Almond Product Market to Surge to USD 15.25 Billion by 2033 with 6.3% CAGR, Driven by Health Trends and Product Innovation

Almond products Market
Almond products Market

The almond product market is predicted to develop at an impressive 6.3% CAGR from 2023 to 2033, exceeding the lower 2.5% CAGR witnessed between 2018 and 2022. This significant rise shows the rise in the use and demand of almond products in the market, increasing the market value from US$ 8,2628 billion in 2023 to US$ 15,2484 billion by 2033.

The market for almond products is expanding as a result of the increasing number of almond-based product launches by rival companies, particularly in the food and beverage sector. The market for almond products is expanding profitably due to several causes, including the rising demand for almond products brought on by customers’ preferences for gluten-free and plant-based goods and companies’ promotion of the nut ingredient sector.

The market for almond products is expanding as consumers desire more goods with good nutrition and for their health. This demand is being driven by nations like Germany, the United States, and the United Kingdom, which have aging populations and a high prevalence of obesity. The increased risk of chronic diseases, greater health awareness, and altering lifestyles are significant market growth drivers.

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 Key Takeaways

  • India’s almond product market is going to exhibit a remarkable CAGR of 26.1% by 2033, demonstrating significant growth in demand for almonds within the country
  • Steady growth in almond consumption is going to be witnessed in the United Kingdom by 2033, with a CAGR of 3.6%
  • China has a compound annual growth rate of 4.5%, according to the 2022 global market.
  • Australia’s almond product market has gradually increased almond consumption, with a CAGR of 2.9% from the 2022 forecast.
  • Japan has experienced a CAGR of 5.6% from the 2022 Global market forecast. This has shown a healthy increase in growth rate.

Competitive landscape

Global corporations with broad distribution networks and well-known brands, including Blue Diamond Growers, Olam International, and Wonderful Pistachios & Almonds LLC, hold sizable market shares. Targeting retail customers and the food service industry, these businesses provide almond products, including whole almonds, almond butter, almond milk, and almond flour.

New product introductions and ongoing product innovation define the market. Companies spend money on R&D to create new formulas, flavors, and textures for their almond products. They also adapt to changing nutritional trends, including vegan, plant-based, and allergen-free options, to appeal to a broader customer base.

Partnerships and collaborations between almond product manufacturers, retailers, food service providers, and internet platforms further alter the competitive environment. These partnerships aid in widening distribution networks, raising brand awareness, and reaching new customer demographics.

Recent developments:

  • The Butternut Co., India’s first manufacturer of energy balls and nutritious nut butter, recently added almond butter to its retail selection. Since the company’s start, it has produced a variety of nut butter that have become common grocery items. The Butternut Co. launched a new line of natural nut butter in response to the desire for an equally delectable but healthier sweet substitute.
  • Almond milk is one of the popular plant-based libations produced by Califia Farms. They have released various cutting-edge almond-based items, including yogurts made with almonds and flavored almond milk. Additionally, Califia Farms purchases its almonds from ethical growers to emphasize sustainability and uses eco-friendly packaging materials.

Some of the key players in the almond products market are:

  • Archer Daniels Midland Company
  • Olam International Limited
  • Barry Callebaut Group
  • Repute Foods Pvt Ltd
  • Treehouse California Almonds
  • Blue Diamond Growers
  • The Wonderful Company
  • John B. Sanfilippo & Son
  • Borges Agricultural & Industrial Nuts
  • Savencia SA
  • Kanegrade Limited
  • Modern Ingredients
  • Royal Nut Company
  • Döhler GmbH

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Key Segments of the Almond Products Market

By Type:

  • Almond Milk
  • Whole Almond
  • Almond Paste
  • Almond Pieces
  • Almond Flour
  • Others

By Application:

  • Confectionery
  • Bakery
  • Sweet and Savory Snacks
  • Nut & Seed butter
  • Dairy
  • Confectionery
  • RTE Cereals
  • Milk substitutes & ice creams

By Distribution Channel:

  • Departmental Stores
  • Food & beverage manufacturers/suppliers
  • Online Retail

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • Middle East and Africa
  • Europe

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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