According to a new report by Expert Market Research titled, “Global Nut Milk Market Share, Size, Report and Forecast 2024-2032″, the global nut milk market reached a value of around USD 12.59 billion in 2023. Aided by the rising trend of veganism and increasing health awareness, the market is projected to grow at a CAGR of 11.40% between 2024 and 2032 to reach a value of nearly USD 33.25 billion by 2032.
Nut milk, derived from plants and nuts like almonds, cashews, and macadamia, has gained popularity as a versatile and healthful alternative to traditional dairy milk. It is increasingly incorporated in various products such as beverages, desserts, and even culinary dishes due to its nutritional benefits, including being low in calories and rich in vitamins and minerals.
The global nut milk market expansion is primarily driven by the rising incidence of lactose intolerance and the growing vegan population. With health and wellness trends gaining momentum, more consumers are turning towards nut milk for its benefits, such as lower cholesterol levels and the absence of lactose, which make it an ideal choice for health-conscious consumers and those with dietary restrictions.
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The environmental impact of traditional dairy farming has also prompted consumers to seek more sustainable and eco-friendly alternatives, with nut milk emerging as a preferable option. This shift is supported by continuous innovations in flavour and formula enhancements that improve the taste and nutritional profile of nut milk, making it more appealing to a broader audience. This is expected to drive the nut milk market expansion in the forecast period.
Furthermore, the expansion of the market is fuelled by increasing investments in marketing and distribution channels by key players. These companies are actively promoting the benefits of nut milk through various platforms and expanding their reach by enhancing availability in supermarkets, health food stores, and online retail platforms. This is expected to accelerate the nut milk market development.
Technological advancements in food processing and preservation are also playing a crucial role in the nut milk market growth. Ultra-high temperature (UHT) processing, which extends the shelf life of nut milk without compromising its nutritional value, is one such innovation that has helped manufacturers penetrate more extensive markets by enhancing the distribution efficiency of their products. Moreover, advancements in packaging technologies that improve the sustainability and convenience of nut milk products are making these products more attractive to environmentally aware consumers.
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Education plays a pivotal role in the expansion of the nut milk market. As consumers become more educated about the health benefits and environmental impacts of their food choices, they are more likely to switch from traditional dairy to nut-based alternatives. Brands that invest in consumer education—through campaigns, interactive content, and transparent labelling—tend to foster greater trust and loyalty among consumers, thereby enhancing their market share.
Furthermore, with the growing trend of clean labelling and the demand for non-GMO and organic products, companies that align their offerings with these consumer preferences are likely to witness higher growth rates. The certification of nut milk products as organic or non-GMO can significantly influence purchasing decisions among health-focused consumer segments. This is expected to drive the nut milk market expansion.
North America currently leads the global nut milk market share, attributed to a well-established health and wellness industry and high consumer awareness about lactose intolerance and plant-based diets. However, the Asia Pacific is expected to experience the fastest growth during the forecast period due to changing dietary habits, rising disposable incomes, and increasing consumer awareness about health and nutrition. Europe also holds a significant share of the market, with a strong demand for plant-based products, driven by health, ethical, and environmental concerns.
In conclusion, the global nut milk market is poised for impressive growth in the forecast period, driven by changing consumer preferences, increasing health awareness, and innovative product offerings. As the market continues to evolve, companies that focus on sustainability, innovation, and consumer engagement are likely to see continued success and growth in the coming years.
Market Segmentation
The market can be divided based on product type, form, distribution channel, and region.
Market Breakup by Product Type
• Coconut Milk
• Almond Milk
• Cashew Milk
• Walnut Milk
• Others
Market Breakup by Form
• Liquid
• Powder
Market Breakup by Distribution Channel
• Hypermarkets and Supermarkets
• Speciality Retail Stores
• Online Retail Stores
• Foodservice
• Convenience Stores
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global nut milk market. Some of the major players explored in the report by Expert Market Research are as follows:
• Blue Diamond Growers
• Pacific Foods of Oregon, LLC.
• MALK Organics LLC
• Mariani Nut Company
• Goya Foods, Inc.
• Others
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