Grand View Research (GVR), a market research company, produced a report that estimated the global almond milk market to expand to $13.3 billion of worth by 2025.
With the fundamental shift towards a more conscious, and sustainable way of living, consumers are moving towards plant-based milk alternatives. The almond milk market reached $5.3 billion last year and according to GVR, it will grow at a compound annual growth rate of 14.3 percent.
“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.”
GVR’s report in 2016 projects the entire market of plant-based milk alternatives to expand to $35 billion by 2024.
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