According to a recent report by Future Market Insights, a market research and competitive intelligence provider, the almond ingredient market is estimated to reach a value of USD 17 Bn by 2032, surging at 10% CAGR through the decade.
The increasing demand for healthy and nutritional products contributes significantly to the steady increase in the number of almond-based products. Growing geriatric and obese populations in developed countries such as Germany, the United Kingdom, and the United States demand food products containing nut ingredients, particularly almonds.
Consumers are gradually adopting healthy eating habits in order to prevent disease. Growing health consciousness increased chronic disease risk, and lifestyle changes are some of the major factors driving demand for nutritious and healthier products.
To meet consumer demand, food and beverage manufacturers use marketing strategies such as product line extensions, innovative formulations, and novel packaging. Manufacturers are developing new products for health-conscious consumers that contain unwanted nutrients such as fats and sugars. Furthermore, “natural” products have been the leading trend in product launches in recent years. Product launches that make claims about the absence of additives and the presence of clean-label ingredients are also appealing to consumers.
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Key Takeaways from Market Study
- Between 2022 and 2032, China’s market is expected to grow at the fastest CAGR of 7%.
- The consumption of roasted almond nuts in Germany increased from 343,000 to 415,000 tonnes.
- The almond ingredients industry in India is growing as a result of changing customer lifestyles and rising disposable income.
- The growing emphasis on developing quality food products with plant-based and gluten-free ingredients is driving the growth rate of the almond ingredients market in the United States.
- Because of their health benefits, almond-based snacks are becoming increasingly popular in the United Kingdom. This is driving up demand for almond ingredients in the UK.
“Rising customer health consciousness, increased awareness of lipid transfer proteins in almond ingredients, rising demand for almond and indehiscent fruit snack bars, and increased investment by key players to develop quality almond ingredients are expected to drive the growth of the Almond Ingredients Market between 2022 and 2032,” says a Future Market Insights analyst.
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Competitive Landscape
In order to meet the growing demand for almond ingredients, market players have adopted various business strategies such as expansions, new product launches, agreements, partnerships, collaborations, and acquisitions in recent years.
- Hughson Nut was acquired by Olam International Limited (Singapore) in December 2019. (California). This aided the company in expanding its almond ingredient capacity and meeting rising demand from customers both within and outside the United States.
- Blue Diamond Growers signed a multiyear licencing partnership agreement with Grupo LAlA (Mexico), a leading healthy and nutritious food company, in February 2019. This agreement would assist the company in selling and distributing its “Almond Breeze” almond milk/beverage in Mexico.
DM, Royal Nut Company., TREEHOUSE ALMONDS, The Wonderful Company LLC., Kanegrade., SAVENCIA SA, BORGES AGRICULTURAL & INDUSTRIAL NUTS, S.A, JOHN B. SANFILIPPO & SON, INC., Blue Diamond Growers, and others are major players in the almond ingredients market.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global almond ingredients market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on type (Whole Almonds, Almond Pieces, Almond Flour, Almond Milk, Other types, Sablages, Almond oil, Crocants, Flavor extracts) application (Snacks, Bars, Bakery, Confectionery, Milk substitutes & ice creams, Nut & Seed butter, RTE Cereals, Salads, Sauces, Artisan foods, Food services, Other processed foods, Cosmetic applications) region (North America, Europe, Asia Pacific, Latin America, Middle East, Africa).
Frequently Asked Questions
- What was the size of the global almond ingredients market in 2021?
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- Who are the key industry players in the almond ingredient market?
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