The global almond milk market is expected to grow significantly, increasing from an estimated US$ 5,895.8 million in 2024 to US$ 14,193.79 million by 2034, reflecting a robust CAGR of 9.2%. This growth is driven by rising lactose intolerance rates, increasing health awareness, and a growing preference for non-dairy alternatives like vanilla almond milk. These factors contribute to the expansion of the almond milk industry, catering to consumer needs for healthier and more accessible dairy alternatives.
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Increasing demand for dairy alternatives across the globe due to high prevalence of lactose-intolerance among individuals across the globe is expected to drive sales in the market over the forecast period.
Almond milk has a creamy and nutty texture, contains high amounts of calcium and vitamins and can be used in a wide variety of dishes. Rising awareness of the health benefits of almond milk is making it a preferred choice among health-conscious consumers.
The almond milk market is one of the fastest-growing non-dairy and vegan milk segments. Consumers are seeking high-quality, premium-brand, nutritious dairy products, which is compelling manufacturers to launch innovative and premium-label products. This is expected to augment demand in the market over the forecast period.
“Growing preference for organic and non-GMO food and beverages across the globe, along with increasing sales of dairy alternatives through online channels will drive the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Sales of almond milk in China are expected to grow at a CAGR of 8.8% during the forecast period.
- Demand for almond milk in the U.S. market will increase at a 7.7% CAGR over the assessment period.
- Based on end use, demand in the food & beverage sector will continue gaining traction through 2034.
- In terms of distribution channel, the online stores segment will account for a lion’s share of the almond milk market.
- In 2022, the powder sub-segment is projected to account for a dominant share in the market.
Competitive Landscape
Some of the key players operating in the almond milk market include Daiya Foods Inc., Hain Celestial Group, Whitewave Foods, Sunopta Inc., Blue Diamond Growers, Galaxy Nutritional Foods, Inc., Tofutti Brands Inc, Califia Farms LLC, Earth’s Own Food Company Inc., Hiland Dairy Foods, Malk Organics LLC, Pacific Foods of Oregon LLC, etc.
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