The global almond ingredients market size is expected to reach US$ 33.43 Bn by the end of 2032. A recent study by Future Market Insights (FMI) forecasts that the market will exhibit impressive growth at a CAGR of 10.3% between 2022 and 2032. According to the report, the rising demand for healthy and nutrition rich products is boosting the almond ingredients market. The report offers an exhaustive market overview, providing insights into prevailing trends and future scenario. It also contains various data and graphs to support information compiled within.
It includes in-depth insights into the Almond Ingredients market. Some of these are:
- The estimated value of the market was at US$ 12.6 Bn in 2022. Through the course of the report’s forecast period, the market is likely to rise at a remarkable pace of growth
- Regionally, North America holds dominant share in the market.
- Europe and Asia are expected to emerge as attractive markets for almond ingredients.
- Due to coronavirus outbreak consumers are more inclined towards healthy food and turning into health-conscious diets. This will surge the demand in the almond ingredients market during the forecast period.
- Key players are likely to focus on product innovations and business collaborations to stay relevant in developed markets.
“Rising demand for nutritious food and almond based snacks in Europe, besides reduction in price of almonds in the U.S. will aid the overall expansion of the almond ingredients market amidst the prevailing scenario,” said a lead analyst at FMI.
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Increased Consumer Inclination towards Healthy Food and Snacks to sustain during the Extended Period of Lockdown will Fuel Demand
Consumers are now focusing on nutrition rich products to stay healthy and fit. Almond ingredients are often found in dietary supplements since they are rich in antioxidants and are naturally conserving additive. This is a key factor fuelling the demand for almond ingredients. The rising demand for natural and low-sugar ingredients is also driving the almond ingredients market. Almonds are rich in minerals, proteins and fibres and are associated with many health benefits such as controlling blood pressure and sugar level in human body. Because of these health benefits, they are often included in snacks and comfort food items. Therefore, the surging sales of snacks and comfort food as consumers stockpile on essential commodities to sustain themselves during lockdown periods amidst COVID-19 outbreak will benefit the market.
Who is winning?
Some of the leading players operating in the Almond Ingredients market Archer Daniels Midland Company, Olam International Limited, John B. Sanfilippo & Son, Barry Callebaut Group, Blue Diamond Growers, Borges Agricultural & Industrial Nuts, The Wonderful Company, Döhler GmbH, Royal Nut Company, Kanegrade Limited and others. In order to capture a larger market share, key market players are adopting various initiatives and adopting strategies such as entering into partnerships, engaging in mergers and acquisitions and maintaining competitive pricing.
- In October 2018, Döhler GmbH acquired Nutrafood. The aim behind the acquisition was to expand the product portfolio as well as to increase the production capacity of nut segment.
- In 2019, Olam International Limited acquired Hughson Nut Inc. for expanding their business footprints in East Asia and Europe as well as to increase the production capacity of almond ingredients to fulfill the consumers rising requirements.
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Get Valuable Insights into Almond Ingredients Market
By Type :
- Whole Almonds
- Almond Pieces
- Almond Flour
- Almond Milk
- Other types
- Almond oil
- Flavor extracts
By Application :
- Milk substitutes & ice creams
- Nut & Seed butter
- RTE Cereals
- Artisan foods
- Food services
- Other processed foods
- Cosmetic applications
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East