NEW YORK, July 8, 2024 /PRNewswire/ — The global walnut milk market size is estimated to grow by USD 1.15 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 14.76% during the forecast period. Rising cases of lactose intolerance and allergies associated with soy, hazelnut, and almond milk is driving market growth, with a trend towards growing demand for sugar-free and organic walnut milk. However, availability of substitutes poses a challenge. Key market players include Borges International Group SLU, California Walnuts, Elmhurst Milked Direct LLC, Hebei Chengde Lolo Co. Ltd., Hebei Yangyuan ZhiHui Beverage Co. Ltd., Inner Mongolia Yili Industrial Group Co. Ltd., Mariani Nut Co., RITA Food and Drink Co. Ltd., Simple Foods Co. Ltd., and TH Food Chain Joint Stock Co..
Technavio has announced its latest market research report titled Global walnut milk market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Walnut Milk Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 14.76% |
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Market growth 2024-2028 |
USD 1151.1 million |
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Market structure |
Concentrated |
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YoY growth 2022-2023 (%) |
12.55 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, China, Germany, Canada, and UK |
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Key companies profiled |
Borges International Group SLU, California Walnuts, Elmhurst Milked Direct LLC, Hebei Chengde Lolo Co. Ltd., Hebei Yangyuan ZhiHui Beverage Co. Ltd., Inner Mongolia Yili Industrial Group Co. Ltd., Mariani Nut Co., RITA Food and Drink Co. Ltd., Simple Foods Co. Ltd., and TH Food Chain Joint Stock Co. |
Market Driver
The global walnut milk market is experiencing growth due to increasing consumer preferences for sugar-free and organic beverages. With obesity rates on the rise and health consciousness becoming a priority, vendors are introducing sugar-free walnut milk to expand their consumer base. Simultaneously, the demand for organic walnut milk is surging as consumers seek healthy, premium products. Small-scale producers may face challenges in obtaining organic certification, but the higher price point offers additional income. Export opportunities exist in regions like South America and MEA, where local brands are limited and consumers are becoming more informed about their food choices. These trends are expected to continue, driving the growth of the global walnut milk market during the forecast period. Vendors such as Alpine Pacific Nut Co., Grower Direct Nut Co. Inc., Guerra Nut Shelling Co. Inc., Poindexter Nut Company, and Andersen Shelling Inc. Are capitalizing on these trends by offering more organic walnut milk varieties.
The Walnut Milk market is experiencing a significant surge due to the increasing demand for plant-based products. With the itching sensation towards animal-based products, elderly population, and lactose intolerant individuals seeking alternatives, retail shelves in hypermarkets and supermarkets are seeing a shift. Digital shopping facilities and e-commerce platforms are also stocking up on nutritious Pure Walnut Milk, Mixed Walnut Milk, Unsweetened, Original, Chocolate, and Vanilla variants. Private entities are capitalizing on this trend, offering nutrient-rich, additive-free, and sustainable options. Environmental concerns and health issues, including obesity, hair loss, and chronic diseases, are driving the demand for plant-based milk substitutes. Walnut Milk, packed with essential fatty acids, protein, and calcium, is a popular choice. It’s a delicious and creamy alternative to dairy milk, Greek yogurt, or ultra-filtered milk. With its nutty flavor profile, it’s perfect for adults and children, and can even be used in stress reduction diets. So, let’s toast to Goodness, one nut at a time!
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Market Challenges
The walnut milk market faces significant competition from various plant-based milk alternatives, including functional beverages and dairy products. Brands offer a wide range of options such as soy, almond, oat, rice, potato, coconut, hemp, hazelnut, and cashew milk. Consumers prefer these alternatives due to lactose intolerance, veganism, or the belief that they offer health benefits. Recent launches of plant-based milk alternatives include Hershey India’s Sofit Almond drink, Fooditive Group’s GoPeasy pea-based beverage, and Nestle SA’s dairy-free beverages in Asia. Starbucks Corp. Also introduced dairy-free beverages in the US. Additionally, alternatives like fermented milk beverages, energy drinks, fruit-based health drinks, and immunity-boosting beverages pose a challenge to walnut milk. These alternatives cater to diverse consumer preferences and are frequently launched in the market.
