the Global almond milk market size was valued at USD 9.62 billion in 2023, and is projected to reach USD 32.54 billion by 2032, registering a CAGR of 14.5% from 2024 to 2032.
Almond milkis a plant-based beverage made from ground almonds and water which has a nutty flavour. This milk is mainly preferred by vegan consumers. It is a popular dairy milk alternative with a creamy texture.
The market expansion has been fuelled by the rising popularity of plant-based dairy products including almond milk. Almond milk has a wide range of applications due to its versatility, and nutritional profile. It is a popular dairy milk alternative used as a substitute for dairy milk in various recipes, including beverages, baked goods, and desserts. It adds moisture and a mild nuttiness to the cereal. It is also used in the production of nutritional and dietary supplements for adding flavor, texture, and nutritional value to products such as protein powders, meal replacements, and dietary shakes.
There is a growing shift towards plant-based diets driven by health-consciousness environmental concerns, and ethical considerations. Almond milk aligns with these trends and gaining popularity among individuals who choose to follow a vegan, vegetarian, or flexitarian lifestyle. The increasing awareness about lactose intolerance and milk allergies has fuelled the demand for almond milk as a suitable alternative to dairy. It is naturally low in calories, cholesterol-free, and low in saturated fat, and rich in essential nutrients like calcium, vitamin D, and vitamin E.
The number of people adopting a vegan lifestyle. Veganism involves avoiding the consumption of animal products, including dairy milk. Almond milk perfectly aligns with the dietary preferences of vegans and expands the demand for almond milk. Manufacturers are introducing different flavours, formulations, and packaging options to cater to the diverse preferences of vegan consumers. The product availability and effective marketing strategies of almond milk also contribute to the market growth.
Global Almond milk Market, Segmentation
The Almond milk market is segmented based on Type, Form, Application and Distribution Channel, and region.
Type:
Flavoured almond milk offers a wide range of taste options for consumers which are looking or flavourful options. This segment provides a refreshing and flavourful twist to traditional almond milk with flavours such as chocolate, vanilla, strawberry, and matcha. The variety of flavours offered by manufacturers not only attracts vegan consumers but also attracts new consumers willing to try new flavours. Flavored almond milk has gained popularity among younger consumers due to its vibrant and unique flavours.
Flavoured almond milk can be used in smoothies, oatmeal, baked goods, coffee drinks, and other creative recipes for adding flavourful touch to dishes. Manufacturers are offering low-sugar or natural sweeteners to appeal to individuals who are watching their sugar intake. The colorful packaging and marketing campaigns associated with flavoured almond milk often catch the attention of consumers and helps to boost the market.
Form:
Liquid almond milk is readily available and requires minimal preparation making it easily used straight from the carton as a milk substitute in beverages, cereals, smoothies, and other applications offering a convenience factor. s a versatile product that can be used in various culinary applications and dietary requirements serving as a vegan-friendly dairy milk alternative and caters to lactose intolerant or milk-allergic individuals.
This segment boasts a range of flavor and formulation options, catering to different consumer preferences due to offerings of sweetened or unsweetened varieties, flavoured options. The manufacturers have focused more on the liquid segment due to its ease of manufacturing, packaging, storage, and distribution. This greater production capacity helps reduce production costs and leads to lower prices for the liquid almond milk product.
Region:
There is a growing trend of health consciousness and increasing awareness about the benefits of plant-based milk alternatives in the Asia Pacific region which forces consumers to seek for healthier alternatives to conventional dairy milk such as almond milk. Instances of lactose intolerance and milk allergies are rising in the Asia Pacific region and the almond can act as an attractive option for these consumers due to its lactose-free properties.
Some of The Active Market Players Are-
- Daiya Foods Inc. (Canada)
- Hain Celestial Group (USA)
- Whitewave Foods (USA)
- Sunopta Inc. (Canada)
- Danone (France)
- Nestle (Switzerland)
- Blue Diamond Growers (USA)
- Galaxy Nutritional Foods, Inc. (USA)
- Tofutti Brands Inc (USA)
- Califia Farms LLC (USA)
- Earth's Own Food Company Inc. (Canada)
- Hiland Dairy Foods (USA)
- Malk Organics LLC (USA)
- Pacific Foods of Oregon LLC (USA)
- Sanitarium Health and Wellbeing Company (Australia)
- The WhiteWave Foods Company (USA), and Other Active Players.
Key Industry Developments
- In April 2024, Califia Farms launched its new Cookies ‘N Crème Almond Creamer, combining smooth almond milk with the indulgent flavour of cookies and cream ice cream. It offers the delicious and nostalgic flavour of cookies and cream ice cream paired with almond milk.
- In 2024, The Laughing Cow, a USA company, announced the launching of plant-based spreadable cheese product nationwide in 2025. This cheese is using almond milk to create a creamy texture in a garlic and herb flavour.
Key Findings of the Study
- Global almond milk market growth driven by increasing awareness about plant-based dairy products.
- Veganism offers a significant opportunity for Plant-based dairy products including almond milk.
- Liquid almond milk is readily available and requires minimal preparation.
- There is a growing trend of health consciousness and increasing awareness about the benefits of plant-based milk alternatives such as almond milk in the Asia Pacific region.
