The global nut milk market size is projected to grow at a substantial rate owing to the rising adoption of vegan diets in many parts of the world, highlights Fortune Business Insights™ in its report, titled “Nut Milk Market, 2021-2028”.
As concerns surrounding global warming, chronic disease prevalence, and animal atrocities continue to mount, consumers around the world are increasingly adopting vegan diet regimes. In the UK, for instance, the Vegan Society estimates that the number of vegans quadrupled between 2014 and 2019, from 150,000 in 2014 to 600,000 in 2019. The consumption rate of vegan milk was also the highest in the UK in 2019, according to the Vegan Society. Nut milk, which is extracted from nuts such as walnuts, cashews, and hazelnuts, is seen as the best alternative to cow milk or buffalo milk. One of the main reasons for the growing popularity of milk derived from natural sources is the increasing awareness about the cruelty meted out to animals in the process of extracting milk and other products from their bodies. In response, there is now a concerted movement towards following plant-based diets and nut-derived types of milk are playing a crucial role in this transition, benefiting the market as a result.
On the basis of type, the market is categorized into almond milk, coconut milk, cashew milk, walnut milk, and others. Based on form, this market is bifurcated into powder and liquid. In terms of distribution channels, the market’s segments include hypermarkets/supermarkets, convenience stores, specialty retail stores, online retail stores, food service, and others. By region, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
The outbreak of the COVID-19 pandemic has reinforced the importance of maintaining a healthy lifestyle and this is likely to positively impact the nut milk market growth. Since naturally derived foods and drinks are rich in micronutrients, such as vitamins and proteins, they aid in boosting immunity and thus protect the body from infections. Therefore, businesses innovating organic milk products are set to experience lucrative opportunities during and after the pandemic.
Highlights of the Report
This market research report constitutes a microscopic examination of the major market trends, drivers, and constraints and a granular evaluation of all segments of the market. Furthermore, the report also comprises a comprehensive study of the leading players and their strategies and supplies a thorough analysis of the regional developments influencing the market.
Proven Health Benefits of Almond Milk to Support Market Growth
Milk juiced from almonds offers a wide array of scientifically proven health advantages, which are one of the mainstay drivers of this market. The biggest such advantage of almond nut milk is that it restricts the calorie intake of a person, something that cannot be achieved while consuming regular cow or buffalo milk. The significance of this lies in the fact that lower calories can aid weight loss and thus prevent the development of diseases associated with increased body weight, such as diabetes and heart diseases. According to a research study published by the University of Calgary, Canada, a 5-10% weight loss can help prevent chronic conditions such as diabetes. Similarly, since diabetics need to reduce their daily carbohydrate intake, substituting dairy milk with almond milk can aid in achieving this, as stated by a 2017 study conducted by researchers from Maharaja Agrasen Hospital in New Delhi. Thus, the rising incidence of diabetes will support the growth of this market.
Major Segments includes:
- Almond Milk
- Coconut Milk
- Cashew Milk
- Walnut Milk
By Distribution Channel
- Convenience Stores
- Specialty Retail Stores
- Online Retail Stores
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Improving Health Consciousness to Augment Market Growth in North America
North America is expected to dominate the nut milk market share during the forecast period, backed by the rapidly improving health consciousness among milk consumers across the US and Canada. Furthermore, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular conditions, is also pushing people to adopt organic diets, which in turn are fueling the demand for non-dairy, low-calorie milk and milk products.
In Europe, the uptake of nut milk is primarily driven by the expanding adoption of veganism in the region. Vegan trends in the continent are being propelled by the growing awareness about animal atrocities and a strong commitment to curb the worsening effects of climate change.
Launch of Novel Offerings by Large Brands to Stoke Competitive Spirits
Multinational brands are aiding the growth of this market by introducing novel nut milk-based formulations for customers. These imaginative offerings are allowing innovators of non-dairy milk products to reach a wider audience and gain rapid traction in the market, as well as strengthen their position.
- March 2021: Starbucks released a new line of non-dairy iced shaken expresso, the Iced Chocolate Almondmilk Shaken Espresso and Iced Brown Sugar Oatmilk Shaken Espresso, in its spring menu across most of its stores in the US. Along with these, the company also launched Oatly oat milk nationally.
List of Key Players Covered in the Nut Milk Market Report:
- Whitewave Foods
- Daiya Foods, Inc.
- Goya Foods, Inc.
- Mariani Nut Company
- Pacific Foods of Oregon, LLC
- Galaxy Nutritional Foods, Inc.
- McCormick and Co.
- Berry Callebaut
- MALK Organics
- Blue Diamond Growers
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