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Walnut Milk Market Poised for $1.15 Billion Growth by 2028

World 09.07.2024
Source: The DairyNews
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The global walnut milk market is projected to expand by USD 1.15 billion from 2024 to 2028, according to Technavio. With an anticipated compound annual growth rate (CAGR) of 14.76%, this growth is fueled by increasing cases of lactose intolerance and allergies to soy, hazelnut, and almond milk.
Walnut Milk Market Poised for $1.15 Billion Growth by 2028
Consumer preferences are shifting towards healthier beverage choices, boosting the demand for sugar-free and organic walnut milk. With obesity rates climbing and health consciousness becoming a priority, vendors are introducing sugar-free walnut milk to attract a broader consumer base. Concurrently, organic walnut milk is gaining traction among health-conscious consumers seeking premium products.

While small-scale producers may face challenges in obtaining organic certification, the higher price point for organic products offers potential for increased income. Additionally, export opportunities are emerging in regions such as South America and the Middle East and Africa (MEA), where local brands are scarce and consumers are becoming more informed about their dietary choices.

The market's expansion is further supported by key vendors like Alpine Pacific Nut Co., Grower Direct Nut Co. Inc., Guerra Nut Shelling Co. Inc., Poindexter Nut Company, and Andersen Shelling Inc., who are capitalizing on these trends by offering a variety of organic walnut milk products.

Plant-based products are seeing a significant surge in demand, with walnut milk becoming a popular alternative for those seeking dairy-free options. This trend is evident in retail shelves of hypermarkets and supermarkets, as well as digital shopping platforms and e-commerce sites, which are now stocking diverse walnut milk variants including Pure Walnut Milk, Mixed Walnut Milk, Unsweetened, Original, Chocolate, and Vanilla. Private entities are leveraging this trend, offering nutrient-rich, additive-free, and sustainable walnut milk options.

Health and environmental concerns are driving the demand for plant-based milk substitutes. Walnut milk, rich in essential fatty acids, protein, and calcium, serves as a delicious and creamy alternative to dairy milk, Greek yogurt, and ultra-filtered milk. Its nutty flavor profile appeals to both adults and children and is even used in stress reduction diets.

However, the walnut milk market faces competition from various plant-based milk alternatives such as soy, almond, oat, rice, potato, coconut, hemp, hazelnut, and cashew milk. Consumers opt for these alternatives due to lactose intolerance, veganism, or perceived health benefits. Recent launches in the plant-based milk market, such as Hershey India's Sofit Almond drink, Fooditive Group's GoPeasy pea-based beverage, and Nestlé SA's dairy-free beverages in Asia, present significant competition. Additionally, alternatives like fermented milk beverages, energy drinks, fruit-based health drinks, and immunity-boosting beverages cater to diverse consumer preferences and are frequently introduced to the market.

The rising trend of plant-based diets and health-conscious consumers is propelling the growth of the walnut milk market. In kitchens, walnut milk is increasingly used in smoothies, baking, and as a coffee creamer. It caters to lactose intolerance and allergies, offering a viable alternative to traditional dairy products. Its nutritional profile, rich in vitamins and minerals, low sugar content, and nutty flavor make it ideal for high-protein diets, keto diets, and plant-based lifestyles. In the personal care sector, walnut milk is used in anti-aging products.

Despite the promising growth, challenges such as sustainable sourcing methods, eco-friendly operations, and ethical sourcing must be addressed. Transparency in labeling is crucial to cater to consumers with nut allergies and ensure awareness of potential allergens. Eco-friendly packaging is also a priority for environmentally sustainable operations. As organic walnut milk, flavored variants, and lattes continue to gain popularity, the walnut milk market is set to thrive.
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