of dairy alternatives. Presence of Spain and Italy as major producer of almonds has further eased the availability of nuts for milk production.
Some of the major industry players in the almond drink market include Blue Diamonds, Fuerst Day Lawson, Califia farms and Earths Own Food. Oher promote industry players are Provamel, White Wave Foods, Alpro and Nutriops.
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