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The almond kernels market size is projected to increase by USD 3.98 billion, at a CAGR of 8.09% between 2023 and 2028. The awareness of the health benefits associated with almond kernels is on the rise, driving their popularity among health-conscious consumers. Almonds are recognized for their nutritional value, including their high content of vitamins, minerals, and healthy fats, making them a favored choice in diets promoting overall well-being. Concurrently, there is a noticeable increase in the consumption of almond-based snacks and food products. These items, ranging from almond butter to almond milk and beyond, cater to diverse dietary preferences, including vegan and gluten-free lifestyles. This growth reflects a broader trend towards healthier snacking options and the incorporation of almonds into various culinary innovations. Moreover, there has been significant expansion in private-label brands offering almond-based products. These brands capitalize on consumer trust and cost-effectiveness while maintaining quality standards. This trend illustrates a shift towards more accessible and competitively priced almond products in the marketplace.
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The market is driven by the increasing demand for Tree Nuts, particularly Prunus dulcis or Almonds, due to their rich Vitamins and nutrients. The Almond Tree produces edible kernels that are widely used in various industries, including Food and Beverages. The demand for Almond Milk, Almond Flour, Almond Butter, Biscuits, Cosmetics, and Baking and Confectionery products is on a rise. Almonds are also used in the production of Almond Oil, Ice Cream, Chocolates, and Gluten-free products, catering to the Vegan trend and those with dietary restrictions. The market is segmented into Food & Beverage, Bakery, and confectionery. The distribution channels include Online Retail, Supermarkets, Hypermarkets, Specialty Stores, and Departmental Stores. The market is expected to grow due to the increasing popularity of Almonds as a substitute for other nuts and the rising demand for Green Almonds, Shelled Almonds, and Inshell Almonds. The market is witnessing rapid growth due to increasing gluten-free preferences and the rising demand for nut flour. Consumers are drawn to almonds for their anti-inflammatory properties and nutritional benefits, making them a staple in both supermarkets and hypermarkets. Companies like Bakers Authority, WeGotNuts, Sunbest Natural, and others such as Terrasoul Superfoods, Select Harvest, and Mariani Nut are competing fiercely, driving investment pockets in the industry. Qualitative trends and innovative business practices shape the competitive outlook of this dynamic market.
The increasing awareness about the health benefits is the key driver for the global market. The increasing awareness among consumers about the various health benefits shows the growth of the global market. Some of the health benefits are they rich in nutrients such as fiber, protein, vitamin E, vitamin B2, phosphorus, manganese, and magnesium, similarly, a one-ounce serving of these kernels contains about 3.5 grams of fiber, 6 grams of protein, and 14 grams of fat.
Moreover, they are a rich source of antioxidants and also help to increase the vitamin E level in red blood cells. The various health benefits associated with the consumption are increasing the demand for almond kernels, which will drive the growth of the global market during the forecast period.
The rising trend of online distribution platforms is the primary trend in the global almond ingredients market. E-commerce platforms provide shopping, save time, and offer fast delivery services to consumers. They also help small retailers and vendors enhance the visibility of their products and increase their profitability. Due to the third-party online portals, most manufacturers have started offering them directly on their websites.
Moreover, online grocery shopping is increasing in all regions, companies such as Amazon.com In. (Amazon), Walmart and Alibaba Group Holding Ltd. (Alibaba) are encouraging the vendors to focus on the Internet-savvy customer segment and enter online retail formats. This will also help them save their operating and overhead costs, which are lower when compared with the physical store format. Thus, the growing prominence of online distribution platforms is expected to drive the growth of the global market during the forecast period.
Stringent government regulations on supplying is the primary challenge for the global market. Countries such as US and Italy have imposed stringent regulations that affect the market. The major players in these countries have to comply with the stringent regulations and guidelines issued by various government bodies. Government bodies, such FDA and EMA, in different countries, lay out the standards to be followed by food and beverage manufacturers, including almond kernel manufacturers. For instance, In the US, the manufacturers of food products need to follow the guidelines set by the FDA.
