Almond Ingredients Applications Market

Almond Ingredients Market size was $8,135 million in 2020, growing at a CAGR of 7.2% during the forecast period 2021-2026. Almonds are a 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. For example, almond milk, which has an almond component is popular among lactose-intolerant users. Almond ingredients are used in various applications such as baking, confectionery, snacks and bars, ice creams, and so on. The significant nutritional content of almond ingredients benefits consumers. Almonds are versatile and healthy foods that may be employed in many cuisine applications due to their high mineral and vitamin content. The increasing number of almond-based product releases by prominent companies in the food and beverage sector is fueling the growth of the Almond Ingredients Market. Demand for almond components is being driven by consumers’ rising choice for plant-based and gluten-free goods, as well as organizations and associations promoting the nut ingredient industry.


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Report Coverage

The report: “Almond Ingredients Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Almond Ingredients 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, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), and Rest of the World (Middle East, Africa & South America)


Key Takeaways

  • Shifting consumers’ preference to plant-based foods coupled with key market players’ increasing innovative product launches are accelerating the almond ingredients over the forecast years 2021-2026. 

  • The habit of gifting nuts is gaining traction in various areas, particularly in India during festivals, which is projected to boost the Almond Ingredients Market. Furthermore, there is a significant demand for Almonds owing to the growing use of nuts as an after-meal snack.

  • However, Almond prices fluctuate owing to seasonal changes in production, and increased global demand for almonds from growing countries such as China and India are hampering the market growth. Variations in demand, production levels, and changes in tariff regulations are the main causes of price volatility. 

  • Asia-Pacific region is projected to record the fastest growth rate during the forecast period 2021-2026. The bakery industry in this region is growing rapidly owing to the rising consumption of cakes, bread, snacks, and the growing demand for convenient food options.
  • According to “The Economic Times,” in the 11-year period from 2007 to 2018, the price of almonds increased by 4.4%. Over the last three years (2016-2019), the annualized volatility of almond spot prices has been 13.23%.  

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  • Increasing Prevalence of Lactose Intolerance is Providing New Avenues to Market Expansion:

    Owing to the dietary benefits of almond components such as almond milk and almond protein powder, lactose intolerance induced by milk protein is on the rise. Buyers are more inclined to adopt plant-based beverages as lactose intolerance and milk protein intolerance, as well as food allergies, are on the rise in the plant-based beverage industry. According to the U.S. National Library of Medicine, lactose intolerance is most common in people of East Asian heritage, with more than 90% of adults in these groups suffering from the disease. Preventing symptoms of lactose intolerance or a cow milk protein allergy is one of the most common medical reasons for choosing plant-based milk products. This allergy affects 2 to 5% of children under the age of three according to doctors. Adults have a lower infection rate than children. Certain people prefer plant-based milk products over cow’s milk as they believe they are more sustainable, ethical, or healthier.

    Almond Ingredients Market Challenges

    Raw Material Costs Are In A State Of Flux Hampering the Market Growth:

    Almond prices fluctuate owing to the seasonal changes in production and increased global demand for almonds from growing countries such as China and India. Variations in demand, production levels, and changes in tariff regulations are the main causes of price volatility. Owing to the drought in southern California, which is the primary almond-growing region, the local government has imposed restrictions on water intake from rivers and aquifers. Growers are compelled to harvest smaller nuts owing to the lack of water for almond trees, resulting in a shortage of huge almonds. The price of almonds has been affected by the continuous growth and decline in global demand for almonds, particularly in China and India. The lack of almonds and fluctuating pricing are wreaking havoc on distributors and food producers. Changing raw material costs have an impact on the profit growth of food and beverage firms.

    Almond Ingredients Market Segment Landscape:

    Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Almond Ingredients Market. Almond Ingredients Market top 10 companies include:
    1. ADM
    2. Olam International Limited
    3. Barry Callebaut
    4. Sran Family Orchards, Inc.
    5. Kanegrade
    6. Borges Agriculture & Industrial Nuts
    7. Dohler GmbH
    8. The Wonderful Company
    9. Harris Woolf California Almonds

    Acquisitions/Product Launches:

    • 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. 




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