The walnut milk market is anticipated to have a moderate CAGR of 8.6% during the forecast period of 2022 to 2032. According to FMI, the market is expected to grow from USD 365.5 million in 2022 to USD 810.5 million by 2032.
According to the FMI walnut milk market analysis report, the market has experienced rapid growth in recent years due to factors like growing consumer interest in organic walnut milk and growing consumer inclination toward a healthy lifestyle.
Demand for walnut milk is increasingly popular since it is lactose-free and does not trigger allergies. Additionally, a sizable walnut milk market opportunity has been generated for the major players in the regional marketplaces as a result of the dynamic movement in consumer preferences toward packaged beverages.
| Report Attribute | Details |
|---|---|
| Walnut Milk Market Value (2022) | USD 365.5 Million |
| Walnut Milk Market Anticipated Value (2032) | USD 810.5 Million |
| Walnut Milk Market Projected Growth Rate (2022 to 2032) | 8.6% |
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With growing pertaining to the benefits of walnut milk protein, sales of walnut milk are growing at a modest pace. From 2017 to 2021, the global walnut milk market had a CAGR of 8.1%. The growth can be attributed to the influence of social media, which acts as a powerful channel for marketing plant-based protein. On the other hand, various high-protein diets such as the Keto diet are channeled to the massive following, which, in turn, is likely to augur well for the walnut milk market during the forecast period.
The global market for walnut milk is experiencing growth due to the fact that it is a great alternative to dairy products that contain lactose. Additionally, as customers become more aware of the health advantages, the walnut milk market size has increased in recent years.
Surging Demand for Personal Care Products
The growing demand in the personal care sector is anticipated to drive the sales of walnut milk. The older generation is increasing the need for anti-aging products in nations like Japan, which is subsequently increasing the market share for walnut milk in the area.
The demand for walnut milk as a component in the production of cosmetics and personal care products is anticipated to rise due to a number of additional advantages associated with the protein found in walnut milk.
Well Known Allergies
Almond and walnut milk, however, is a well-known allergen. These allergies, which include rashes, dermatitis, breathing issues, and itching and can range in severity from moderate to severe, could partially obstruct significant walnut milk market trends and opportunities.
Weight Management
While consumers are shifting toward the idea that plant-based products are healthier than animal-based products for personal health, as well as the sustainability associated with them, the elderly population has increased worries about health and weight control, leading to higher sales of walnut milk.
Due to its improved presentation, extensive selection on the retail shelves, and convenient location for customers, hypermarkets and supermarkets are predicted to have significant growth in sales of walnut milk among the various distribution channels.
The growth of digital shopping facilities has recently given e-commerce platforms and online channels a boost. Additionally, this distribution channel is going to positively impact the demand for walnut milk.
Europe is the fastest-growing region in the walnut market and holds a share of 22.6% in 2022. Additionally, China is also a major producer and consumer of walnut milk products due to the presence of various players in the market.
Local walnut milk producers have been encouraged to build a market presence in order to increase earnings by the rising demand for plant-based milk, particularly walnut milk, due to its higher nutritious content. Additionally, local players are attempting to quickly transition into walnut milk brands by securing funding from both government and private entities.
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With a market share of 24.2% in 2022, North America is projected to generate the majority of revenues. The USA market for walnut milk is anticipated to expand at a CAGR of 6.5% from 2022 to 2032. Since it is both the product's largest user and a significant exporter, demand for walnut milk is anticipated to be strong over the projected period.
According to the FMI report, consumers have started to grasp the more esoteric parts of dairy, such as cruelty to cows, environmental concerns, and health issues, as a result of changing dietary trends around the world and the rise of veganism. This opens up the market for walnut milk to new rivals.
Goodness is a nut milk firm with a penchant for puns involving nuts. Startup offered to replace standard nut milk, which is made of only 2% nuts and 98% of water, sugar, and additives. The company aims to offer a simple homemade alternative.
Walnut milk gives high projects to the new participants in the sectors, especially when combined with other dairy innovations like Greek yogurt and ultra-filtered milk. Some of the other startups succeeding in the walnut milk sector include Alt Co. and Goodmylk.
Due to their vast product portfolios and constant industry innovation, the leading players in this market hold a substantial share of the market. The companies in this market have been noted to concentrate on product launches, partnerships, expansion, mergers, and acquisitions as a growth strategy to build their position in the regional market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8.6% from 2022 to 2032 |
| Base Year for Estimation | 2022 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Flavor, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; The Asia Pacific excluding Japan; Japan The Middle East and Africa |
| Key Countries Profiled | The USA, Canada, Brazil, Argentina, Germany, The United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC Countries, South Africa |
| Key Companies Profiled | Alpine Pacific Nut Co; Grower Direct Nut Co. Inc.; Poindexter Nut Company; Andersen Shelling Inc.; Webster Limited; Mariani Nut Company Inc.; Haleakala Walnut Shelling Inc.; Kashmir Walnut Group |
| Customization | Available Upon Request |
The walnut milk market is projected to have a CAGR of 8.6% through 2032.
North America is leading in the walnut milk market, with a share of 24.2% in 2022.
The walnut milk market is expected to reach USD 810.5 million by 2032.
| Market Estimated Size in 2023 | USD 1,233.4 million |
|---|---|
| Projected Market Value in 2033 | USD 2,199.4 million |
| Value-based CAGR from 2023 to 2033 | 6.3% |
| Market Size (2023E) | USD 280.2 million |
|---|---|
| Market Size (2033F) | USD 596.6 million |
| Market CAGR (2023 to 2033) | 7.8% |
| Market Valuation (2023) | USD 3,511.20 million |
|---|---|
| Market Valuation (2033) | USD 6,529.38 million |
| Market CAGR (2023 to 2033) | 6.4% |
| Market Size Value in 2022 | USD 23.2 Billion |
|---|---|
| Market Forecast Value in 2032 | USD 32.8 Billion |
| Growth Rate (2022 to 2032) | 3.5% |
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