Global Nut Milk Market Size To Grow At A CAGR Of 11.40% In The Forecast Period Of 2023-2028
The ‘Global Nut Milk Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global nut milk market, assessing the market on the basis of its segments like product type, distribution channel, form, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Nut Milk Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 11.3 billion
• Forecast CAGR (2023-2028): 11.40%
• Forecast Market Size (2028): USD 21.59 billion
The growing preference for vegan lifestyles is a key factor driving the growth of the nut milk market, as nut milk is a popular alternative for dairy products and can be used as a replacement for dairy milk. The increasing prevalence of lactose intolerance is also surging the demand for nut milks which are lactose-free. Furthermore, nut milks can be prepared in a convenient way in households, as nuts are easily available.
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The changing lifestyles and transition towards healthy beverage consumption, owing to the increasing health awareness, are driving the demand for nut milk. Nut milks contain fewer calories than regular cow milk, and contain nutrients such as calcium and vitamin D. They also contains fibres which are beneficial for stomach health. Hence, the growing awareness about the benefits offered by nut milks are fuelling the global nut milk market.
The rising prevalence of conditions such as diabetes mellitus, cancer, and obesity, are motivating consumers to switch from consuming carbonated drinks towards healthy nut milks such as almond, coconut, or cashew milk, further adding to the market growth. Moreover, increasing incidences of digestive issues, owing to the sedentary lifestyles led by the working population are likely to provide impetus to the nut milk market in the forecast period.
Nut Milk Industry Definition and Major Segments
Nut milk is a type of beverage that resembles traditional dairy milk but is entirely plant-based. It is typically obtained by soaking nuts in water and then blending them with additional water to form a creamy liquid known as nut milk. This drink comes with added nutritional benefits, a unique delicious taste, and can easily be made at home.
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Based on product type, the market is segmented into:
• Coconut Milk
• Almond Milk
• Cashew Milk
• Walnut Milk
• Others
By distribution channel, the market is categorised into:
• Hypermarkets and Supermarkets
• Specialty Retail Stores
• Online Retail Stores
• Foodservice
• Convenience Stores
• Others
On the basis of form, the market is bifurcated into:
• Liquid
• Powder
Based on region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Nut Milk Market Trends
The key trends in the global nut milk market include the growing innovations in flavours, along with enhancement of nutritional content which are increasing consumer retention and brand value. Easy promotion opportunities, owing to the emergence of social media and digital platforms are spreading awareness about nut milks leading to a heightened growth of the market.
The thriving e-commerce sector is another crucial trend in the market for nut milks. Online platforms are further bolstering the accessibility of clean-labelled nut milk products. Meanwhile, the rapid urban development across the emerging economies is enhancing the product sales.
In households, nut milk is being widely utilised as a dairy-milk replacement in various recipes, for example, as an additive in coffee or tea. Hence, the anticipated increase in demand for the product in households is expected to fuel the nut milk market in the coming years.
Geographically, North America holds a significant share in the market. The increasing prevalence of vegan diets, obesity, lactose-intolerance, and increasing awareness about health benefits of nut milks are compelling more consumers to switch towards nut milks. Therefore, nut milk is expected to witness a heightened demand in the region in the forecast period.
Key Market Players
The major players in the global nut milk market report are:
• Blue Diamond Growers
• Pacific Foods of Oregon, LLC.
• MALK Organics LLC
• Mariani Nut Company
• Goya Foods, Inc.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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