Almond milk is made from an emulsion of blanched almonds, acacia, sugar and water. It is lactose-free and has fewer calories, sugar and phosphorus as compared to conventional milk. Moreover, it is rich in vitamin E and D, and offers numerous health benefits, such as keeping the heart healthy, strengthening bones and muscles, maintaining the level of sugar in the blood, and aids in weight management.
Consequently, it finds extensive applications in the food and beverage (F&B) and personal care industries across various regions of the world. At present, almond milk is available in different packaging and flavors, including plain, vanilla, mango and chocolate.
The global almond milk market size was valued at USD 5.2 billion in 2018 and is expected to expand at a compound annual growth rate (CAGR) of fourteen point three percent (14.3%) from 2019 to 2025.
The factors such as the increasing awareness regarding good health and low cholesterol product among vegan consumers, rising number of patients suffering from lactose intolerance and the surging demand of low calorie nutritious milk are the major factors fostering the growth of the almond milk market.
Additionally, the rising inclination towards plant based products are other important factors acting as almond milk market growth determinants. Moreover, the increasing demand of flavored almond milk are estimated to accelerate the overall growth of the market.
However, the rising cost of almonds is supposed to hamper the market’s growth. Moreover, the dearth of awareness about the health benefit of the almond milk among population might hinder overall growth of the market.
Almond milk has varied applications such as beverages, frozen desserts, and personal care products and is used as a major ingredient for manufacturing chocolates, cream liquor, and bakery products. Together with protein, the product is a rich source of zinc that helps to prevent hair graying and thus keeps the skin free from blemishes. Several cosmetic manufacturers use the formulation to produce face creams and hair care products, thereby propelling the demand for almond milk in the industry.
The growing acceptance of dairy alternatives amongst vegan consumers is a major factor benefiting market expansion. Aesthetic benefits associated with almond milk, along with its other properties such as low-calorie quotient and high protein volume, make it befitting as a dietary supplement for consumers of all ages. For instance, Raw introduced its one hundred percent (100%) cold-pressed almond milk as a substitute for the other dairy shakes to promote the brand in the plant-milk segment for its vegan consumers.
Almond fruit in Nigeria is a new and exciting product that is slowly gaining popularity in Nigeria. It is a fruit that is native to Asia and its seeds are used to make almond milk and other products. The fruit can be eaten raw or it can be boiled before it is consumed. According to a report published by the United States Department of Agriculture, the market for almond fruit in Nigeria is projected to grow to $2.7 million in the next five (5) years.
Nigeria imports at least sixty percent (60%) of dairy products the country consumes, the Minister of Agriculture and Rural Development, Sabo Nanono, has said. Nigeria’s per capita consumption of milk is eight (8) litres per year, representing very low consumption levels when compared with the global average of forty-four (44) litres of milk, according to the Food and Agriculture Organisation of the United Nations (FAO).
There is high demand for milk in Nigeria. With a population of over two hundred million (200,000,000) people and an estimated national population growth rate of five point seven percent (5.7%) per annum, Nigeria has a large market for milk.
Establishing a almond milk production plant in Nigeria would enable the country to save scare foreign exchange, create employment and meet the diary needs of the country.