The sale of almond milk makes up nearly 70 per cent of the plant-based beverage category in the U.S., according to WhiteWave Foods. This is a growth of almost 15 per cent over last year.
According to company CEO Gregg Engles, soy is dropping in customer preference compared to almond milk. “Almond now represents almost 70 per cent of the total plant-based beverage category and Silk almond milk continues to be a key driver of this growth as our sales grew by 45 per cent in Q2 off an already sizeable base,” he said in the company’s second quarter earnings conference call.
Engles goes on to say that competition in the category is stiff, and all major national branded almond milk companies experienced share pressures due to an expansion in private label almond milk distribution at a major retailer, plus ongoing promotional pressure in the segment.
WhiteWave sells Silk plant-based products in the U.S. and with Alpro and Provamel plant-based products in Europe. It also makes products under several other brands, including Horizon Oranic, TruMoo, Land O Lakes and Earthbound Farms.
The company’s net sales in the second quarter, which ended on June 30, rose by 36 per cent to $838 million, while its operating income rose by 53 per cent to $88 million.
