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The almond ingredients market size is forecast to increase by USD 7.19 billion, at a CAGR of 10.03% between 2023 and 2028. A significant factor influencing the market growth is the increasing awareness of the health benefits of almonds. As consumers become more informed about almonds' nutritional advantages, including their high levels of healthy fats, vitamins, and antioxidants, there is a growing demand for almond-based products. Additionally, the growth of private-label brands is influencing the market. These brands are expanding their product lines to include almond-based offerings, providing consumers with more choices and competitive pricing. Furthermore, the rising consumption of almond-based snacks and foods contributes to market growth. Almonds are being incorporated into a variety of snacks, beverages, and other food products, catering to health-conscious consumers and those seeking convenient, nutritious options. Together, the heightened awareness of almond health benefits, the rise of private-label brands, and the growing popularity of almond-based foods drive substantial growth in the market.
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The market is driven by the increasing consumer preference for healthy and nutritious food items. Almonds, derived from the Prunus dulcis tree, are rich sources of essential vitamins, minerals, carbohydrates, proteins, and healthy fats. These ingredients find extensive applications in various food and beverage products such as almond milk, almond butter, gluten-free products, snack bars, and plant-based ingredients. Consumers are increasingly opting for clean label products, leading to a rise in demand for natural almond ingredients. The market value for almond ingredients is expected to grow at a significant rate due to the versatility of almonds in various food applications. Almond milk and almond butter have gained immense popularity in recent years, especially in the plant-based ingredients market. Trader Joe's and Galaxy are some of the major brands offering almond-based products. The future development possibilities for the almond ingredients market are vast, with potential applications in baked goods, confectionery, and savory dishes. The nut-based ingredients market, including almonds, is projected to grow at a steady pace due to the health benefits associated with consuming nuts. Almond flour is another popular ingredient derived from almonds, used extensively in the baking industry for its gluten-free properties. Overall, the almond ingredients market holds immense potential for growth and innovation.
Increasing awareness about health benefits of almonds is notably driving market growth. The global market for almond ingredients is experiencing significant growth due to rising consumer awareness regarding the health advantages of almonds. Almonds are packed with essential nutrients, including fiber, protein, vitamin E, vitamin B2, phosphorus, manganese, and magnesium. A single ounce of almonds provides approximately 3.5 grams of fiber, 6 grams of protein, and 14 grams of healthy fats. Almonds are also rich in antioxidants, which help safeguard cells from oxidative stress, inflammation, aging, and diseases such as cancer. Consumption of almonds has been linked to increased vitamin E levels in plasma and red blood cells, as well as reduced cholesterol levels in the body.
Furthermore, almonds are increasingly being used as low-sugar ingredients in various food and beverage applications due to the growing concern over obesity rates. This trend is expected to fuel the demand for almond ingredients in the foreseeable future. Thus, such factors are driving the growth of the market during the forecast period.
Online distribution platform is the key trend in the market. Almond ingredients, including almond flakes and pieces, and almond extracts, are gaining popularity due to their health benefits and low-sugar content. The rising obesity rate and increasing awareness of healthy eating have fueled the demand for these ingredients. E-commerce is set to be a major distribution channel for almond ingredients during the forecast period. Online platforms offer convenience, save time, and provide fast delivery services.
Further, major retailers, such as Amazon.com, Walmart, Alibaba Group Holding, and Bigbasket, are emerging as key players in the online grocery market, offering a wide range of almond ingredients directly on their websites. The penetration of online grocery shopping is increasing in all regions, providing small retailers and vendors with an opportunity to expand their customer base and increase profitability. thus, such trends will shape the growth of the market during the forecast period.
Stringent government regulations is the major challenge that affects the growth of the market. The global market for almond ingredients, including almond flakes and pieces, as well as almond extracts, is experiencing significant growth due to the increasing demand for low-sugar ingredients in the food and beverage industry. Obesity rates continue to rise globally, leading consumers to seek healthier alternatives. Almonds, with their nutritional benefits, are gaining popularity as a preferred choice.
