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Market ScenarioAlmond Milk is a substitute of the animal based traditional milk products. Almond Milk is derived from the almond and is lactose and casein free. Almond milk comes in various types sweetened, unsweetened, plain, and flavored, and is usually improved with vitamins. It can also be prepared at home by using a blender, almonds and water.
There has been increasing incidence of lactose intolerance across the globe. People who are lactose intolerant lack enzyme (lactase) in their small intestine to break down all of the lactose consumed. Lactose intolerance encompass dairy products allergy, disaccharide deficiency, lactase deficiency or milk intolerance and the partially digested or undigested lactose leads to pain, abdominal bloating, diarrhea, skin problems, sleep disturbances, tiredness and other health problems. Lactose intolerants cannot ingest dairy products as it leads to nausea, abdominal pain, abdominal gas & flatulence, vomiting, perianal redness, acidic diarrhea, and various other health issues.
Market Forecast
Growing concern on animal welfare, human health and the environment has led to the rising trend of veganism which has become a mainstream in the recent years. Vegan diet is considered not only a sustainable choice but also healthy. The appeal and potential of vegan diet has grown popular over the years as people avoid animal products due to ethical reasons and seek healthier & cleaner products. Furthermore, growing health concerns among consumers, increasing obese population and trend of healthy lifestyle has fuelled the demand of vegan diet which in turn escalates the demand of almond milk during the forecast period. Retail industry is playing a significant role for the increasing growth of almond milk market.
These factors will play a key role in the growth of almond milk market at the CAGR of 15.19% during 2016-2022.
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Competitive Analysis-
This report includes a study of strategies used in the market, mergers and acquisitions in Almond Milk, multiple product launch by Almond Milk market players. It further includes product portfolios and developments of leading major players which includes
• Blue Diamond Growers (U.S.)
• Sunopta Inc.(Canada)
• Hain Celestial Group (U.S.)
• Whitewave Foods (France)
• Daiya Foods Inc.(Canada)
• Galaxy Nutritional Foods, Inc. (U.S.)
• Tofutti Brands Inc. (U.S.)
The market players have increased their level of investment in research to identify right formulation and to improve product functionality in order to capture lion’s share and create brand recognition in Almond Milk market. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.
By Downstream Analysis-
Beverages segment is estimated account major market proportion in the global almond milk market and registering an impressive CAGR of 15.04% during the forecast period. However, food segment is anticipated to witness a highest growth of 15.40% during the review period. This is attributed by the rising popularity of vegan diet among the consumers. Among the formulation segment, flavored segment is estimated to reach USD 3,059.94 Mn by the end of 2022. Store based segment is projected to hold maximum market proportion of more than 65% by the end of 2016 and it is estimated to retain its dominance throughout the forecast period.
Region Analysis
Global Almond Milk Market is segmented into Europe, North America, Asia Pacific, and rest of the world (ROW). Among these, Asia Pacific region is holding more than 40% of market proportion by the end of 2016 and the region is expected to retain its dominance throughout the forecast period of 2016-2022. Asia Pacific region is estimated to grow at a CAGR of 15.44% during the review period. Europe is anticipated to witness a massive growth rate of 15.35% during the forecast period of 2016-2022. The increasing awareness of vegan diet among the consumers especially developed economies such as Germany, France; U.K. is anticipated to be the significant reason of the growth of almond milk in the Europe.
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