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The global almond beverage market is witnessing promising growth owing to the rising consumer demand for dairy alternative products. The increasing popularity of non-dairy milks can be attributed to many factors such as lactose allergy, lactose intolerance, and a trend of vegan or plant-based diets. The rising concerns over saturated fat levels, hormone content, and antibiotic use in dairy cattle fuels the demand for plant-based beverages such as almond milk and other almond beverages. Furthermore, almond beverages are gaining popularity due to their high protein and vitamin content required to maintain overall health & wellness.
The increasing innovations and new product developments in almond beverage segment are responsible for the growth of the market. Emerging techniques applied by manufacturers such as fortification of almond beverages with certain nutrients to make them more comparable with the dairy milk and packaging innovations are expected to boost their demand in the market. The increasing utilization of almond milk in a range of beverages across the foodservice industry is expected to propel the market growth in foreseeable years.
In the recent years, the trend of consuming plant-based food and beverages has significantly increased due to the growing animal welfare concerns. Vegan or plant-based diet is also followed by large consumer base as it is perceived to be safer & healthier. The rising popularity of plant-based beverages is primarily driving the growth of the global almond beverage market. Almond beverages are largely consumed by the individuals dealing with health conditions such as lactose intolerance and lactose allergies as they are not allowed to consume dairy milk. Developments of innovative almond milk-based beverages by leading manufacturers to capitalize on the growing trend of nut milk are expected to drive the market growth in forthcoming years.
Key Market Driver -
Rising Popularity of Plant-based Beverages
Key Market Restraint -
High Cost of Almond Milk
Almond milk processing is a complicated process involving expensive equipment. Furthermore, almonds are only grown in certain regions which increase the cost of transportation. The expensive packaging and preservation techniques required for shelf-life stability of almond milk further increases its cost. The high cost of almond milk acts as a key restraint for the growth of the almond beverage market.
Pacific Foods of Oregon, LLC, WhiteWave Services, Inc., Nestle S.A., Trader Joe’s, Valsoia S.p.A., The Hain Celestial Group, Costco Wholesale Corporation, Blue Diamond Growers, Hiland Dairy, and Natura Foods are the key players operating in the global almond beverage market.
Organic almond beverages are expected to witness robust growth owing to the increased popularity of organic products across the globe. In recent years, the trend of consuming organic food and beverages has gained importance due to the growing awareness of adverse health effects of fertilizers and pesticides used on crops. Conventional almond beverages are emerging as mainstream retail products in developing markets of Asia Pacific and Middle East.
Flavoured almond beverages are expected to exhibit strong growth owing to the popularity of flavoured beverages among millennials. Various flavours such as vanilla, fruit flavours, chocolate flavours and others are popular among kids and young generation. Furthermore, flavoured beverages are gaining wide popularity across foodservice channels to support the growth of the market.
Supermarkets and hypermarkets are expected to witness robust growth owing to the wide variety of products. Specific aisles are allocated for products in such stores which provide various options for customers to choose from. The discounts and offers given launched by supermarkets and hypermarkets are expected to boost the growth of the segment.
North America is expected to exhibit strong growth owing to the rising trend of healthy drinking in the region. The growth of the market in the region is also attributed to the increasing demand for ready-to-drink beverages as healthy snacking. Vegan, non-GMO, non-dairy beverages are gaining popularity due to the increasing awareness of their health benefits among consumers across the region. The major companies are introducing novel products to capitalize on the growing demand for almond beverages in the region.
Europe is expected to witness a substantial growth due to the rising popularity of vegan and flexitarian diets in the region. The penetration of the importance of plant-based products among consumers is driving the demand for healthy, plant-based beverages. The increasing demand for functional beverages is also expected to boost the demand for almond beverages. Asia Pacific is projected to witness promising demand owing to the growing health concerns about dairy milk. Consumer demand for plant-based milk is increasing in the region as these are perceived to be healthier than dairy milk. The number of foreigners visiting countries in the Asia Pacific region mainly for tourism is rising, which is expected to increase the demand for plant-based soft drinks. The growing demand for innovative novel beverages is expected to drive the market growth in the region
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