Almond Milk Market Size To Reach $17.71 Billion By 2030

Almond Milk Market Growth & Trends

The global almond milk market size is expected to reach USD 17.71 billion by 2030, registering a CAGR of 7.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. Changing consumer lifestyle and rising health awareness about diabetes and obesity are the key factors driving the market.

Almond milk is a plant-based product, which serves as an alternative to animal milk. Consumers are shifting their focus towards adopting such dairy alternatives due to growing vegan population globally. This product has emerged as a booming segment in the market apart from soy milk. It is used as a main ingredient for preparing food such as frozen desserts and beverages like milkshakes.

Increasing use of organic ingredients such as almond milk in personal care products is boosting the growth of the market. This plant based product is rich in fatty acids such as omega-3 and also a great source of vitamin E, which is crucial in keeping the skin hydrated and fed. Companies such as Bodyshop, P&G, and Unilever use this liquid as their main ingredient to formulate hair care and skin care products for their global consumers.

Inflated demand for almond milk, particularly in the beverage segment, can be attributed to rising cases of lactose intolerance among the consumers of Europe, thus driving the market in the region. For instance, companies like Oatly and Califia Farms have introduced flavored almond beverage as a substitute for dairy beverages, which is soy-free, gluten free, vegan, and does not curdle when mixed with tea. Along with its major applications, this product is also used in the bakery, brewery, and chocolate industries. For instance, Baileys launched Almande Irish Cream Liqueur for its vegan consumers made from this plant milk.

Asia Pacific occupies the largest share in the global market due to high demand from the lactose intolerant population of China and other countries in East Asia. The market in Asia Pacific is anticipated to expand at a CAGR of 15.0% from 2019 to 2025 due to rising disposable income and growing consumer preferences for the product.

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Almond Milk Market Report Highlights

• Conventional almond milk dominated the market with 86.2% share in 2023. As more consumers shift towards plant-based diets for digestive needs, inorganic almond milk, rich in vitamins and minerals, gained popularity due to its nutritional benefits and versatility.

• Non-flavored almond milk held a dominant market share in 2023. Non-flavored almond milk is perceived as a healthier alternative to flavored varieties as it typically contains fewer additives and sugars.

• Hypermarkets and supermarkets registered the dominant market share of 41.3% in 2023. The market surge can be credited to the rising consumer preference for hands-on shopping experiences.

• The almond milk market in the Asia Pacific (APAC) region accounted for the dominant share of 45.8% in 2023 owing to the rising per capita incomes in developing economies such as China and India.               

Almond Milk Market Segmentation

Grand View Research has segmented the global almond milk market on the basis of on nature, flavor, distribution channel, and region:

Almond Milk Nature Outlook (Revenue, USD Million, 2018 - 2030)

• Organic

• Conventional

Almond Milk Flavor Outlook (Revenue, USD Million, 2018 - 2030)

• Flavor

• Non-flavored

Almond Milk Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Hypermarkets & Supermarkets

• Specialty Stores

• Online

• Others

Almond Milk Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • South Africa

List of Key Players in the Almond Milk Market

• Blue Diamond Growers

• Califia Farms LLC

• Danone SA

• Nestlé

• SunOpta

• The Hain Celestial Group

• Ripple Foods

• Malk Organics

• Three Trees

• Milkadamia