The new report by Expert Market Research titled, ‘Global Almond Ingredients Market Growth, Size, Share, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global almond prices, assessing the market based on its segments like type, application, and regional market among others.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 11.23 billion
- Forecast CAGR (2023-2028): 10.46%
- Forecast Market Size (2028): USD 12.4 billion
The growing snack food industry, the inclusion of health-based ingredients, the increasing incorporation of almond-based goods, associations and organisations supporting the almond ingredients sector, and technological advances allowing raw material trade are all contributing to the market growth of almond ingredients.
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The growing demand for almonds causes a demand-supply mismatch, resulting in higher almond prices throughout the world. Furthermore, one of the issues confronting the almond ingredients market in the projected period is the rise in occurrences of almond allergy or consumer intolerance. One of the factors that are restricting and thus affecting the demand for almond products is the constantly changing almond price.
The expansion of the almond ingredients market is further constrained by growing raw material prices and incidences of allergies to plant nuts. The continual rise in the number of almond-based goods is mostly due to rising demand for nutritious and health-related products.
In industrialised countries such as the United States, Germany, and the United Kingdom, a growing obese and geriatric population need food items containing nut components, particularly almonds. To avoid illnesses, consumers are progressively adopting healthy eating practises. Growing health awareness, rising chronic disease risk, and changing lifestyles are all driving demand for healthier products.
Almond Ingredients Industry Definition and Major Segments
Almonds are a nutrient-dense food that contains carbs, protein, vitamins, and other minerals. Almond ingredients are almond goods, which come in a variety of forms such as bits, flour, milk, and other items. Almonds have beneficial health properties, and a large portion of the population consumes them. Customers who have a lactose sensitivity, for example, frequently utilise almond milk and the almond component.
Almond components are also frequently utilised in bakery, confectionery, candies and bars, ice creams, and other applications. Food and beverage producers use a variety of marketing tactics to fulfil customer demand, including product line expansions, creative formulas, and inventive packaging.
Manufacturers are working on new goods with fewer desired components like fats and carbohydrates for health-conscious consumers. Furthermore, in recent years, goods labelled as “natural” have become the most popular. Consumers are also drawn to product launches that promise to be additive-free and use clean-label ingredients.
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On the basis of Type, almond ingredients market is segmented into:
- Whole Almonds
- Almond Pieces
- Almond Flour
- Almond Milk
Based on the Application, almond ingredients market is divided into:
- Bakery and Confectionery
- Milk Substitutes and Ice Creams
- Nut and Seed Butters
- RTE Cereals
The major regional markets of almond ingredients market are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Almond Ingredients Market Trends
The rising desire for luxury food products that are positioned as healthy and are gaining popular with all generations in emerging nations is boosting the demand for almond ingredients. The demand for almond-based food and beverage items has been fueled by rising spending power, increased urbanisation, and changing lifestyles.
Clean-label products are becoming increasingly popular among Asian Pacific consumers. Furthermore, people are becoming more conscious of the negative consequences of hazardous substances on their health. Several organisations and groups work to promote the health advantages of almond ingredients to establish a market where food and beverage companies may grow their operations in these new countries.
Vegan goods are also becoming more popular, thanks to marketing initiatives that promote their use and the health benefits they provide. Countries such as Australia, China, and India are anticipated to have a substantial growth in demand for almond components over the forecast period, owing to a rise in consumer preference for vegan diets.
Key Market Players
The major players in the market are Archer Daniels Midland Company (NYSE: ADM), Olam International Limited, Barry Callebaut Group, Blue Diamond Growers, John B. Sanfilippo & Son, Borges Agricultural & Industrial Nuts (Bain), Savencia SA, Kanegrade Limited, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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