However, the market faces challenges from stringent regulations imposed by various government agencies. In the US, for instance, manufacturers of food products must adhere to the guidelines set by the Food and Drug Administration (FDA), as outlined in the Code of Federal Regulations (CFR) Title 21. These regulations ensure the safety and quality of tree nut products, such as almond ingredients. Compliance with these regulations is essential for market players to maintain consumer trust and ensure long-term growth in the industry. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The whole almond segment is estimated to witness significant growth during the forecast period. Almonds, derived from the Prunus dulcis tree, are a popular choice among consumers due to their rich nutritional profile. These nuts are a valuable source of vitamins, minerals, carbohydrates, proteins, and healthy fats. Indehiscent fruit snack bars, featuring almond flakes/pieces, are gaining traction in the nut-based products market and almond protein powder market, with the Almond Board of California promoting them as a source of health-conscious food low in carbohydrate.
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The whole almond segment accounted for USD 4.41 billion in 2018. Almonds find extensive applications in various food industries such as snacks, confectionery, bakery, ice-creams, and beverages. They are also used in lipid transfer proteins, gluten-free products, and plant-based ingredients. The clean label trend and the convenience factor have led to an increase in demand for nut-based products, including almond flour, snack bars, and raw materials for biscuits, cookies, and cakes. The almond flour market's Bars segment is also growing due to the healthy lifestyle trend. Almonds' nutrients, including vitamins, proteins, carbohydrates, fiber, and fat, make them an ideal addition to plant-based food products. The future development possibilities in the nut-based ingredients market are vast, with an increasing focus on nutrient-dense, plant-based food options.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The global market for Almond Ingredients is driven by the increasing consumption of almonds and their derivatives as desirable ingredients in various food applications. The humble Prunus dulcis tree yields these popular nuts, which are rich in essential nutrients such as vitamins, carbohydrates, proteins, fats, minerals, and fiber. Almonds find extensive use in various food sectors, including dairy alternatives like almond milk and almond butter, snacks, confectionery, bakery, ice-creams, and plant-based ingredients. Lipid transfer proteins present in almonds contribute to their unique functional properties, making them suitable for clean label products and nut-based offerings.
Further, with the growing trend towards gluten-free and healthy lifestyle choices, the demand for almond flour and other almond-derived ingredients has surged. The market segments include snacks, confectionery, bakery, bars, and beverages. Nut allergies pose a challenge, but innovation in processing techniques and product development ensures the continued growth of the market. Future development possibilities lie in the convenience trend and expanding applications in nut-based products, including plant-based meat alternatives and almond paste.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Nourishing the Food Industry with Almonds and Their Derivatives Almonds, derived from the Prunus dulcis tree, are popular for their rich nutritional profile. These seeds are a treasure trove of essential vitamins, minerals, carbohydrates, proteins, and healthy fats. Consumers increasingly prefer almonds for their nutrient-dense properties, making them a sought-after ingredient in various food applications. Almonds find extensive use in various industries such as dairy (almond milk), spreads (almond butter), snacks, confectionery, bakery, ice-creams, and more. Lipid transfer proteins in almonds contribute to their emulsifying properties, making them ideal for plant-based ingredient solutions. The clean label trend and the rise in demand for gluten-free and nut-based products have propelled the market for almond flour, almond paste, and other almond derivatives. The nut-based ingredients market, including snack bars, raw materials for bakery items like biscuits and cookies, and almond flour market, is expected to witness significant growth in the coming years.
Further, the Bars segment is a future development possibility for almond ingredients due to the convenience trend and the growing demand for healthy, nutrient-dense snacks. Almonds' nutrients, like vitamins, protein, carbohydrates, fiber, and fat make them a perfect fit for plant-based food applications. Despite the numerous benefits, nut allergies pose a challenge to market growth. Producers must ensure stringent safety measures to cater to the increasing consumer demand while addressing the concerns of those with nut allergies. In conclusion, the almond ingredients market holds immense potential for future development, with a focus on nutrient-dense, plant-based, and clean label products.
Market Scope |
|
Report Coverage |
Details |
Page number |
139 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.03% |
Market growth 2024-2028 |
USD 7.19 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.88 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Canada, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Barry Callebaut AG, Blue Diamond Growers, Borges International Group SLU, Chocoladefabriken Lindt and Sprungli AG, ConnOils LLC, Dohler GmbH, ETChem, Harris Woolf California Almonds, Kanegrade Ltd., Max River Pty Ltd., Modern Ingredients, Olam Group Ltd., Royal Nut Co., Sanitarium Health Food Co., Savencia SA, The Hershey Co., The J.M Smucker Co., The Wonderful Co. LLC, Treehouse California Almonds LLC, and Valley Harvest Nut Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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