Market Trends of almond milk Industry
Growing popularity of almond milk due to its perception as a protein-rich nut-based milk, increasing veganism, and demand for plant-based products, coupled with its lower calorie content compared to other milk alternatives
- The per capita consumption of almond milk is expected to grow by 7.40% from 2023-2024 globally. The consumption of all types of plant milk is on the rise. Almond milk is a modern-day fixture of the conscious-eating movement. Of all the non-dairy milk alternatives lining store shelves, almond milk is the most popular among consumers. Almond milk is among the top three plant milk consumed globally.
- Fitness-conscious consumers are looking for sports nutrition supplements to seek a lean body, strength, and performance. Almond milk is exclusively consumed as it is perceived as a protein-rich nut-based milk. Encouragement from nutritionists and other fitness experts is also boosting the market sentiment for sports nutrition in the region. The growing veganism, higher demand for plant-based products, and changing dietary preferences among consumers are evident globally. In 2022, around 3% of German consumers, between 18 and 64 years of age followed a vegan diet. In Brazil, China, Mexico, and the United States, between 2% to 6% of respondents followed a vegan diet.
- The growing volume of lactose-intolerance consumers globally has led to a focus on the consumption of plant-based milk (almond milk). In 2022, 30 to 50 million Americans were lactose intolerant. The fat percentage in almond milk is significantly lesser than in other milk; one cup (8oz or 240ml) of unsweetened almond milk provides 39 calories, whereas unsweetened hemp milk (made from water and hulled hemp seed) provides about 60 calories in a one-cup serving.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Global increase in almond production is driven by manufacturers' focus on plant-based milk production and increasing consumer preference for vegan diets and the health benefits of almonds
