The almond product market is predicted to develop at an impressive 6.3% CAGR from 2023 to 2033, exceeding the lower 2.5% CAGR witnessed between 2018 and 2022. The market value of almond products increased from US$ 8,2628 billion in 2023 to US$ 15,2484 billion by 2033, indicating a notable increase in use and demand.
The almond product market is set to experience substantial growth, with a projected 6.3% Compound Annual Growth Rate (CAGR) from 2023 to 2033, surpassing the lower 2.5% CAGR witnessed between 2018 and 2022. This surge in market value is evident as almond products climb from US$ 8,262.8 billion in 2023 to an estimated US$ 15,248.4 billion by 2033. The escalating demand for almond-based products is driven by factors such as the rising popularity of plant-based and gluten-free options, accompanied by robust competition among companies in the food and beverage industry.
Due to the growing number of competing companies launching almond-based products, especially in the food and beverage industry, the market for almond products is growing. A number of factors, such as consumers’ growing inclination for plant-based and gluten-free products and companies’ promotion of the nut component industry, are contributing to the profitable growth of the almond product market.
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Key Points
- The demand for almond products is driven by the global inclination towards healthier food options, especially in nations like Germany, the United States, and the United Kingdom, characterized by aging populations and a high prevalence of obesity.
- Global corporations such as Blue Diamond Growers, Olam International, and Wonderful Pistachios & Almonds LLC dominate the market, capitalizing on broad distribution networks and well-established brands.
- Ongoing product innovation and new launches define the competitive landscape, with companies investing in research and development to cater to changing nutritional trends and consumer preferences.
- Partnerships and collaborations between almond product manufacturers, retailers, food service providers, and online platforms are altering the competitive environment, widening distribution networks, raising brand awareness, and reaching new customer demographics.
The market for almond products is expanding as consumers desire more goods with good nutrition and for their health. This demand is being driven by nations like Germany, the United States, and the United Kingdom, which have aging populations and a high prevalence of obesity. The increased risk of chronic diseases, greater health awareness, and altering lifestyles are significant market growth drivers.
Key Takeaways
- India’s Almond Product Industry to Exhibit Remarkable 26.1% CAGR by 2033: India is poised to showcase substantial growth in almond demand, with a projected CAGR of 26.1% by 2033.
- Steady Growth in Almond Consumption in the United Kingdom: The United Kingdom is anticipated to experience steady growth in almond consumption, projecting a CAGR of 3.6% by 2033.
- China’s Almond Product Industry with a 4.5% CAGR: China is expected to maintain a compound annual growth rate of 4.5%, according to the 2022 global market forecast.
- Australia Witnesses Gradual Increase in Almond Consumption: Australia’s almond product industry shows a gradual increase in almond consumption, with a CAGR of 2.9% from the 2022 forecast.
- Japan Experiences a Healthy Growth Rate: Japan has recorded a CAGR of 5.6% from the 2022 global market forecast, indicating a healthy increase in growth rate.
Competitive landscape
Global corporations with broad distribution networks and well-known brands, including Blue Diamond Growers, Olam International, and Wonderful Pistachios & Almonds LLC, hold sizable market shares. Targeting retail customers and the food service industry, these businesses provide almond products, including whole almonds, almond butter, almond milk, and almond flour.
New product introductions and ongoing product innovation define the market. Companies spend money on R&D to create new formulas, flavors, and textures for their almond products. They also adapt to changing nutritional trends, including vegan, plant-based, and allergen-free options, to appeal to a broader customer base.
Partnerships and collaborations between almond product manufacturers, retailers, food service providers, and internet platforms further alter the competitive environment. These partnerships aid in widening distribution networks, raising brand awareness, and reaching new customer demographics.
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Key Segments of the Almond Products Market
By Type:
- Almond Milk
- Whole Almond
- Almond Paste
- Almond Pieces
- Almond Flour
- Others
By Application:
- Confectionery
- Bakery
- Sweet and Savory Snacks
- Nut & Seed butter
- Dairy
- Confectionery
- RTE Cereals
- Milk substitutes & ice creams
By Distribution Channel:
- Departmental Stores
- Food & beverage manufacturers/suppliers
- Online Retail
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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Recent Developments
- The Butternut Co. in India, known for energy balls and nutritious nut butter, introduced almond butter to its retail selection, addressing the demand for a healthier sweet substitute.
- Califia Farms, a producer of almond milk and other plant-based products, has been at the forefront of innovation with various almond-based items, emphasizing sustainability through ethical sourcing and eco-friendly packaging.
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