Moreover, In the EU, manufacturers are required to comply with the rules and regulations set by the European Food Safety Authority (EFSA), Italy. Similarly In India, the Food Safety and Standards Authority of India (FSSAI) certification of food products and is responsible for protecting and promoting public health through the regulation and supervision of food safety. The regulations laid out by the various government and non-government organizations might increase the compliance cost of vendors, thereby hampering the growth of the global almond ingredients market during the forecast period.
The food and beverage segment dominates the global market, with the largest market share in 2022. Products such as almond flour, almond milk, almond butter, and biscuits are made up of almond kernels. Innovation in the food and beverage segment led to new applications, such as adding them to salads and making pickled green almonds, and this can be viewed as an opportunity for further growth of the market. Due to the consumer's attraction toward foods having ingredients, such as amino acids, lipids, minerals, proteins, vitamins, and carbohydrates has increased the growth of the market, Busy lifestyles, and increasing stress have contributed to the increasing prevalence of such health disorders. which in turn increases the demand for almond ingredients, thereby driving the growth of the food and beverage segment during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. The offline distribution segment includes hypermarkets, supermarkets, discount stores, and speciality stores. Supermarkets and hypermarkets are the efficient part of the distribution. Supermarkets and hypermarkets offer a various range of almond kernels to consumers.
The offline segment was valued at USD 4.15 billion in 2018.
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In the offline segment especially supermarkets and hypermarkets offer checks for packaging defects, and check the expiration date of the product before purchase, which is considered the most effective marketing tool. In developing countries such as India and China, almond kernels are mostly sold through supermarkets and supermarkets. Thus, increasing sales through offline distribution channels is expected to boost the growth of the global market during the forecast period.
North America is estimated to contribute 34% to the growth of the global market during the forecast period.
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Moreover, Almond kernel production in California increased by about 10% between 2021 and 2022. However, the increasing competition from alternate products, such as ground nuts and cashews, can negatively influence the growth of the market in the region during the forecast period. The increasing number of new product launches in the alternative product segments, such as cashews and ground nuts, will also limit the growth of the market in North America during the forecast period.
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.
Key Offering - Harris Family Enterprises: The company offers almond kernels under the division The Almond Company.
Key Offering - Bapu Farming Co. Inc.: The company offers almond kernels under the section Bapu Almonds.
Key Offering - Chico Nut Co.: The company offers almond kernels such as Nonpareil, Carmel, and Price.
The almond kernels market report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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 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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Almond kernels, derived from the Prunus dulcis tree, are popular tree nuts known for their delicious taste and numerous health benefits. Rich in Vitamins E and B2, fiber, protein, and healthy monounsaturated and polyunsaturated fats, almond kernels have gained significant popularity in various industries. In the food and beverage sector, almond kernels find extensive usage in making almond milk, flour, butter, biscuits, ice cream, chocolates, and baked goods. The vegan trend and the growing gluten-free market have further propelled the demand for almond kernels as a non-dairy alternative to dairy milk.
Moreover, almond kernels are increasingly used in cosmetics due to their anti-inflammatory and medicinal properties. The baking and confectionery industry also relies heavily on almond kernels for their unique flavor and texture. The distribution channels for almond kernels include online retail, supermarkets, hypermarkets, specialty stores, and departmental stores. Developing economies are emerging as significant markets for almond kernels, with consumers in these regions increasingly preferring natural ingredients over processed foods. Almond kernels come in various forms, including shelled and inshell, green and roasted, making them versatile snack options for consumers.
Further, with the increasing awareness of their health benefits, the demand for almond kernels is expected to continue growing in the coming years. Price and quantity are crucial factors influencing the consumption of almond kernels. Substitute nuts, such as cashews and peanuts, can impact the market dynamics of almond kernels. However, the unique taste and nutritional profile of almond kernels make them a preferred choice for consumers in various industries.
Industry Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 3.98 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, Spain, Iran, Australia, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Almond Board of California, Bapu Farming Co. Inc., Belehris Estates, Blue Diamond Growers, Chico Nut Co., Harris Family Enterprises, Hilltop Ranch Inc., Hormel Foods Corp., Olam Group Ltd., Orchard Valley, Retaj Agro Farms, RPAC LLC, Select Harvests Ltd., South Valley Farms, Sran Family Orchards, Steward and Jasper Orchards, The Wonderful Co. LLC, Treehouse California Almonds LLC, Valley Harvest Nut Co., and Western Nut Co. Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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