The Walnut Milk market is experiencing significant growth due to the rising trend of plant-based diets and health-conscious consumers. In the Kitchen, Walnut Milk is increasingly used in Smoothies, Baking, and even as a Coffee Creamer. As a plant-based dairy substitute, it caters to Lactose Intolerance and Allergies, providing an alternative to traditional Dairy Products. The Nutritional Profile of Walnut Milk, rich in Vitamins and Minerals, Nuttiness, and Low Sugar Content, makes it an ideal choice for those following High-Protein Diets, Keto Diet, or a Plant-Based Lifestyle. In the Personal Care Sector, it is used in Anti-Aging Products. However, challenges persist. Walnut Milk’s production requires Sustainable Sourcing Methods and Eco-Friendly Operations. Ethical Sourcing is crucial to address Animal Welfare concerns. Labeling Transparency is essential to cater to Allergens, such as Nuts, and to ensure consumers with Rashes or Dermatitis are aware. Eco-Friendly Packaging is also a priority for Environmentally Sustainable operations. Organic Walnut Milk, Flavored Variants, and Lattes continue to gain popularity, driving market growth.
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Segment Overview
This walnut milk market report extensively covers market segmentation by
Distribution Channel
1.1 Offline
1.2 Online
Geography
2.1 North America
2.2 Europe
2.3 APAC
2.4 South America
2.5 Middle East and Africa
1.1 Offline- In the global walnut milk market, the offline distribution channel held the largest market share in 2023. This dominance is primarily due to the effectiveness of offline channels for allowing customers to examine products before purchasing. In developing countries like India and China, physical stores, including hypermarkets, supermarkets, and convenience stores, are the primary sales channels for walnut milk. An increase in the number of these retail outlets drives sales, with ample shelf space accommodating various walnut milk brands and flavors from vendors such as Alpine Pacific Nut Co. Inc., Grower Direct Nut Co. Inc., Guerra Nut Shelling Co. Inc., Poindexter Nut Company, and Andersen Shelling Inc. These vendors sell their products in popular retailers like Avenue Supermarts Ltd. (DMart), Trent Hypermarket Pvt. Ltd. (Star Bazar), Hypercity Retail Indian Ltd., Reliance Retail Ltd. (Reliance Fresh), Spar International, Spencers Retail Ltd., and More Retail Pvt. Ltd. Despite a decline in offline sales due to the shift to online shopping, vendors expand their presence in local and regional markets to fuel sales. Retailers introduce competitive pricing strategies and wider assortments to sustain in the market. For instance, Tesco PLC offers an extensive walnut milk product portfolio in the UK. Vendors also expand their geographic reach to boost sales and grow the global walnut milk market. Despite the COVID-19 pandemic’s negative impact on offline sales in 2020, the reopening of retail stores in H2 2021 has increased demand for packaged food and beverage products, including walnut milk, driving market growth.
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Research Analysis
Walnut milk is a plant-based milk substitute that has gained popularity in recent years due to its health benefits and delicious taste. Made from soaked and blended walnuts, it is a lactose-free alternative for those with dairy allergies or following a vegan or plant-based diet. Walnut milk is rich in healthy fats, including omega-3 and omega-6 fatty acids, making it an excellent addition to a healthy lifestyle. It also contains protein, making it a popular choice for high-protein diets and the Keto diet. In the personal care sector, walnut milk is used in anti-aging products for its nourishing properties. With flavors ranging from Original and Unsweetened to Chocolate and Vanilla, walnut milk can be enjoyed in various ways, from adding it to smoothies to using it in the kitchen for baking and cooking. Mixed walnut milk is another popular variation, offering a unique texture and flavor profile. Suitable for both adults and children, walnut milk is a versatile and nutritious addition to any diet.
Market Research Overview
Walnut milk, a delicious and nutritious plant-based milk alternative, is gaining popularity among health-conscious consumers seeking lactose-free options. Made from soaked and blended walnuts, it’s a great choice for those with allergies or intolerances to dairy products. This high-protein, high-calcium beverage is also ideal for individuals following plant-based diets, including vegans, keto, and stress reduction diets. Walnut milk is also beneficial for the elderly population, offering nutrients essential for bone health, immunity, and digestive system support. With its creamy texture and nutty flavor profile, it’s perfect for smoothies, baking, cooking, coffee, and even as a dairy substitute in recipes. Walnut milk is free from added sugars, additives, and common allergens like soy and nuts. It’s also eco-friendly, making it a popular choice for those concerned about animal welfare and environmental sustainability. With flavored variants like Chocolate, Vanilla, Unsweetened, Original, and Pure Walnut Milk, there’s a delicious option for every taste preference. Enjoy the benefits of walnut milk for your health, personal care, and the planet! Note: This content is meant to provide a general overview of Walnut Milk and its benefits. For specific health concerns, it’s always best to consult a healthcare professional or a nutritionist.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Distribution Channel
Offline
Online
Geography
North America
Europe
APAC
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio