The global almond milk products market was valued at USD 15.7 billion in 2021 and is projected to expand at a CAGR of 11.2% from 2022 to 2029. Almond milk products are in high demand due to their health benefits and nutritional value. Almond milk is a dairy-free alternative to cow’s milk and is gaining popularity among consumers due to its low-calorie content and its high content of vitamins, minerals, and essential fatty acids. Furthermore, it is a great alternative for vegetarians and vegans as it does not require animal-derived ingredients.

The growing prevalence of lactose intolerance among the population is likely to drive the demand for almond milk in the coming years. Moreover, the increasing popularity of veganism worldwide is expected to further fuel the market growth. For instance, according to a survey conducted by the Vegan Society in 2020, approximately 600,00 people in the UK were vegan, which is a 3.5-fold increase from a decade ago. Furthermore, initiatives undertaken by different companies to offer plant-based milk alternatives are likely to further drive the market growth. For instance, in April 2021, Danone launched a new almond milk-based product under the brand name Alpro. The product is a vegan-friendly alternative to cow’s milk and is made from natural resources.

Almond milk is widely used in various food products, including bakery items, confectionery, and snacks. Its use in bakery items is particularly high due to its creamy texture and flavor. Furthermore, it is also used in smoothies and cereals as a substitute for cow’s milk. Furthermore, some manufacturers are also introducing almond milk-based beverages with added flavors such as strawberry, mango, and chocolate, which is likely to further fuel the market growth.

The demand for organic almond milk is increasing due to its health benefits and the growing awareness about the side effects of inorganic products. Furthermore, the availability of organic products online is also likely to propel the market growth. Companies are focusing on introducing innovative organic almond milk products to cater to the changing needs of customers. For instance, in April 2021, Ripple Foods introduced an unsweetened almond milk-based drink with plant-based proteins, vitamins, and minerals.

The market is witnessing a steady growth due to the increasing demand for healthier and organic alternatives to dairy products. In addition, the increasing popularity of veganism and the rising awareness about the health benefits of almond milk are expected to further support the market growth in the coming years.

The almond milk segment held the largest revenue share of the market in 2020. The growth of the segment is primarily attributed to the rising number of lactose-intolerant individuals, growing vegan population, and increasing awareness about the health benefits of almond milk. According to a study published by the International Dairy Products Journal in 2020, lactose intolerance is the most common food intolerance in the world, with up to 75% of the world’s population being affected by it. Furthermore, the rising popularity of plant-based diets is further boosting the demand for almond milk products.

The flavored almond milk segment is anticipated to register the highest CAGR of 8.6% over the forecast period. The growth of this segment is attributed to the growing popularity of flavored almond milk and the availability of various flavors such as chai, vanilla, and chocolate. Additionally, flavored almond milk has emerged as a convenient and healthier alternative to regular flavored milk due to its lower fat and calorie content, which has been driving its demand.

The retail stores segment captured the major share of over 41.3% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards retail stores as a primary source to purchase almond milk products. According to a study by Food & Beverage Insider in 2020, almond milk is gaining popularity as a dairy alternative in retail stores due to its health benefits and allergen-free characteristic. These establishments also provide a reasonable selection of products and assist customers in making rapid purchasing decisions for the required almond milk product.

The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. E-commerce development in the almond milk industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in April 2021, Silk launched a mobile app to provide customers with easy access to almond milk and other plant-based products. The app also provides customers with information about the nutritional benefits of the products and allows them to compare various products. In addition, the app also offers exclusive discounts and rewards to customers.

The non-dairy segment accounted for the largest revenue share of 69.1% in the year 2022. The rising demand for vegan and plant-based products is driving the growth of the segment. Almond milk is a vegan alternative to cow’s milk and is the most popular among other non-dairy milk products. The health benefits associated with almond milk such as the presence of essential fatty acids, vitamins, and minerals has made it a popular choice among consumers. Additionally, the increasing availability of almond milk in supermarkets and grocery stores has further fueled its demand.

The organic segment is anticipated to expand at the highest CAGR of 9.2% over the forecast period. The increasing awareness of the health benefits of organic products is driving the growth of the segment. Moreover, the growing demand for safe and healthy food products has led to the increased demand for organic almond milk products. Furthermore, the increasing availability of organic almond milk in supermarkets and grocery stores has led to its increased popularity among consumers.

North America dominated the market and accounted for the largest revenue share of over 33.8% in 2022. The increasing demand for plant-based milk products among health-conscious consumers in the region is the primary factor driving the growth of the market. Moreover, the presence of leading companies, such as WhiteWave Foods, The Hain Celestial Group, and Blue Diamond Growers, is also contributing to the growth of the market in the region.

Europe is expected to witness the second-fastest growth in the coming years. The increasing awareness regarding the health benefits associated with almond milk is a major contributing factor to the growth of the market in the region. Moreover, the presence of vegan and lactose-intolerant consumers is propelling the demand for almond milk in the region. For instance, in June 2022, Oatly launched its lactose-free almond milk in the UK and other European countries.

In this part of the almond milk products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your almond milk products. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a almond milk products business comes from the sale of the product, as well as any of its related products such as almond milk creamer and almond milk ice cream. Other possible sources of profit include donations and sponsorship.

Projecting Expenses
In this section, all the regular expenses related to keeping the almond milk products business running will be described. The list of operating expenses includes costs related to production, packaging, labor, marketing, advertising, shipping, and others.

Some of the key companies operating in the almond milk market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Blue Diamond Growers launched an unflavored and unsweetened almond milk range.

– In August 2022, Elmhurst 1925 launched a line of almond milk-based oat milks in three flavors- original, vanilla, and chocolate.

– In October 2022, Silk launched a new line of almond milks fortified with omegas, vitamins A, D, and E.

Some of the prominent players in the almond milk market include:

– Blue Diamond Growers
– Elmhurst 1925
– Silk
– Pacific Foods
– WhiteWave Foods
– Califia Farms
– Good Karma Foods
– Hain Celestial Group
– Orgain, Inc.
– Ripple Foods

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global almond milk products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Flavored Almond Milk
– Unflavored Almond Milk
– Organic Almond Milk
– Non-Organic Almond Milk

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Non-Fortified
– Fortified

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the factors driving the almond milk products market?
[A]: Factors such as the growing awareness of healthy and vegan diets, the increasing demand for plant-based products, and increased availability of almond milk products in retail stores are expected to drive market growth. In addition, manufacturers are introducing new flavors and varieties to satisfy the increasing demand for almond milk products.

[Q]: Who are the key players in the almond milk products market?
[A]: The major players in the almond milk products market are WhiteWave Foods, The Whitewave Foods Company, The Hain Celestial Group, Califia Farms, and SunOpta.

[Q]: What are the Challenges Faced by the Almond Milk Products Market?
[A]: The high price of almond milk products compared to dairy products is one of the major challenges faced by the almond milk products market. Additionally, the lack of awareness about health benefits of almond milk products in developing countries is hampering the growth of the market.

[Q]: What is the Potential of the Almond Milk Products Market?
[A]: The global almond milk products market was valued at $3.7 billion in 2019 and is expected to reach $7.2 billion by 2027, at a CAGR of 8.9% over the forecast period. The increasing demand for plant-based products and health benefits associated with almond milk products are expected to drive market growth.

[Q]: Which Region Offers the Largest Opportunity for Sales of Almond Milk Products?
[A]: North America is expected to be the largest regional market for almond milk products, with the United States accounting for the largest share. This is attributed to increasing health consciousness among consumers and the growing demand for plant-based products. Additionally, the availability of a wide range of products in the region is expected to drive the growth of the market.