Soy & Almond Milk Production in the US - Industry Market Research Report

Feeling alternative: Intensifying competition among soy and almond milk producers will hamper profit expansion

Soy and almond milk producers have expanded rapidly, including revenue boosting in 2020, despite the overall negative impact of COVID-19 on the economy. Revenue is estimated to rise at a CAGR of 2.8% to $3.2 billion through the end of 2023, although revenue is forecast to inch down 0.6% in 2023 alone. In early 2020, nonessential businesses were forced to temporarily close; however, since soy and almond milk producers are part of the broader food and beverage manufacturing industry, these producers were considered essential. Also, many soy and almond milk products have become staples in consumers' diets, supporting demand, despite economic uncertainty.

Soy and almond milk producers manufacture nondairy milk substitutes. These are usually plant-based and may be made from soybeans, almonds, hemp, coconut, rice or oats.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.