Almond Ingredients Applications Market - Forecast(2023 - 2028)

Almond Ingredients Applications Market Overview

The Almond Ingredients Applications Market size is estimated to reach $12.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.4% over the forecast period of 2022-2027. Almonds are the nutrient-dense nut that is high in protein, carbohydrates, vitamins and other nutrients. Almond ingredients include almond products in many forms, such as bits, flour, milk and so on. Almond ingredients are high in health benefits and are consumed by a huge number of people owing to lipid transfer protein content. Almond ingredients are adaptable and healthful ingredients that may be used in a variety of food applications owing to their high concentration of minerals and nutrients. The phytochemicals and antioxidants methylquercetin, protocatechuic acid, linoleic acid, hydrocyanic acid and hydroxybenzoic acid are abundant in almonds. Manufacturers are introducing new products with fewer desired components like fats and carbohydrates for health-conscious consumers. Furthermore, in recent years, products labeled as "natural" have been the most popular trend in product introductions. For instance, Blue Diamond, a US-based cooperative, increased its beverage product portfolio in 2019 with the introduction of Almond Breeze and Almond Milk Mexican Hot Chocolate. The company also intends to release Almond milk ‘Nog' in the near future. Furthermore, in May 2020, the Coca-Cola brand Simply Beverages launched almond milk. Consumers are also drawn to product launches that make claims about the absence of additives and the use of clean-label ingredients. Almonds are the edible seeds of the Prunus dulcis tree, which are high in vitamins, carbs, proteins, lipids, minerals and other nutrients. Almond ingredients are used in both savory and sweet foods to provide a variety of flavors and tastes. Companies are producing devices that not only meet the customer's comfort needs but also provide a number of additional benefits. Over the next few years, increased product demand is projected as a result of improved designs and changing client preferences.

The Rising trend of veganism among the population and the increasing prevalence of lactose intolerance among consumers are some of the factors driving the Almond Ingredients Applications Industry forward in the projected period of 2022-2027.

Report Coverage

The report: “Almond Ingredients Applications Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Almond Ingredients Applications Market.

By Ingredients: Almond Butter (Flavored Almond Butter, Unflavored Almond Butter), Almond Milk (Aseptic Almond Milk, Refrigerated Almond Milk), Dry Roasted Almonds, Raw Almonds, Raw Almond Pieces, Almond Protein Powder, Almond Flour, Flavored Whole Almonds, Flavored Almond Pieces, Almond Oil, Others
By Application: Nutrition Bars, Nut Butter, Dairy Alternatives (Yogurt, Cheese, Ice Cream and Frozen Dessert, Protein Powder, Others), Snacks (Crackers, Snack Mixes, Others), Bakery & Baked Goods, Confectionery, Hot & Cold Cereal, other
By Geography- North America (U.S., Canada and Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia and New Zealand and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of the World (the Middle East and Africa).

Key Takeaways

• Geographically, in 2021 Europe held a dominant market share. It is owing to the changing lifestyle among consumers and their disposable money rises. In terms of diet diversification, rising urbanization and liberal trade policies in the food industry, the market in this region is undergoing a significant transition. 
• The Rising trend of veganism among the population and the increasing prevalence of lactose intolerance among consumers are some of the factors driving the Almond Ingredients Applications Market. However, the changing climatic condition reduces the production of almonds which is one of the factors impeding the market growth.
• A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Almond Ingredients Applications Market Report.

Almond Ingredients Applications Market Segmentation Analysis- By Ingredients

The Almond Ingredients Applications market based on ingredients can be further segmented into Almond Butter (Flavored Almond Butter, Unflavored Almond Butter), Almond Milk (Aseptic Almond Milk, Refrigerated Almond Milk), Dry Roasted Almonds, Raw Almonds, Raw Almond Pieces, Almond Protein Powder, Almond Flour, Flavored Whole Almonds, Flavored Almond Pieces, Almond Oil, Others. Raw Almond held a dominant market share in the year 2021. This rise is attributable to reasons including greater consumer awareness of the health benefits of raw almonds and rising demand for indehiscent fruits and raw almonds in the food industry. Almonds dramatically reduced blood pressure, enhanced blood flow and significantly raised blood levels of antioxidants. As raw almonds are increasingly widely available commercially, the market for almond ingredients is growing. In addition to being used in confectionery, baking and snacking, raw almonds are a flexible component. In addition, the market is anticipated to experience higher demand due to the growing acceptance of almonds as a snack.

However, Almond Oil is estimated to be the fastest-growing, with a CAGR of 7.7% over the forecast period of 2022-2027. The segment is expanding as a result of increased production of aromatherapy products, a rise in consumer desire for cosmetics made with natural components, urbanization and an increase in the use of almond oil in the pharmaceutical sector. Other factors that support the expansion of almond oil include changes in lifestyle and an increase in disposable income.

Almond Ingredients Applications Market Segmentation Analysis- By Application

The Almond Ingredients Applications market based on the Application can be further segmented into Nutrition Bar, Nut Butter, Yogurt, Dairy Alternatives and Others. Nutrition Bar held a dominant market share in the year 2021 owing to the rising adoption of fitness among the population and increases in the demand for protein which is rising the consumption of protein bars. About 90% of customers use snack bars once per day as a result of increased health consciousness among consumers and the uptake of high protein snack bars. Almonds are thus being used by manufacturers to create nutrition bars for health-conscious consumers, which is increasing nutrition bar sales. Globally, 2,000 new bar products were developed in 2019 by manufacturers, including Blue Diamonds and Olam, who are among those inventing a variety of flavors in bars to entice consumers to consume flavored bars. This element aids the maker in fostering the food industry's expansion. More than 80% of snack bars will be introduced in 2020 as a result of customers' growing need for products with a focus on nutrition, hence driving the segment growth.

