The global almond ingredients market size is estimated to be valued at USD 10.2 billion in 2020. It is projected to reach USD 16.9 billion by 2025, recording a CAGR of 10.5% in terms of value. Numerous nutritional benefits offered by almond and almond ingredients, a rapid increase in almond-based product launches by key players in the food & beverage market, growing inclination of consumers toward plant-based and gluten-free products, and associations and organizations promoting the nut ingredient industry are the key factors projected to drive the growth of the almond ingredients market during the forecast period.
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Asia Pacific is projected to grow at the highest growth rate during the forecast period
The Asia Pacific region is projected to record a higher growth rate during the forecast period. The almond ingredients industry in the Asia Pacific region is growing due to the change in the lifestyle of customers and the increase in disposable income. According to the World Bank, it is the fastest-growing economy in the world. The market in this region is witnessing a dramatic transformation regarding diet diversification, rapid urbanization, and liberal trade policies in the food sector. Furthermore, a rise in consumer awareness about health issues, an increase in inclination of consumers toward health-benefiting food products, a surge in income and purchasing power, and rapid growth of the middle-class population are the major factors offering growth opportunities for almond ingredient manufacturers in the market in the region.
Key Market Players:
ADM (US), Olam International Limited (Singapore), Barry Callebaut (Switzerland), Blue Diamond Growers (US), John B. Sanfilippo & Son (US) , Kanegrade (UK), Borges Agricultural & Industrial Nuts (Netherlands), Savencia SA (France), The Wonderful Company (US), Harris Woolf California Almonds (US), Treehouse California Almonds (US), Döhler GmbH (Germany), Royal Nut Company (Australia), Repute Foods Pvt. Ltd (India), Deep Nuts N Flavors LLP (India), Shivam Cashew Industry (India), Modern Ingredients (India), ConnOils LLC (Wisconsin),Valley Harvest Nut Company (US), and ETChem (Jiangsu).
By type, the bars segment is projected to experience the fastest growth in the almond ingredients market during the forecast period
The bars segment is expected to experience the fastest growth in the global almond ingredients market, on the basis of type, in 2019. The majority of consumers are inclining toward the bar category as a convenience health befitting food product. The bars segment has experienced a significant amount of growth in the past few years. According to the Almond Board of California, snack and cereal bar launches have witnessed a growth of more than 80% over the last five years. There is more scope for innovation, as bars are currently consumed by 53% of adults, and breakfast bars or granola bars alone are eaten by 46% of consumers. Moreover, consumers consider almonds as the most desired ingredient, as almonds make a bar crunchier in texture and provide numerous nutrients, and improves taste.
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By application, the whole almonds segment is projected to account for the largest share in the almond ingredients market during the forecast period
The whole almond segment accounted for a major share in the global almond ingredients market, in 2019, in terms of value. Whole almonds are used in two different forms, which are blanched and natural. Blanched whole almonds are majorly used in various confectionery and bakery applications, as well as for garnishing various desserts. Natural whole almonds have numerous applications such as confectionery, snacks, and bakery. Whole natural almonds are consumed as snacks in flavored and roasted forms. Whole natural or blanched almonds also find applications in confectioneries for producing embedded or enrobed chocolates. In some countries, whole almonds are given as gifts on various occasions. The major factors impacting the growth of the almonds market in recent years include the constantly evolving economic standards across the world and the increase in the inclination of consumers toward healthier food products. Due to the numerous health benefits, almonds are often considered as a healthy snack. Roasting whole almonds at low temperatures allow the heat to penetrate without scorching, which provides more crispiness and increased intense flavor. Frying almonds decrease the vitamin B count in them and eliminate the harmful acrylamide.