The research study covers the present scenario and growth prospects of the global almond milk market for 2016-2020. To calculate the market size, the report considers the revenue generated through the sales of almond milk in the key geographical regions, including APAC, Europe, North America, and ROW.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global almond milk market:
- Rising levels of lactose intolerance
- Growing consumer preference for vegan diet
- Health benefits associated with the consumption of almond milk
- Positioning as a premium product
Rising levels of lactose intolerance
Lactose intolerance is the inability of the body to digest significant amounts of lactose present in milk. Certain ethnic groups such as the Asian population are more affected compared to others. “The demand for lactose-free food products is driven by the increase in incidences of food allergies and intolerances. For instance, in the US, incidences of food allergies are estimated to have gone up by 18% in the last decade,” says Manjunath Reddy, a lead non-alcoholic beverages research analyst at Technavio.
Around more than one billion of the global population is lactose-intolerant. In the US and Europe, the sales of lactose-free products doubled in 2014 due to the increase in self-diagnosed cases of lactose intolerance. While APAC, with over 4.3 billion citizens and a population with high lactose intolerance, is a lucrative market for almond milk. About 90% of the population in Eastern and South-East Asia is estimated to be lactose-intolerant; although the current market penetration of lactose-free products is comparatively low, it is anticipated to witness high growth during the forecast period.
Growing consumer preference for vegan diet
The vegan diet strongly favors animal rights. People are adopting vegan diets as a result of ethical concerns toward animals, for a better environment, and for a healthy world. Nowadays, veganism has become a style of living and philosophy. The vegan diet does not include anything of animal origin, whether it is food, cloth, or for any other purposes. Almond milk is prepared by mixing almonds with water and contains no lactose and cholesterol. As almond is essentially known to be a plant food, so almond milk is preferred as a healthy food among vegans, vegetarians, and those consumers who are averse to dairy products. Further, people perceive a vegan diet to be healthy, and they prefer to consume almond milk as a substitute for dairy milk. Vegan diet followers and healthy diet adopters are two of the major target consumers of dairy-alternative beverages, which will fuel the growth of the global almond milk market during the forecast period.
Health benefits associated with the consumption of almond milk
Consumers prefer almond milk not only due to its taste but also owing to its functional properties of containing high amounts of vitamin E, calcium, magnesium, potassium, and almost no cholesterol. It is also known to help reduce cholesterol levels and decrease the feeling of hunger, which is important for those who are dieting or watching their weight. Furthermore, according to research studies, the consumption of almond milk decreases the growth of LNCaP prostate cancer cells, which are normally stimulated by consuming cow' milk.
The consumption of almond milk is rising as it has zero cholesterols and no saturated fats. Also, it has a high level of calcium, potassium, magnesium, and zinc with antioxidants vitamin A and vitamin E. “Key health benefits driving the almond milk market are that it helps in improving vision, strengthens the bone, maintains cardiovascular health, helps in building strong muscles, and aids in controlling the blood pressure,” adds Manjunath.
Positioning as a premium product
New-age consumers, especially millennials, are now demanding high-quality, healthy, premium-brand dairy products, so almond milk manufacturers are cashing in on this opportunity to meet the customer demands. For instance, Califia Farms, a major dairy-alternative milk manufacturer, is re-inventing its almond milk products by offering a premium almond milk with a unique creamy taste that is produced using artisanal practices. Its almond milk products strongly appeal to today’s discerning consumers owing to its packaging. Therefore, a rising number of retailers across North America are offering super-premium almond milk to consumers seeking premium and health beverage products. In addition, increasing demand for premium products due to increase in average per capita disposable income globally as a result of the turnaround of the world economy is further fueling the market.
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