The global almond protein market size, which amassed a market value of USD 4.14 billion in 2022, is set to grow at a robust CAGR of 6% over the forecast period from 2022 to 2032, reaching an estimated USD 7.42 billion by 2032. This growth is primarily fueled by the increasing dependency on almond protein by the vegan population, alongside rising health and environmental awareness.
As consumers globally shift towards plant-based and protein-rich diets, almonds are transforming from a luxury to a necessity. This transition is significantly bolstering the growth prospects of nut milk and nut-based meat replacement markets. Almonds, celebrated as a nutritionally dense superfood, are cementing their position in the plant-protein sector. The market’s expansion is further propelled by the growing number of consumers adopting plant-based diets due to changing taste preferences and increasing health and environmental concerns.
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Key Market Drivers:
- High-Protein Trend: The accelerating consumer demand for high-protein foods is driving manufacturers to differentiate themselves in an increasingly crowded marketplace. This demand is infiltrating various food categories, from snacks to frozen meals. As food manufacturers adapt to the health and cultural factors influencing consumption, the almond protein market is expected to witness sustained demand.
- Rise of Vegan Culture: Increasing concerns over animal welfare have led to a rise in veganism and vegetarianism, boosting the demand for plant-based food ingredients. This trend has inundated the food industry with numerous plant-based products, enhancing the application scope of almond proteins. Furthermore, challenges associated with other plant-derived ingredients, such as texture issues with pea protein and allergic reactions to soy, are shifting the spotlight to almond protein.
- Optimal Sensory Profile: Almond protein stands out due to its neutral taste and texture, making it a preferred choice for various protein ingredient blends. This ideal sensory profile, coupled with the absence of masking agents, facilitates clean ingredient statements, which align with increasing consumer curiosity about food sourcing.
- Technological Advancements: Technological advancements in almond farming methods, including automated management processes and scientific planting approaches, are crucial for meeting the rising demand for almond protein. These advancements reduce management costs and the final product price, attracting consumers, particularly in low- and mid-income countries.
Regional Insights:
North America: North America, especially the U.S., is the largest contributor to the almond protein market, driven by high almond production rates and significant demand in personal care, confectionery, and fitness sectors. The fitness-conscious population’s investment in almond-based protein beverages is further boosting market growth. The region is expected to register a CAGR of 8% during the forecast period.
Asia Pacific: The demand for almond protein in countries like Japan, India, and China is bolstering market growth in the Asia Pacific region. Almond protein is widely used in personal care products and various desserts in these countries. The Asia Pacific region is projected to register a CAGR of 6% from 2022 to 2032.
Market Competition: Key players in the almond protein market include Blue Diamond Ingredients, Noosh Brands, Almond Pro Foods, InovoBiologic Inc., Sabinsa Corporation, and BASF. Blue Diamond Ingredients, for instance, focuses on launching almond protein powders in various flavors, adaptable for different recipes.
Challenges: The almond protein market faces challenges such as the gap between demand and production. Commercialization of almond protein is urgently required, and farmers need to invest in advanced technology to increase production. Global warming and climate crises are also affecting almond production, impacting market growth.
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Key Segments Profiled in the Almond Protein Industry Survey
Application :
- Beverages
- Confectionery & Bakery
- Personal Care
Distribution Channel :
- Online
- Supermarkets/Hypermarkets
- Convenience Store
Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
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