Hazelnut milk sales are predicted to grow at a 10 percent CAGR for the next ten years, according to a recent report by Future Market Insights, a provider of market research and competitive intelligence. By 2032, sales are expected to total USD 195.2 million.
Species of the genus Corylus are referred to as “hazelnuts” in this context. Hazelnuts without the shell can be bought whole, in chunks, slices, or as ground kernels.
Several factors, such as growing consumer health consciousness, lactose intolerance or dairy digestion issues, a preference for vegan diets, and emerging research and development to find newer product portfolios that offer additional nutritional benefits, can be blamed for the rising consumption of alternatives to dairy-based milk products.
Some of the factors that have influenced market enforcement include growing concerns about weight management, a focus on weight loss and maintenance, heart disease, anemia, cancer, and allergies to dairy-based products, as well as the importance of preventing blood sugar spikes. Other factors include helping to treat iron deficiency anemia.
Key Market Study Conclusions
The second-largest producer and consumer of hazelnuts in the world are Italy. The majority (90%) of the hazelnuts grown in the nation are sold to processing businesses; the remaining 10% are consumed fresh.
Due to significant customer demand for non-dairy or cereal goods, the U.S. is predicted to increase at a CAGR of 7.7% from 2020 to 2032.
The most practical approach to preparing the finished goods is in powder form, together with an extract made from almond grain. The powder sub-segment will hold a sizeable market share in 2022.
Online retailers are anticipated to experience the fastest growth during the projection period.
The hazelnut milk industry’s growth strategy and projections have been affected by the COVID-19 epidemic, and everything needs to be revised.
According to a lead analyst at Future Market Insights, “the expanding reach and promotion of plant-based or cereal alternatives to traditional dairy products, particularly beverages, but also cultured products like ice cream, yogurt, creamers, frozen desserts, and cheese, has fueled hazelnut milk market demand.”
Who is triumphant?
Small businesses and startups have a lot of chances in the hazelnut milk market to create efficient methods of producing hazelnut milk products. The demand from automakers is continually rising, which can inspire several entrepreneurs to introduce cutting-edge solutions in this sector.
In December 2019, Danone revealed that it had taken part in a fundraising round for the plant-based business Halsa Foods.