Almond Milk Market to Be Worth $13.3 Billion by 2025

The global almond milk market is projected to reach $13.3 billion by 2025, according to a report compiled by market research firm Grand View Research, Inc (GVR). In 2018, the almond milk market reached $5.3 billion and GVR predicts it will grow by a compounded annual growth rate of 14.3 percent. The Asia Pacific region dominated the global almond milk market in 2018 with a 30.8 percent share of revenue. By 2025, GVR predicts that almond milk will generate $2.8 billion in revenue in the European region. “Preference for vegan diet has influenced consumers to choose substitutes for cow milk,” GVR’s report stated. “Plant-based milk alternatives are an emerging trend that can serve as an economical alternative for the developing countries and in places where animal milk supply is inadequate.” As a whole, the dairy-alternatives industry is predicted to reach $35 billion by 2024, according to a 2016 GVR report.