Almond Milk Market Size, Share, Forecast, & Trends Analysis by Nature (Organic, Conventional), Flavor (Unflavored, Flavored), Packaging Material (Glass), Distribution Channel (B2C, B2B), Application (Beverages, Personal Care) - Global Forecast to 2031

Almond Milk Market Size & Forecast

The Almond Milk Market was valued at $13.06 billion in 2023. This market is expected to reach $33.08 billion by 2031 from an estimated $14.8 billion in 2024, at a CAGR of 12.2% during the forecast period 2024-2031.

The growth of this market is driven by the increasing vegan and vegetarian population, the growing prevalence of food allergies and lactose intolerance, and rising consumer awareness of nutritional food. Moreover, the increasing application of almond milk in various industries and emerging economies is expected to create market growth opportunities.

Key Findings in the Almond Milk Market

• By Nature: In 2024, the Conventional Segment to Dominate the Almond Milk Market
• By Flavor: In 2024, the Non-Flavored Segment is Expected to Dominate the Almond Milk Market
• By Packaging Material: In 2024, the Glass Segment is Expected to Dominate the Almond Milk Market
• By Distribution Channel: In 2024, the Business-to-Consumer Segment is Expected to Account for the Largest Share of the Almond Milk Market
• By Application: In 2024, the Beverages Segment is Expected to Account for the Largest Share of the Almond Milk Market
• By Geography: Asia-Pacific to Dominate the Almond Milk Market in 2024

Almond Milk Market Drivers

Increasing Vegan and Vegetarian Population

The increasing shift towards veganism and vegetarianism is having a significant impact on the almond milk market. Consumers are increasingly adopting plant-based diets due to heightened health awareness, environmental concerns, and animal welfare considerations. According to The Vegan Society, approximately 700,000 people participated in the Veganuary campaign in 2023, committing to a vegan diet for the month of January. This marks an increase from 692,000 participants in 2022, 582,000 in 2021, and 400,000 in 2020.

The global demand for plant-based and cruelty-free meals has surged alongside growing environmental awareness and compassion for animals. For example, according to the Plant-Based Foods Association and The Good Food Institute, U.S. retail sales of plant-based foods rose by 6.2% in 2021 compared to 2020, with the total plant-based market valued at USD 7.4 billion. As more consumers embrace plant-based lifestyles, the demand for almond milk is projected to increase. Consequently, the rise in vegetarianism and veganism is expected to further drive the growth of the almond milk market.

Growing Prevalence of Food Allergies and Lactose Intolerance

The rising prevalence of food allergies and lactose intolerance is fueling demand for plant-based milk alternatives, such as almond milk. In the U.S., food allergies affect approximately 10.8% of adults and 8% of children, with cow's milk being a common allergen among those with multiple allergies. Lactose intolerance, characterized by the inability to digest lactose (the sugar found in milk), can manifest as either symptomatic or asymptomatic. For those with symptoms, lactose intolerance can lead to diarrhea and stomach discomfort. It is particularly prevalent among adults of East Asian descent, affecting 70–100% of the population (source: National Institutes of Health). According to Encyclopedia Britannica, lactose intolerance also affects 75 to 90% of Native American, African, Asian, Mediterranean, and Jewish populations, while only about 5% of Northern and Central Europeans experience this condition.

As the incidence of food allergies and lactose intolerance continues to increase, the consumption of plant-based milk alternatives such as almond milk is anticipated to rise, thereby driving the overall growth of the almond milk market.

Almond Milk Market Opportunities

Increasing Application of Almond Milk into Various Industries

There is a growing demand for natural ingredients across various industries, driven by a shift in consumer preferences toward health, sustainability, and product transparency. This trend has led to increased utilization of natural ingredients in food and beverages, personal care products, and nutritional supplements. Almond milk is seeing rising use in culinary applications, including smoothies, coffee, baking, and cooking. It is suitable for cereals, soups, sauces, and even desserts like ice cream.

However, due to its rich nutrient profile, particularly its high vitamin E content, almond milk is increasingly used as an ingredient in various personal care products. Its antioxidant properties promote skin health, making it a popular choice in organic cosmetics and skincare items for its moisturizing benefits. Additionally, with its low-calorie count and elevated levels of unsaturated fats, almond milk is often included in a range of functional foods. As the application of almond milk expands across industries—including food and beverage, personal care, and wellness sectors—new opportunities are expected to arise for stakeholders in the market.

Almond Milk Market Analysis: Top Market Opportunity:

The Conventional Segment is Expected to Dominate the Almond Milk Market in 2024

Based on nature, the almond milk market is segmented into organic and conventional. In 2024, the conventional segment is expected to account for the larger share of the almond milk market. The substantial market share of this segment is primarily due to the surplus number of conventional almond milk suppliers, easy availability, and high adoption of conventional almond milk in mainstream grocery stores and supermarkets at lower prices compared to its organic counterparts. Additionally, the abundant availability of raw materials makes it more cost-effective than organic, having high preference from consumers having low to medium disposable income.

However, the organic segment is slated to register a higher CAGR during the forecast period. This growth is driven by rising health awareness, increasing spending on premium food products, greater availability of organic almond milk in the market, and the growing trend of clean-label products. Organic almond milk is often perceived as a healthier option due to its natural ingredients, which are free from synthetic pesticides and fertilizers. Additionally, it does not contain artificial additives or preservatives, reinforcing its clean-label status. These factors are expected to fuel the growth of the organic almond milk market during the forecast period.

Geographical Analysis

Asia-Pacific Dominates the Almond Milk Market in 2024

In 2024, Asia-Pacific is estimated to account for the largest share of 49.8% of the almond milk market. The significant share of the Asia-Pacific region in the almond milk market is primarily attributed to the increasing health consciousness among consumers, a substantial presence of vegan and vegetarian populations, and rising demand for ready-to-drink products. Additionally, the region benefits from a strong presence of both local and multinational manufacturers, as well as the adoption of advanced technologies within the food and beverage industry.

Moreover, this region is d to register the highest CAGR during the forecast period. This growth can be attributed to the rising trend of Western diets, increased health consciousness, greater use of almond milk in culinary applications, and ongoing flavor innovations in the region.

Key Companies

The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years (2021-2024).

The key players profiled in the Almond Milk market report are Blue Diamond Growers (U.S.), Daiya Foods, Inc. (Canada), Danone North America Public Benefit Corporation (France), Califia Farms, LLC (U.S.), Nestlé S.A. (Switzerland), SunOpta, Inc. (Canada), Earth’s Own Food Company Inc. (Canada), Hiland Dairy Foods (U.S.), MALK Organics LLC (U.S.), Ripple Foods PBC (U.S.), Milkadamia (U.S.), and Three Trees Organics (U.S.).

Almond Milk Industry Overview: Latest Developments from Key Industry Players

• In May 2024, Alpro (Belgium) launched a 500 ml pack format of Almond No Sugars.
• In April 2024, Blue Diamond Growers (U.S.) partnered with Kagome Co., Ltd. (Japan) for the production and distribution of its Almond Breeze brand of almond milk in Japan.
• In March 2024, MALK Organics (Austin) raised funding from Benvolio Group and Rotor Capital for expansion and unveil new products.
• In January 2023, Califia Farms, LLC (U.S.) launched organic Almondmilk.
• In March 2022, Heritage Foods Limited (India) launched Badam Milk with real almond bits.
• In November 2021, Blue Diamond Growers (U.S.) expanded its selection of Almond Breeze products with the introduction of Almond Breeze Extra Creamy Almondmilk.

Almond Milk Market Research Summary

Key questions answered in the report: