The almond milk market is projected to grow at a CAGR of 9.75% to reach US$6.536 billion by 2024 from US$3.740 billion in 2018. Almond milk refers to the plant-based milk produced from almonds, it has various nutritional benefits. Furthermore, almond milk has no cholesterol and is also free from casein as well as lactose, it is a great alternative to dairy-based products especially for people who are lactose intolerant. According to the National Library of Medicine (NLM), approximately 65 percent of the human population has a reduced ability to digest lactose after infancy. Lactose intolerance in adulthood is most prevalent in people of East Asian descent, affecting more than 90 percent of adults in some of these communities. Additionally, unsweetened almond milk has a lower calorie content than compared to its plant-based counterpart soy milk as well as from cow’s milk, as a result, people who are conscious about their health prefer it which will influence the growth of the market making it one of the key drivers during the forecast period. However, the availability of substitute products such as plant-based milk such as soy and rice milk as well as cow milk is impacting almond milk’s growth in the market.
o Rising prevalence of lactose intolerance.
o Growing health concerns
o Availability of substitutes
• INDUSTRY UPDATE
o In June 2019, Blue Diamond added a new product to its product line i.e. the Almond Breeze® product line with the addition of Almond Breeze Almond milk Horchata, as a dairy alternative.
o In June 2019, Almond Breeze introduced a new plant-based almond milk yogurt as an alternative to the traditional dairy yogurt.
Major industry players profiled as part of the report are Daiya Foods Inc., Hain Celestial Group, Whitewave Foods, Sunopta Inc., and Blue Diamond Growers among others.
The almond milk market has been analyzed through the following segments: