The almond flour market is projected to be valued at US$ 1.9 billion in 2023 and is expected to reach US$ 4.1 billion by 2033. The sales of almond flour are expected to record a significant CAGR of 8.3% during the forecast period.
As per capita earnings increase and living standards worldwide improve, consumer preferences are shifting rapidly. One of the main elements fueling market expansion is growing consumer awareness of the health advantages of ingesting goods made with almond flour. Due to the significant rise in the prevalence of celiac disease, which can cause anemia, growth issues, bloating, gas, and diarrhea, there has been a substantial increase in the global acceptance of gluten-free diets, which is driving market expansion. Almond flour is a key ingredient in the Food and Beverage (F&B) industry around the world for preparing bakery products such as cakes, cookies, bread, and pastries.
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This, combined with rising product employment in the personal care industry for creating various skin care products such as lotion and cream, results in a positive market outlook.
Other factors are anticipated to propel the sector, including the increased prevalence of lactose intolerance and the simpler accessibility of dairy-free products. Along with the growing tendency to purchase almond flour through online distribution channels, which offer simple product availability, wide catalogs, and speedy shipping alternatives, this is assisting in boosting the sector. Furthermore, in the upcoming years, protracted promotional campaigns and celebrity endorsements by product manufacturers on social media platforms are likely to positively impact almond flour sales.
Key Takeaways from the Almond Flour market
- With a projected 8.9% growth rate from 2023 to 2033, the category of blanched almond flour provided more than three-fifths of the market share for almond flour globally. The demand for blanched almond flour is progressively rising in developed countries, driving the segment growth. It is employed worldwide in various bakery goods, confectioneries, and hair and skin care products. The cosmetics industry is anticipated record a CAGR of 8.7%. Almond flour is frequently milled and can be used in various ways. It is becoming more popular as a gentle exfoliating ingredient in cosmetics and personal care formulations, expected to drive market growth in the coming years.
- The United States dominates global almond production, accounting for more than 80% of the total crop and generating an estimated US$ 1.0 billion in revenue in 2023. Since California is the world’s leading producer and exporter of almonds, the industry is highly concentrated and reliant on a single region. The amount of rain that falls during the bloom period significantly impacts almond production.
- The United Kingdom has a significant market share in Europe for almond flour, with a CAGR of 8.7%. Consumer preference for cooking at home instead of dining out, coupled with the on-the-go convenience trend, has fueled the growth of the country’s almond flour industry.
- With a revenue of US$ 70.8 million in 2021, India is one of the world’s significant almond flour markets. A considerable population increased urbanization, and an expanding middle-class population is driving the market. In addition, the market is progressing due to the increased number of participants who have the opportunity and consumer health consciousness, particularly in urban regions.
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Competitive Landscape:
Companies are maintaining a competitive position in the market by pursuing inorganic growth strategies, such as partnerships, geographical expansion, and mergers & acquisitions.
Archer Daniels Midland Company, Olam International Limited, Barry Callebaut Group, Blue Diamond Growers, John B. Sanfilippo & Son, Borges Agricultural & Industrial Nuts, Savencia SA, Kanegrade Limited, Royal Nut Company, and Döhler GmbH are among the key players in the almond ingredients market. 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.
Almond Flour Market
By End Use:
- Household
- Food and Beverage
- Industrial
- Cosmetics
- Dietary Supplements
- Others
By Form:
- Blanched
- Natural
By Nature:
- Organic
- Conventional
By Distribution Channel:
- Direct
- Indirect
- Pharmacy Stores
- E-retailers
- Specialty stores
- Supermarkets
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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