In a recent published report, Kenneth Research has updated the market report for Almond Drinks Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Almond Drinks Market products.
Almond drinks are a class of drinks that are extracted from ground almonds that contains creamy texture and nutty flavor. These drinks do not contain lactose, and are highly preferred by the consumers who are lactose intolerant. Major brands that are associated in the almond drinks market include Blue Diamond’s Almond Breeze.
The growing concerns toward dietary restriction plays an important role in the rise in the growth for almond drinks market in the recent years. Almond drinks consist of high amount of fibers, proteins and lipids and does not contain saturated fat and cholesterol hence making it a major choice among the ageing population suffering from high blood pressure and heart diseases across the globe.
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Moreover, consumption of almond drinks offers excellent health benefits such as smooth digestion, maintaining bone health and weight management among others which is also anticipated to surge the almond drinks market.
Almond Drinks Market: An Upward Trend
The rising inclination toward consumption of dairy products that are lactose free in order to maintain a proper galactose level in the body has resulted to the rise in the demand for the almond drinks in recent years. The growth trajectories of the almond drinks and dairy milk are starkest when the sales are concerned.
According to Insights and Reports the sales of almond milk grew 7.9% in 2016 while the traditional milk fell by 7%. In addition to this, factors such as ease of preparation, enhanced taste, and nutrition value along with the growing demand for on the go beverages is estimated to substantially contribute to the growth of the almond drinks market during the review period.
However, lack of awareness regarding the benefits of the product coupled with the presence of other diary-based alternative are one the major factors restraining the growth of the almond drinks market during the assessed period.
On the basis of product type, the plain unsweetened segment was the largest segment in 2017 and is projected to show the same trend during the forecast years. The growing prevalence of diabetes, high blood pressure and cardiovascular diseases among others is largely contributing to the growth of the segment.
On the basis of flavor, the almond drinks market has been segmented as vanilla, chocolate, strawberry, peach and others. According to Insights and Reports analysis, the chocolate flavor segment is projected to generate the highest gains during the review period. The rising preference of chocolate over other available flavors the segment is the major factor leading to the growth of the segment.
In terms of region wise study, the almond drinks market has been segmented into North America, Europe, Asia Pacific, Middle East, Africa and Latin America. North America is expected to dominate the almond drinks market followed by Europe and Asia Pacific.
The growing demand for on the go beverage in U.S along with the presence of the largest producer and exporter of almonds in the region (California) is further anticipated to augment the almond drinks market growth during the forecast period. In addition to this, the rise in the number of lactose intolerant consumers in the North American region is also positively contributing to the surge in the almond drinks market revenue. Europe and Asia Pacific is estimated to register significant market growth during the review period.
The proficient players in the almond drinks market are adopting various organic and inorganic growth strategies such as emphasizing on product innovation, new launches, merger and acquisitions and geographic expansion to increase market share. Some of the key players operating in the almond drinks market include Furest Day Lawson, Natura Foods, Alpro, Blue Diamond Growers, Malk Organics among others.
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