The latest piece of research into the success of the almond milk market shows that the plant-based product is set to continue its rapid growth.
Market Research Future published the study into the global almond milk market value by Cooked Research Report (CRR) which shows an estimated growth of 15.19 per cent (CAGR) by 2022.
The report acknowledges that the almond milk market is growing due to a growing concern over animal welfare, in addition to human health and the environment. It states that: “The appeal and potential of a vegan diet has grown popular over the years as people avoid animal products due to ethical reasons and seek healthier and cleaner products.”
It concludes that consumers’ increasing awareness of plant-based food in Europe is one of the significant reasons for the growth in Europe. The research predicts that growth in Europe will be even greater than the global predictions — set to be at 15.35 per cent — between the forecast period of 2017-2022.
New territories
The report brings together some of the market leaders, such as Blue Diamond Growers, Daiya Foods, Whitewave Foods, and Tofutti Brands, who are at the forefront of driving the market growth. There is a strong focus from these market leaders to expand into new territories and continue investing in research and development to ensure the best products are on offer. This investment will likely help the growth of the almond milk market over the next five years.
This report is one of many to show the rapidly increasing vegan market, being driven by a growing number of people identifying as vegans and many more people adopting more casual flexitarian diets and consuming far less animal products.
Last month, the European Court of Justice (ECJ) ruled that dairy alternative products could no longer be advertised with the names ‘milk’, ‘butter’ or ‘cream’ as it is becoming confusing for customers.