The worldwide almond protein marketplace gathered a marketplace fee of US$ 4.14 Billion in 2022 and is anticipated to sign up a CAGR of 6% via way of means of garnering a marketplace fee of US$ 7.42 Billion withinside the forecast duration 2022-2032. Growth of the marketplace may be attributed to the growing dependency on almond protein via way of means of the vegan population.
Considered a nutritionally dense ‘superfood’, almond is gaining momentum as a key ingredient in a range of healthy snacks and developing a strong foothold in the plant-protein space. Demand for almond protein has been gaining a boost from increasing number of consumers switching to plant-based diets, in the view of changing taste preferences and increasing general health and environmental concerns.
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The plant-based proteins market is rapidly expanding and extending beyond developed regions and to sources beyond wheat, soy, and pea protein. As consumers’ interest in improving protein intake remains strong with more attention being paid to certain types of proteins and their sources, the almond protein market is projected to grow on a significant pace in years ahead. High demand for clean label, growing number of consumers with gluten intolerance, and greater awareness about the benefits protein-enriched products will continue to complement the almond protein market growth.
Almond Protein Market – Notable Developments
Some of the key players operating in the almond protein market include Blue Diamond Ingredients, Noosh Brands, Almond Pro Foods, InovoBiologic Inc., Sabinsa Corporation, and BASF.
- In November 2019, Almond Pro Foods announced the launch of its newest non-dairy powdered coffee creamer made from California almonds and accented with ethically sourced coconut milk powder. The product is first of its kind that delivers vegan, keto-friendly, paleo, and gluten-free option to all coffee drinkers.
- In December 2018, Noosh Almond Protein Powders made their retail debut at The Vitamin Shoppe, an omni-channel retailer of nutritional products. Noosh, a plant-based product company, is the first brand to produce and manufacture protein powder derived from whole California-grown almonds.
- In July 2018, Blue Diamond Ingredients announced the launch of Almond Protein Powder, the company’s newest innovation in almond ingredients – representing its first foray into functional ingredients. Blue Diamond Almond Protein Powder is claimed to set a new industry standard for clean, healthy, and plant-based ingredients.
Key Factors Shaping Almond Protein Market
- Rapid Emergence of High-protein Trend
As consumer demand for food with high protein profile accelerates, manufacturers are seeking points of differentiation to stand out in what is becoming a crowded marketplace. This, in turn, is expected to offer tailwinds to the growth of the almond protein market. Today, protein fortification is encroaching in everything from snacks to pasta to frozen ready meal. With food manufacturers targeting to piece together disparate health and cultural factors influencing consumption, key players in the almond protein market should be looking at a period of sustained demand.
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- Rise of Vegan Culture
Mounting concerns over animal welfare among a growing number of consumers worldwide has resulted in the rise of vegan culture. The trend of veganism and vegetarianism is weighing on same scale as growing demand for plant-based food ingredients, and plant-based proteins are no exception. These trends have further inundated the food industry with numerous products ranging from plant-based meat to plant-based ice creams. This, in turn, is expected to boost application scope of almond proteins. In addition, several challenges associated with other plant-derived ingredients such as texture challenges from pea protein, gluten intolerance and allergic reaction to soy are putting the spotlight on almond protein.
- Optimal Sensory Profile
As majority of consumers rank taste and flavor as the most important properties influencing their purchase intent, protein snacks are plant-based protein beverages are required to meet taste expectations. In addition to strong consumer perception of ‘heart healthy’, the leading advantage of almond protein is its ideal sensory profile that wins purchasing decisions of consumers. Owing to neutral taste and texture profile, almond proteins are being used in a variety of protein ingredient blends. Moreover, it requires no masking agents, thereby allowing ‘clean’ ingredient statement. With increasing consumers’ inquisitiveness about food and their sourcing, the demand for almond protein is expected to grow from strength to strength in near future.
- Technological Advancements in Almond Farming Methods
As more studies continue to validate health and nutritional benefits of almond and desire for healthier foods and snacks grows among consumers to counter increasingly prevalent lifestyle diseases, almond protein is projected to witness high demand. Increasing adoption of automated management process and scientific approach to planting almonds will remain key to increasing the production for almond proteins to sustain to ever-increasing demand. Furthermore, advancements in automated processes will not only reduce management costs but also price of final products, which in turn will attract huge attention from consumers, especially in low- and mid-income countries.
The report covers exhaustive analysis on:
- Almond Protein Market Segments
- Market Dynamics
- Almond Protein Market Size
- Supply and Demand
- Current Trends/Issues/Challenges pertaining to almond protein market
- Competition Landscape and Emerging Market Participants in Almond Protein Market
- Technology related to Production/Processing of Almond Protein
- Value Chain Analysis of the Almond Protein market
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The regional analysis includes:
- 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)
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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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