Almond Ingredients Market
Almond Ingredients Market was valued at USD 9.1 billion in 2021 and is forecast to touch USD 19.2 billion in 2029, and the market is expected to grow at a CAGR of 9.8% from 2022-2029.
The factors driving the growth of Almond Ingredients Market includes rising prevalence of heart related diseases and obesity, increasing use of almonds in bakery, ice cream and confectionery food products, growing geriatric population around the world and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, rise in the launch of innovative products, increasing demand for plant-based and gluten-free products food products across the globe and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic partnerships between key players, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
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However, growth of the Almond Ingredients Market is hindered due to variations in the prices of raw materials.
The prominent players operating gin the market includes JOHN B. SANFILIPPO & SON, INC., BORGES AGRICULTURAL & INDUSTRIAL NUTS, SA, SAVENCIA SA, ADM, Olam International, Barry Callebaut, The Wonderful Company LLC, Blue Diamond Growers, Kanegrade and HARRIS WOOLF CALIFORNIA ALMONDS, among others.
Based on Type, the Whole Almonds segment is predicted to capture the largest market share during the forecast period
Increasing use of blenched whole almonds in bakery and confectionary food items, is the major factor propelling Almond Ingredients Market size.
Based on Application, the Bars segment is projected to expand at a remarkable CAGR over the forecast period
Growing demand for healthy and crunchy food items and increasing consumers preference for healthy and convenient food items, are some of the factors responsible for the segment’s growth.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Rising prevalence of heart related diseases across India, China, and Indonesia, increasing availability of almond products at e-commerce platforms, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
- In 2019, Olam International completed the acquisition of Hughson Nut, with an aim to expand its almond ingredients capacity to cater the changing demand from consumers inside and outside the U.S.
- In 2019, Blue Diamond Growers, partnered with Gruop LAIA. Through this partnership, the company plans to sell and distribute the almond milk/beverage “Almond Brezze” in Mexico.
Market Segmentation
Segmentation by Type
- Whole Almonds
- Almond Pieces
- Almond Flour
- Almond Paste
- Almond Milk
- Others
Segmentation by Application
- Snacks
- Bars
- Confectionery
- Milk Substitutes & Ice Creams
- Nut & Seed Butters
- RTE cereals
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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