The Global Almond Drink Market Size is valued at 4.27 billion in 2022 and is predicted to reach 8.23 billion by 2031 at 7.69% CAGR during the forecast period for 2023-2031.
A non-dairy milk called almond milk is prepared by combining water and crushed almonds. Almond milk is used for beverages, cooking and baking, nutritional supplement, skincare, lactose intolerance and a vegan-plant based diet. Growing health and wellness trends among consumers, growing disposable income and changing consumer preferences, and growing popularity of veganism and plant-based diets are key drivers to boost the almond drink market.
High production costs, seasonal fluctuations in almond supply, competition from other plant-based alternatives, flavor and texture issues, and limited shelf life are some of the major challenges faced by the market.
Recent Developments:
- In May 2020, Coca-Cola introduced the "simply" brand of almond drinks, which come in vanilla flavor, unsweetened, and original form.
- In October 2019, Almond Milk Hot Chocolate was introduced by the American beverage producer Blue Diamond as part of the expansion of its Almond Breeze brand.
Competitive Landscape:
Some major key players in the Almond Drink Market are:
- Fuerst Day Lawson
- The Pressery
- DREAM
- Nutriops S.L.
- NATURA FOODS
- Rude Health
- Blue Diamond Growers
- THE LUZ ALMOND COMPANY PTY Ltd.
- Alpro
- Provamel
- MALK Organics
Market Segmentation:
The almond drink market is segmented into type, application and distribution channel. Based on type, the market is segmented into sweetened and unsweetened. By application, the market is segmented into the food service industry, household, and other applications. Based on distribution channels, the market is segmented into e-commerce, retail, supermarket/hypermarket, and others.
Based on the distribution channel, the retail segment is a major contributor to the almond drink market
Over the projected period, the online retail segment is anticipated to post the fastest revenue. Due to factors including a growth in the number of programs allowing online shopping and the simplicity of payment, internet retail has become extremely popular. Additionally, doorstep delivery allows customers to order and receive from the comfort of their homes, saving them time. Most businesses allowed staff members to work from home during the pandemic. As a result, more people are placing orders online to help them save time and avoid leaving the house, which is anticipated to fuel the segment's revenue growth throughout the projection period.
The unsweetened segment witnessed growth at a rapid rate
The unsweetened segment led the global market for almond drink market. Demand for beverages without added sugar increases as diabetes, hypertension and other cardiovascular disorders become more common. As per the research, it is estimated that some individuals have diabetes, and many adults have pre-diabetes, a disease marked by elevated blood glucose levels. These elements create a possible growth opportunity for the unsweetened almond drink market during the anticipated term.
The North America Almond Drink Market holds a significant regional revenue share
The North America Almond Drink Market is expected to register the highest market share in revenue shortly. Depending on variables like the increasing demand for frozen desserts, it is anticipated that increased lifestyle adoption and dietary changes will further fuel market revenue growth. Moreover, rising environmental concerns are anticipated to enhance consumer adoption of almond milk in their daily routines, which will fuel regional market revenue growth.
In addition, the Asia-Pacific market is anticipated to overtake all other markets. Worldwide demand is anticipated to rise, particularly in the beverage industry. Almond milk is widely consumed in nations like China and India. Almond milk is used widely, which has led to increased demand in Japan. The increase in the number of vegans in the area drives the beverages segment's revenue growth. These elements are anticipated to fuel market revenue expansion in the area.
Almond Drink Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 4.27 billion |
|
Revenue forecast in 2031 |
USD 8.23 billion |
|
Growth rate CAGR |
CAGR of 7.69 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
Type, Application and Distribution Channel |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
Fuerst Day Lawson, The Pressery, DREAM, Nutriops S.L., NATURA FOODS, Rude Health, Blue Diamond Growers, THE LUZ ALMOND COMPANY PTY Ltd., Alpro, Provamel, and MALK Organics. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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