Almond Drink Market: Global Industry Analysis and Forecast (2024-2030)

Almond Drink Market Overview

Almond drinks referred to as almond milk, commonly serve as a non-dairy alternative to traditional cow's milk. It is crafted by blending almonds with water and then straining the mixture to eliminate solids. The resulting liquid offers a creamy texture and a subtle nutty taste reminiscent of almonds. Widely adopted by those with lactose intolerance, vegans, or individuals opting for a dairy-free lifestyle, almond drink finds Distribution Channels in cooking, baking, and beverages. Often, it's enriched with nutrients like calcium and vitamin D to emulate the nutritional content of cow's milk.

 

The Almond Drink Market report presents a comprehensive analysis of industry-leading players' strategies, along with an in-depth analysis of market segments and regional dynamics. It provides essential data on import/export consumption, supply and demand, pricing, costs, revenue, and gross margins, serving as a valuable resource for investors navigating this sector. Through thorough market dynamics exploration, the report discusses drivers, restraints, opportunities, and challenges at both regional and segment levels. Additionally, the report has also covered current market trends and market scenarios that help the market leaders to innovate their products and improve brand presence in the market. The report has employed a bottom-up approach, both global and regional market sizes were estimated.

 

• India  63% of the world imports (USD 967 million) China 18.4% (USD 278 million) United Arab Emirates - 4.05% (USD 61 million)
• The top 3 importers of Almond milk are Vietnam followed by India and Indonesia.

 

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Almond Drink Market Dynamics

Consumer Shift towards Non-Dairy and Plant-Based Products Fuels Market Growth

Surged demand for the almond drink market over several regions thanks to the shift in the consumer preference for non-dairy products and the growing adoption of plant-based products has been driving the market growth. As almond drink offers a wide range of benefits such as being high in protein sources, adequate vitamin D, magnesium, etc., and offering fewer calories than regular cow milk have boosted the market growth. Almond milk is one of the most popular almond products because it has a very important trait that it’s lactose-free. Vegans and people with lactose intolerance use almond milk as a healthy alternative to dairy drinks. Additionally, the demand for non-dairy milk alternatives has also increased owing to allergies to milk proteins and lactose, and almond drinks have received attention thanks to their good nutritional value and functionality have boosted the market growth.

Almond Drink Market Growth Challenges for Almond Drinks

Shift in the demand for alternatives and Increase in the substitute of almond drinks such as soya, oat, etc. has restrained the market growth. As oat milk is more environmentally friendly than almond milk, it generally has more calories, fat, and carbohydrates than almond milk. Almond milk has less protein compared to the cow and soy products. Almond drinks tend to be more expensive compared to traditional dairy milk and other plant-based milk alternatives. The higher cost is primarily due to the production process and the price of almonds. The pricing disparity causes concerns and uncertainty amongst price-sensitive consumers.

 

Future Growth Prospects for the Almond Drink Market

New advancements in almond drink production, such as the use of organic almonds that enhance nutrient absorption and ease digestion, are projected to create significant growth opportunities in the almond drink market. Additionally, the rise in lactose-free product offerings aimed at helping consumers maintain their carbohydrate levels is expected to drive market growth till 2030. The increasing prevalence of lactose intolerance globally is a key factor contributing to the growth of the almond drink market. These consumers often seek dairy alternatives, with almond milk being the preferred choice owing to its vegan, lactose-free, and high plant protein properties. Consequently, the demand for almond drinks is growing among the demographic regions.

 

Almond Drink Market Segment Analysis

Based on Type, the unsweetened segment held the largest market share of more than 40% and is expected to dominate the market with an increasing CAGR through the forecast period (2024 - 2030). The unsweetened almond drink is projected to grow owing to the increase in the number of sugar-free products and the high preference for sugar-free and nondairy products has escalated the market growth.

