Technavio Says Rising Levels of Lactose Intolerance Will Drive the Almond Milk Market Through 2020

LONDON–(BUSINESS WIRE)–#AlmondMilkTechnavio
analysts forecast the global
almond milk market
to grow at a CAGR of more than 15%
during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global almond
milk market
for 2016-2020. To calculate the market size, the
report considers the revenue generated through the sales of almond milk
in the key geographical regions, including APAC, Europe, North America,
and ROW.

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Technavio analysts highlight the following four factors that are
contributing to the growth of the global almond milk market:

  • Rising levels of lactose intolerance
  • Growing consumer preference for vegan diet
  • Health benefits associated with the consumption of almond milk
  • Positioning as a premium product

Rising levels of lactose intolerance

Lactose intolerance is the inability of the body to digest significant
amounts of lactose present in milk. Certain ethnic groups such as the
Asian population are more affected compared to others. “The demand
for lactose-free food products is driven by the increase in incidences
of food allergies and intolerances. For instance, in the US, incidences
of food allergies are estimated to have gone up by 18% in the last decade
says Manjunath Reddy, a lead non-alcoholic
research analyst at Technavio.

Around more than one billion of the global population is
lactose-intolerant. In the US and Europe, the sales of lactose-free
products doubled in 2014 due to the increase in self-diagnosed cases of
lactose intolerance. While APAC, with over 4.3 billion citizens and a
population with high lactose intolerance, is a lucrative market for
almond milk. About 90% of the population in Eastern and South-East Asia
is estimated to be lactose-intolerant; although the current market
penetration of lactose-free products is comparatively low, it is
anticipated to witness high growth during the forecast period.

Growing consumer preference for vegan diet

The vegan diet strongly favors animal rights. People are adopting vegan
diets as a result of ethical concerns toward animals, for a better
environment, and for a healthy world. Nowadays, veganism has become a
style of living and philosophy. The vegan diet does not include anything
of animal origin, whether it is food, cloth, or for any other purposes.
Almond milk is prepared by mixing almonds with water and contains no
lactose and cholesterol. As almond is essentially known to be a plant
food, so almond milk is preferred as a healthy food among vegans,
vegetarians, and those consumers who are averse to dairy products.
Further, people perceive a vegan diet to be healthy, and they prefer to
consume almond milk as a substitute for dairy milk. 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.

Health benefits associated with the consumption of almond milk

Consumers prefer almond milk not only due to its taste but also owing to
its functional properties of containing high amounts of vitamin E,
calcium, magnesium, potassium, and almost no cholesterol. It is also
known to help reduce cholesterol levels and decrease the feeling of
hunger, which is important for those who are dieting or watching their
weight. Furthermore, according to research studies, the consumption of
almond milk decreases the growth of LNCaP prostate cancer cells, which
are normally stimulated by consuming cow’ milk.

The consumption of almond milk is rising as it has zero cholesterols and
no saturated fats. Also, it has a high level of calcium, potassium,
magnesium, and zinc with antioxidants vitamin A and vitamin E. “Key
health benefits driving the almond milk market are that it helps in
improving vision, strengthens the bone, maintains cardiovascular health,
helps in building strong muscles, and aids in controlling the blood
,” adds Manjunath.

Positioning as a premium product

New-age consumers, especially millennials, are now demanding
high-quality, healthy, premium-brand dairy products, so almond milk
manufacturers are cashing in on this opportunity to meet the customer
demands. For instance, Califia Farms, a major dairy-alternative milk
manufacturer, is re-inventing its almond milk products by offering a
premium almond milk with a unique creamy taste that is produced using
artisanal practices. Its almond milk products strongly appeal to today’s
discerning consumers owing to its packaging. Therefore, a rising number
of retailers across North America are offering super-premium almond milk
to consumers seeking premium and health beverage products. In addition,
increasing demand for premium products due to increase in average per
capita disposable income globally as a result of the turnaround of the
world economy is further fueling the market.

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