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.
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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.
Key Takeaways
- India’s almond product industry 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 industry 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.
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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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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
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