Almond milk is the fastest growing segment of the booming non-dairy and vegan milk market, according to new information from Allied Market Research. Almond milk is projected to experience a compound annual growth rate of around 15 percent in the coming years, the market research firm reports.
Competing market research firm Technavio attributes this growth to the continued battle against obesity in America and an increased consumer perception of non-dairy milks and vegan alternatives in general as healthier options.
“People perceive a vegan diet to be healthy, and they prefer to consume almond milk as a substitute for dairy milk,” Technavio noted in a release. “Vegan diet followers and healthy diet adopters are two of the major target consumers of dairy-alternative beverages, which will fuel the growth of the global almond milk market during the forecast period.”
Almond milk is a particularly popular choice as compared to other vegan milk options, given its richness in vitamins and minerals and its ability to satiate consumers, keeping them from reaching for other snacks, according to Technavio.
Its popularity can also be attributed, at least in part, to the ways that producers are selling the product, notes Allied Market Research. Califia Farms, a non-dairy beverage company, has begun selling almond milk in the refrigerator section, where it can compete more clearly with dairy milk.
Almond milk's popularity first began to spike in 2013, when it started to replace soy milk, often made with GMO soybeans, as American consumers' non-dairy milk of choice.
The research group projects the annual growth rate of the American dairy alternative market as a whole to surpass 13 percent through 2022 and to reach $21.7 billion in the next six years.
The only region to outpace North America for non-dairy milk demand is the Asia-Pacific region, where 90 percent of the population is affected by lactose intolerance.
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