The global almond oil market is expected to reach a market value of US$1.42 billion by the end of 2022. During the forecast period 2022-2032, almond oil sales are projected to grow to a staggering 13.4 CAGR, resulting in a closing price of US$4,993.7. Million. Over the years, sweet and bitter almond oils have become increasingly popular as they are good sources of phytosterols and unsaturated fatty acids.
Almonds are incorporated into humans’ regular diet because of the health benefits reaped from the consumption. Nutritional benefits such as low cholesterol, provision of riboflavin, iron, zinc, calcium, magnesium, and vitamin E are contained in almonds and almond products.
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End-user sectors such as the food and beverage industry, cosmetic and personal care products usually employ almonds’ services in their production due to the rising demand for natural organic products and the rising population of health-conscious consumers globally.
Furthermore, consumers’ busy lifestyle is expected to create a surge in demand for almond-based products as it’s being used to produce convenience food products like yogurt, biscuits, chocolates, drinks, etc.
Almond Products Market Growth Driven by Rising Health Awareness among Consumers
Presently, consumers spend exuberantly healthy food products or ingredients with high nutritive value, which has fostered the food and beverage industry to adopt organic and natural farm products like almonds in their production.
The global almond market is expected to witness significant growth in a few years due to the growing demand. Almond products are very effective in combating health-related issues like cardiovascular diseases, diabetes, and high cholesterol. The vitamin E content in almonds helps treat cystic fibrosis, Crohn’s disease, and chronic pancreatitis.
The nutritive values and health benefits offered by almond and its products are the driving forces fueling the global market’s growth. These properties are expected to foster the surge in demand from consumers, which will propel the growth of the market during the forecast period.
Also, consumers’ demand for convenience food products is a plus for the market as demand from industries like the confectionery and bakery industry has spurred the production of almond crops globally.
Almond Products Market Restraint
The global almond products market is expected to witness a decline in growth during the forecast period due to the fluctuating price of almond globally.
Consumers and end user sectors find it hard to make budget for almond products and this will hamper the growth of the industry in a few years.
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Almond Products Market: Region-wise Analysis
North America tops the rank as the highest producer of almonds globally after accounting for about 68% of the total almonds produced yearly.
Europe’s market generates the largest revenue for the global almond market as the demand from the confectionery company increases exponentially annually.
The Asia Pacific market is expected to grow at a significant pace during the forecast period due to the growing number of consumers.
Emerging economies such as China and India are expected to fuel the industry’s growth as consumers are more engaged in busy lifestyles, which will raise the demand for time-saving food like almond yogurt, biscuits, and the rest.
Almond Products Market: Competitive Landscape
The global almond product market is highly competitive with no dominant player. Business strategies such as partnership, product innovation, collaboration and advertisement are adopted by major players in the industry to meet the growing demand for almond products globally.
- 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
- Döhler GmbH
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Region-wise Analysis
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Global Almond Products Market Segment Analysis
The global almond products market can be segmented on the following basis:
By Type
- Whole Almond
- Almond Flour
- Almond Pieces
- Almond Paste
- Almond Milk
- Others
By Application
- Bakery
- Confectionery
- Dairy
- Sweet and Savory Snacks
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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