However, Dairy Alternatives are estimated to be the fastest-growing, with a CAGR of 8.9% over the forecast period of 2022-2027 owing to their high nutritional value and other health benefits. Protein powder, for instance, owing to its delectable flavour and the growing veganism trend, almost 74 percent of consumers choose almond protein smoothies. The availability of vegetarian or vegan products is "extremely important" to about 35 percent of people, according to a study by the Federal Ministry of Food and Agriculture and 63 percent of Germans are trying to cut back on their consumption of meat, making Germany one of the world's most vegetarian nations, thereby, enhancing the market growth.

Almond Ingredients Applications Market Segmentation Analysis- By Geography

The Almond Ingredients Applications market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. In 2021, Europe held a dominant market share of 35% as compared to its other counterparts. It is owing to the changing lifestyle among consumers and their disposable money rises. The consumption of snacks made from almonds is increasing in the area, which is mostly ascribed to their health benefits. The growth of this industry has been fueled by the increase in demand for more nutrient-dense meals as well as the challenges presented by a sizable population with high obesity rates. For instance, according to the Federal Association of the German Confectionery Industry, the number of roasted almond nuts consumed in Germany climbed from 343,000 to 415,000 tonnes in 2018-2019. Almond ingredients products are becoming more well-liked in this area as a result of consumers' rising preference for healthy foods. Additionally, since consumer demand for almonds increased in 2020, approximately 148.3 million almonds were imported into Germany, hence generating regional revenue.

Almond Ingredients Applications Market Drivers

The Rising Trend of Veganism drives Market Growth

A significant transition toward plant-based beverages is being driven by consumer choices for sustainability, ethics and health. Almond milk is a welcome substitute for those who are unable to consume or do not want to consume cow's milk. The Vegan Society's research shows that between 2014 and 2019, the vegan population in America increased by 600%, opening up new markets for plant-based products. Depending on their age group, 3–4 percent of Americans identify as vegans. With so many well-known athletes adopting vegan diet trends, the market for vegan supplements that increase endurance is anticipated to grow. The usage of plant-based supplements in prescription diets intended to reduce deficiency issues in the United States increased by over 8% between 2018 and 2019, according to the Academy of Nutrition and Dietetics. This trend is expected to continue even after the COVID-19 epidemic has passed. German gastronomy is embracing veganism more and more. Food allergies and other changes in the food and beverage sector brought about by the rise of the conscientious consumer have fueled the market expansion.

The Increasing Prevalence of Lactose Intolerance Enhances Almond Ingredients Industry

The market is expanding as a result of the rising prevalence of lactose intolerance. According to the US National Library of Medicine, people of East Asian heritage are more likely than other ethnic groups to have lactose intolerance, with over 90% of individuals in these groups having the condition. Avoiding the symptoms of lactose intolerance or a cow milk protein allergy is one of the most popular medical justifications for choosing plant-based milk products. According to medical professionals, this allergy affects 2 to 5 percent of young children under the age of three. Almond-based alternatives help those who can't consume dairy to maintain their regular eating patterns. It is common to suffer from lactose intolerance. After infancy, approximately 65 percent of the human population has a decreased capacity to digest lactose, according to NIH. Lactose intolerance affects more than 90% of some East Asian societies, according to the U.S. National Library of Medicine, which increases consumer acceptance of products containing almond components.

Almond Ingredients Applications Market Challenges

The Changing Climatic Conditions are Impeding the Market Growth

According to the Food and Agriculture Organization, the United States produces the most almonds, followed by Spain, Iran and Australia (FAO). The nuts have long been one of California's most well-liked crops, exported in great numbers and used in several food products. Farmers claim that as they get ready for a hotter, dryer future, producers in desert parts of the state are currently bulldozing hundreds of acres of almond orchards that can't be irrigated and abandoning plans to grow more. The local government has placed restrictions on water intake from rivers and aquifers due to the drought in southern California, which is the main almond-growing region. Lack of water for almond trees is forcing growers to pick smaller nuts, which causes a shortage of large almonds. Almost the whole western United States has been affected by the drought, which started last year. The $6 billion Californian almond industry, which supplies around 80% of the world's supply, is being forced to make decisions as a result of upcoming groundwater constraints. By forcing farmers to reevaluate which crops they may plant and where they can grow them, the situation is changing the state's food economy and limiting market expansion.

Almond Ingredients Applications Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Almond Ingredients Applications Market. The top 10- Almond Ingredients Applications Market companies are-

1. Archer Daniels Midland
2. Olam International Limited
3. Barry Callebaut
4. Blue Diamond Growers
5. John B. Sanfilippo & Son
6. Kanegrade
7. Borges Agricultural & Industrial Nuts
8. Savencia SA
9. The Wonderful Company
10. Harris Woolf California Almonds

Recent Developments

• In June 2021, Blue Diamond launched its new line of spicy Blue Diamond XTREMES™ almonds. These product lines are the hottest flavor line in the portfolio and deliver a mouth-blazing satisfaction that heat-seekers can’t find just anywhere.
• In December 2019, Olam International Limited (Singapore) acquired Hughson Nut (California). This helped the company in expanding its almond ingredients capacity and meeting the growing demand from customers in and outside the US.
• In February 2019, Blue Diamond Growers signed a multi-year licensing partnership agreement with Grupo LAlA (Mexico), a leading healthy and nutritious food company. This agreement would help the company sell and distribute its almond milk/beverage, “Almond Breeze,” in Mexico.

Relevant Titles

Almond Flour Market- Forecast (2022-2027)

Report Code- FBR 21105

Global Almond Milk Market- Forecast (2022-2027)

Report Code- FBR 58758

Almond Oil Market- Forecast (2022-2027)

Report Code-FBR 30959

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