Global Nut Milk Market Report and Forecast 2024-2032

Global Nut Milk Market Size

The global nut milk market reached a value of approximately USD 12.59 billion in 2023. The market is projected to grow at a CAGR of 11.40% between 2024 and 2032, reaching a value of around USD 33.25 billion by 2032.

Nut Milk Market Outlook

• According to the NSW government, the Californian almond industry is responsible for approximately 80% of global almond production.

• As per industry reports, in 2022, the Philippines produced 217,583 million tons of cashews.

• The Department of Cashew Cultivation and Development reported that in 2020-2021, cashew production in Thailand amounted to 24,320 million tons.

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Nut Milk Market Growth

Nut milk is a dairy-free alternative to traditional cow's milk, made by blending nuts (such as almonds, cashews, or hazelnuts) with water and then straining the mixture to remove solid particles. Nut milk, such as almond milk or cashew milk, typically has fewer calories and less fat compared to dairy milk. This makes them an attractive option for individuals looking to manage their calorie intake or reduce their fat consumption for health reasons.

Continuous innovation in nut milk formulations and flavours is expanding the nut milk demand growth. Manufacturers are introducing new varieties such as almond, cashew, coconut, and oat milk, as well as flavoured options, catering to diverse consumer preferences and tastes. According to the Indian Trade Portal, during 2021-22, India, the world's largest coconut-producing country, contributed approximately 31.45% of the global production, yielding 19,247 million nuts.

Key Trends and Recent Developments

Increasing health consciousness, product innovation, on-the-go consumption, and expanding distribution channels are the major trends impacting global nut milk market value.

May 12, 2024

Brownes, Western Australia's oldest dairy, entered the alternative milk market, offering oat, almond, and soy milk to cafe customers and select supermarkets, capitalising on the fast-growing demand for plant-based milk options.

June 29, 2023

Toronto's Nutbar cafe launched Barmilk, a 100% nut milk without gums, fillers, or preservatives. Made from cashews, almonds, coconut, maple syrup, and sea salt, Barmilk was sold in frozen individual servings.

October 19, 2022

Only Earth, a sustainable plant-based/vegan milk brand, has introduced almond milk in its portfolio of vegan beverages, among other options. The product is now available across all online and offline mediums.

March 15, 2022

Heritage Foods Ltd., one of India’s leading dairy players, launched premium badam milk with real almond bits. The new ‘Badam Charger’ became part of the company’s growing list of value-added products portfolio.

Increasing Health Consciousness

With rising awareness of health benefits associated with plant-based diets, consumers are shifting towards nut milk as a healthier alternative to dairy milk.

Product Innovation

Companies continuously innovate by introducing diverse flavours, formulations, and packaging options for nut milk to cater to consumer preferences, which will likely impact the nut milk demand forecast. Popular choices include chocolate, vanilla, and matcha-flavoured varieties.

On-the-Go Consumption

Ready-to-drink nut milk products and single-serve packaging options are becoming increasingly popular, catering to busy lifestyles and on-the-go consumption patterns, offering convenience and portability.

Expanding Distribution Channels

Nut milk products are increasingly available through supermarkets, speciality stores, online retailers, and cafes, driving market growth and meeting rising consumer demand for plant-based alternatives.

Nut Milk Market Trends

As consumers prioritise environmental consciousness, the demand of nut milk market is escalating. Nut milk companies are underlining the sustainability of their products, implementing water-efficient techniques and eco-friendly packaging solutions.

Consumers are becoming more mindful of the ingredients in their food and beverages. Nut milk brands are responding by offering products with clean labels, free from additives, preservatives, and artificial flavours.

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Nut Milk Industry Segmentation

“Global Nut Milk Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Coconut Milk

• Almond Milk

• Cashew Milk

• Walnut Milk

• Others

Market Breakup by Distribution Channel

• Hypermarkets and Supermarkets

• Specialty Retail Stores

• Online Retail Stores

• Foodservice

• Convenience Stores

• Others

Market Breakup by Form

• Liquid

• Powder

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Nut Milk Market Share

Liquid form offers convenience as a ready-to-drink beverage, catering to busy lifestyles and on-the-go consumption patterns.

As consumers prioritise health and wellness, they are increasingly choosing nut milk over traditional dairy options because it is often lower in calories, saturated fat, and cholesterol, positioning it as a healthier option.

As per nut milk industry analysis, nut milk powder allows consumers to customise the strength and consistency of their milk by adjusting the ratio of powder to water. This flexibility caters to individual preferences and dietary needs.

Hypermarkets and supermarkets contribute to the growth of nut milk market by offering extensive distribution networks, reaching many consumers across various regions.

Hypermarkets and supermarkets often conduct promotional activities such as discounts, special offers, and product demonstrations to attract consumers' attention to nut milk products. These marketing strategies stimulate consumer interest and drive sales volume.

Food service operators continuously innovate with nut milk, experimenting with various flavours, formulations, and culinary methods. This creativity not only boosts the attractiveness of nut milk products but also sparks consumer interest and promotes trial.

Competitive Landscape

The companies are a provider of almond products, top-quality walnuts, dairy, gum, oilers, beverages, confectionery, and other products.

Blue Diamond Growers: Founded in 1910 and headquartered in California, United States. The company offers a broad array of almond products, spanning from gift baskets to delectable almond nut snacks.

Mariani Nut Company: Established in 1972 and based in California, United States. It is a food and beverage manufacturing company which processes and delivers top-quality walnuts and almonds worldwide.

MALK Organics LLC: Founded in 2014 and is headquartered in Texas, United States. It is a food and beverage service company which offers products including gum, gluten, dairy, oiler, and filler. 

Goya Foods Inc.: Founded in 1936 and based in Jersey City, New Jersey. The company offers various products including beans and grains, beverages, dairy and deli, confectionery, flours, and other products.

Other global nut milk market key players are Pacific Food of Oregon, LLC, among others.

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Nut Milk Market Regional Analysis

North America is projected to dominate the nut milk market due to the growing demand for traditional and non-dairy milk products in the region. The increasing adoption of vegan diets, driven by concerns for animal welfare, is expected to fuel market growth further. Additionally, heightened awareness among consumers regarding the nutritional advantages of nut milk, such as the abundance of micronutrients and low-calorie nature, is a significant factor contributing to the rising nut milk demand in North America.

According to FAS, U.S. Department of Agriculture, in 2023/2024, the United States had produced 1.18 million metric tons of almonds, whereas China had produced 5,000 million metric tons.

Key Highlights of the Report

Nut Milk Market Report Snapshots

Nut Milk Market Size

Nut Milk Market Growth

Nut Milk Market Trends

Nut Milk Market Share

Nut Milk Companies

Nut Milk Market Regional Analysis