Almond Ingredients Market

Almond Ingredients Market Size, Growth, Forecast (2023-2028)

The Global Almond Ingredients Market size was at US$ 9.2 billion in 2022, and it is predicted that it will reach a valuation of US$ 16.9 billion by 2028, progressing with an expansion rate (CAGR) of 10.4% between 2023 and 2028.

Market Overview:

Almonds are one of the nutritious nuts and contain carbohydrates, protein, vitamins, and other minerals. Almond ingredients are almond products that come in a variety of forms, including flour, flakes, and milk. The almond ingredient has beneficial health properties and is consumed by many. Additionally, almond ingredients are widely used in a variety of applications such as confectionery, bakery, ice cream, snack food, and bars. The ingredients in almonds provide consumers with rich nutritional value. The high presence of minerals and nutrients has made the almond ingredient a versatile and healthy ingredient that is added to many types of food applications. The almond component adds to both the taste and sweetness of foods that differ in taste and flavor. There are also a number of health benefits associated with almonds, including reduced cholesterol, high levels of vitamin E, reduced risk of heart disease, and blood sugar control.

Recent Developments in Almond Ingredients Industry:

• In February 2019, Blue Diamond Growers signed a multi-year licensing partnership agreement with Grupo LAlA (Mexico), a healthy and nutritious food company.

Almond Ingredients Market Growth:

Consumers around the world are looking for food sources that embrace a healthy lifestyle, further accelerating the global market for almond ingredients.

REPORT COVERAGE:

Drivers:

Increased launches of almond-based products by major players in the food and beverage market are driving growth in the global almond ingredients market. Other factors driving demand for almond ingredients include plant-based and gluten-free products, as well as increased consumer willingness toward associations and organizations that promote the nut ingredient industry.

Almond ingredients are added for a variety of food applications and provide numerous nutritional benefits, including protein, vitamins, fiber, fat, carbohydrates, minerals, and more. Growing consumer preferences for gluten-free and vegan diets are expected to create unexplored opportunities for market participants. These additional benefits of the almond ingredient represent the growth of the almond ingredient market. Also, increased consumption of plant foods provides more opportunities for various almond ingredients, such as almond paste, milk, and more. Almond ingredients are widely applied in a variety of food applications, making them an advantageous choice for health-conscious consumers, providing better growth opportunities for almond ingredient manufacturing. In addition, Southeast Asia is rapidly embracing new lifestyles, increasing the additional consumption of bakery snacks and a growing number of dairy products that can help global market participants for almond raw materials to manufacture and sell raw materials in the region. The increasing demand for nutritional and health products plays an important role in continuing to increase the number of almond-based products. Increasing obesity and elderly populations require foods containing components of nuts, especially almonds, in developed countries such as the United States, Germany, and the United Kingdom. Consumers are increasingly adopting healthy eating habits to prevent disease. Increased health awareness, increased risk of chronic disease, and lifestyle changes are some of the key factors driving the demand for healthier products.

The nutritional benefits provided by the almond ingredient are driving their market demand. Additionally, the rapid rise in almond-based products worldwide is expected to have a significant impact on the global almond ingredients business. It is also expected to have a strong impact on the almond ingredients market as demand for plant-based protein and beverages grows globally. Product line expansion, innovative formulations, and new packaging to launch new products are a variety of marketing strategies adopted by food and beverage manufacturers to meet consumer demand. Manufacturers are developing new products for health-conscious consumers that use undesirable nutrients like fat and sugar. Additionally, products positioned as "natural" on the label are a major trend in product launches in recent years. Product launches based on no additive claims and clean label ingredient claims also appeal to consumers. In addition to being known to lower cholesterol levels, the vitamin E in almonds increases the health of blood cells and plasma. Also, its magnesium content helps reduce blood pressure. A wide range of products is available from retail stores and e-commerce platforms, resulting in more efficient product visibility. Demand for gluten-free products from health-conscious consumers is increasing demand for almond flour, ready-to-mix flour, powder, bread, biscuits and crackers, cookies, snack bars and powdered supplements. Product packaging is also constantly evolving with the advent of newer, more convenient and lighter packaging concepts and materials. Increasing awareness of almonds and related foods and their impact on consumer health will drive the market for almond ingredients. In addition to this, the increase in disposable income and purchasing power of consumers in developed markets will increase the sales seen in the market.

Restraints:

Globally fluctuating almond prices are one of the limiting factors affecting the almond ingredient market size. As the demand for almonds increases, there is a supply and demand problem for the product, leading to higher prices for almonds around the world. Furthermore, the increase in consumers' allergy or intolerance to almonds is one of the challenges that the global market for almond ingredients must overcome in the future.

Almond Ingredients Market Segmentation Analysis:

By type, the bar segment is expected to experience the fastest growth in the almond ingredients market over the forecast period, with the majority of consumers preferring the food-appropriate convenience health bar category. The bar sector has experienced significant growth in recent years. Additionally, almonds are considered by consumers to be the most desirable ingredient because they create a crunchy texture, provide numerous nutrients, and enhance flavor.

Depending on the application, the whole almond segment is expected to occupy the majority of the global almond ingredients market demand during the forecast period. Whole almonds are used in two forms, boiled and natural almonds. Whole poached almonds are primarily used for a variety of baking and pastry applications, as well as a variety of dessert decorations. Natural almonds are used for a variety of purposes, including baking, snacking, and baking. Natural almonds are flavored and eaten as a toasted snack. Natural almonds or poached almonds also have applications in the field of confectionery to produce buried or coated chocolate. Whole almonds are presented as a gift on various occasions in some countries.

Impact of COVID-19 on the Almond Ingredients Market:

The coronavirus outbreak is having a negative impact on the entire food and beverage market supply chain. However, the demand for almond ingredients is not affected, since it is mainly applied to the production of products beneficial to health. The COVID-19 outbreak has increased the demand for products that benefit health. Additionally, the need for almond ingredients has increased as consumers' propensity for a healthy, vegan diet has increased.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

The Asia Pacific region is supposed to represent a significant revenue share over the forecast period. Expanding urbanization, increased health awareness, and growing preference for the consumption of products that provide health benefits are driving market growth in the area. Revenues from the North American almond ingredients market is also expected to see significant growth, followed by the European market. Europe leads the world market for almond ingredients with the highest market value share as the adoption of healthy foods increases. North America also has a substantial share of the global almond ingredients market as consumption of almond-based snacks and foods increases. However, Southeast Asia has the highest growth rate in the world market for almond ingredients, and the main reasons are the increase in per capita income and the higher consumption of food for baking and snacks.

Key Players in the Market:

Major Key Players in the Global Almond Ingredients Market are

• Archer Daniels Midland Company
• Olam International Limited
• The Wonderful Company
• Treehouse California Almond
• Blue Diamond Growers
• Royal Nut Company
• Harris Woolf California Almonds
• Barry Callebaut Group