 

As it is low in calories and offers a wide range of benefits such as weight loss and good bone health to improving mood and lowering the risks of heart diseases, have been the major driving factor. Additionally, the rising preference for almond drinks as a milk alternative, better taste, and easy to prepare and escalated demand for liquid unsweetened products have a positive impact on the growth of the market.

Almond Drink Market Regional Analysis

North America dominated the market with a high market share and is expected to grow with an increasing CAGR through the forecast period. North America is the largest producer of almonds globally and produces over 80% of tons of almonds annually. The rising benefits of almond drinks and shift in the consumer preferences for plant-based products have been the major factors that have influenced the market growth. Additionally, the Growing popularity of vegans and their inclination towards nondairy-based nutritious drinks has propelled the market growth in the region.

 

The United States held the largest share in the region thanks to the high production of almonds in the country and increasing familiarity with alternative milks which has been helped by being a regular feature on the menus of some of the major American coffee chains. Environmental concerns about dairy production are also driving the uptake of milk alternatives among some US consumers, although sustainability concerns are also being aimed at some of the popular plant-based alternatives such as the water-intensive nature of growing almonds in dry regions of the US. According to the Stellar Analysis, Almond milk is the most sold type of plant-based milk in the US, accounting for more than half of sales by value.

 

The increasing interest of manufacturers to produce almond drinks has boosted the market growth in the region. For instance, Blue Diamond’s Almond Breeze was the best-selling U.S. almond milk brand, with annual sales amounting to approximately 580 million U.S. dollars. Total dollar sales generated by private label products amounted to about 265 million U.S. dollars that year.

 

• The world leader in almond production, the US, produces as much as 2 million tons of almonds each year.
• World imports most of its Almond milk from the United States, United Kingdom, and Turkey

Almond Drink Market Competitive Landscape

• In March 2024, Leading alternative milk brand, MALK Organics announced that it had closed an internal investment round led by existing investors Benvolio Group and Rotor Capital. Along with the funding, it has also announced significant distribution growth and the launch of three new SKUs – Cashew MALK, Shelf Stable Unsweetened Almond MALK, and Shelf Stable Original Oat MALK, with more exciting launches later in the year 2024.
• In January 2024, Gleaners Community Food Bank announced a strategic partnership with Ford Motor Company Fund (Ford Fund) as part of a $5 million investment initiative aimed at addressing transportation insecurity in Southeast Michigan. In partnership with Ford Fund, Gleaners plans to pilot a program with 500 of its currently qualified senior adults to receive additional fresh produce in their home delivery boxes.
• In June 2023, Blue Diamond, the world's leading almond marketer and processor, and Brightseed, the bioactive company, and a World Economic Forum Global Innovator, announced their partnership to discover the untapped health potential of nonpareil California almonds. The results of the collaboration are estimated to inform Blue Diamond's health innovations and programs, including consumer education initiatives to link almond consumption with specific health benefits.

Almond Drink Market Scope
Market Size in 2023	USD 5.27 Bn.
Market Size in 2030	USD 8 Bn.
CAGR (2024-2030)	6.14 %
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segments	By Type Sweetened Unsweetened Flavored
	By End Use Beverages Cereal Breakfast foods Desserts and sweets Others
	By Distribution Channel Online Offline
Regional Scope	North America- United States, Canada, and Mexico Europe – United Kingdom, France, Germany, Italy, Spain, Sweden, Russia, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Almond Drink Market Key Players

1. NuMilk
2. GLEANERS
3. Blue Diamond Growers
4. Califia Farms
5. Alpro
6. Rude Health
7. Plenish
8. Drink Bruce
9. Malk Organics
10. Dream Plant Based
11. Goodmylk Co.
12. Forager Project
13. Mylkman
14. Ecomil
15. New Barn Organics
16. Earth's Own
17. Happy Planet
18. Three Trees
19. Mooala
20. Ripple Foods.
21. Danone.
22. SunOpta.
23. Califia Farms.
24. XXX Ltd.