Worldwide COVID-19 Pandemic Impact on Almond Milk Market is expected to grow at a CAGR of 12.8% During Forecast Period 2020 to 2024

Market Overview

Global COVID-19 Pandemic Impact on Almond Milk Market is expected to grow at the CAGR of 15.19%. Almond milk is a substitute of the animal based traditional milk products. Almond milk is derived from the plant based sources and is lactose and casein free. Almond milk comes in various types sweetened, unsweetened, plain, and flavored, moreover it is usually enriched with vitamins.

Beverages industry is experiencing a substantial growth over the last few years. Dairy based beverages products are gaining traction both in developed and developing economies. Due to the increasing population coupled with the per capita disposable income is anticipated to fuel the sales of dairy based beverages in the upcoming decade. Due to the increasing incident of lactose intolerance, beverages manufactures are also looking for an alternative of dairy based milk as a raw material of beverages. So, mounting growth of beverages industry is generating an enormous scope to the Almond Milk manufacturers in the near future.

The foodservice industry plays a key intermediary role between producers and processors at one end and consumers at the other end. The consolidation and market concentration of foodservice industry creates multitude of opportunities for the market growth of almond milk market. Evolving economic standards and social habits coupled with trend of fast-food consumption has considerably impacted the growth of in-store restaurants, take-away shops, or pub- restaurants. Almond milk brings in efficiency food preparation as they allow cooking go fast saving time. All such factors have resulted in huge demand of non-dairy almond milk in foodservice industry.

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Major Key Players

This report includes a study of strategies used in the market, mergers and acquisitions in juice concentrate, multiple product launch by Almond Milk market players. It further includes product portfolios and developments of leading major players which includes Hain Celestial Group (U.S.), Whitewave Foods (France), Sunopta Inc. (Canada), Daiya Foods Inc.(Canada), Blue Diamond Growers (U.S.), Galaxy Nutritional Foods, Inc. (U.S.) and Tofutti Brands Inc. (U.S.)

The market players have increased their level of investment in research to identify right formulation and to improve product functionality to capture lion’s share and create brand recognition in Almond Milk market. Manufacturers indulge in maintaining transparency and allow food traceability in order to manage and mitigate risk and lowering the impact of recalls and lowering liability costs. The global Almond Milk market is segmented on the basis of application, formulations, distribution channel and regions of Almond Milk.

Segments

Based on application, global Almond Milk market has been segmented into food & beverages. Beverages segment is projected to account maximum market proportion throughout the forecast period. However, food segment is estimated to grow at a fast pace during the review period of 2020-2024. On the basis of formulations, global Almond Milk market has been segmented into plain & flavored. On the basis of distribution channel, global Almond Milk market has been segmented into store based and non-store based. Store based segment has been segmented into supermarkets & hypermarkets, health & wellness, pharmacy, convenience stores and others.

Regional Analysis

The Global Almond Milk Market is segmented into Europe, North America, Asia Pacific and Rest of the world. Among these, Asia Pacific is projected to retain its dominance throughout the forecast period. Asia Pacific is estimated to reach to USD 2.16 Bn by the end of 2024. The region is projected to grow at a substantial growth of 15.4% during the review period of 2020-2024. Also, North America region is projected to expand at a high pace due to the rising incidents of diabetes and other chronic diseases.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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This release was published on openPR.