The market for almond ingredients was projected to reach close to US$ 9 billion in 2022. The demand for almond ingredients is rising as more people adopt healthy lifestyles and search for organic suppliers. By 2033, it’s expected to have generated US$ 22.1 billion, with a CAGR of 9.3% from 2023 to 2033.
Almond ingredients are in high demand across the world due to their vast range of applications. Almonds have been widely used in cereals, baked goods, and snacks in recent times. Almond ingredients are becoming more and more well-liked among customers due to their numerous health advantages. Almond satisfies the various criteria for tastes and flavors admirably, which motivates producers to include almond components in their goods. Commercial almond components can be found in spreads, yogurt, gluten-free baked goods, and drinks.
Consumers who are lactose intolerant are becoming more and more accustomed to using almond products as dairy substitutes. Almond intake is known to lower cholesterol levels, boost vitamin E levels, and control blood sugar levels, that drives up demand for goods made with almond ingredients worldwide. In affluent nations, the increased popularity of plant-based proteins is raising the demand for almond components. Almond components are becoming more and more useful in the personal care as well as cosmetics sector.
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Key Takeaways from the Market Study
- The overall market size for almond ingredients worldwide increased to US$ 9000 million in 2022.
- The market for almond ingredients expanded at a CAGR of 11.2% from 2018 to 1022.
- From 2023 to 2033, the bars segment is anticipated to expand at a CAGR of 8.2%.
- In 2022, the snacks market share was greater than 50%.
- The market for almond ingredients in China is anticipated to expand at a strong CAGR of 11.2% between 2023 and 2033.
- In 2022, a 7.2% market share for the German market was predicted.
“Almond components provide customers a high level of nutritional value. Almonds are adaptable and healthful components that are incorporated into all sorts of culinary applications due to their high mineral and vitamin content. The consumer’s adoption of a healthy lifestyle and search for sources of wholesome food is further boosting the market for almond ingredients worldwide.” remarks an FMI analyst.
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Competitive Landscape
The majority of the major competitors in the worldwide industry are concentrating more and more on acquisitions and mergers in order to broaden their product lines. Some of the other firms plan to invest in novel product development and production capacity expansion to meet the growing global demand for almond ingredients.
Prominent players in the almond ingredients market are ADM, Olam International Limited, Barry Callebaut, Blue Diamond Growers, John B. Sanfilippo & Son, Kanegrade, Borges Agricultural & Industrial Nuts, Savencia SA, The Wonderful Company, Harris Woolf California Almonds, Treehouse California Almonds, Döhler GmbH, Royal Nut Company, Repute Foods Pvt. Ltd, Deep Nuts N Flavors LLP, Shivam Cashew Industry, Modern Ingredients, ConnOils LLC, Valley Harvest Nut Company, and ETChem.
Some key developments of the leading companies in this market are:
- The world’s largest producer of premium cocoa and chocolate products, Barry Callebaut Group, and Maersk have formed a long-term agreement to construct and run a new Built-To-Suit cocoa bean warehouse and dispatching plant in Malaysia. In 2023, a groundbreaking ceremony for this special facility took place in Pasir Gudang, Malaysia.
- The construction of the processing factory by the Blue Diamond growers is scheduled to begin in California in 2021. The development of several product lines and the international marketing of the new almond products are both made possible by this ground-breaking expansion. Blue Diamond is dedicated to provide the healthiest almond products and support internationally with this market progress.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global almond ingredients market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the almond ingredients market, the market is segmented on the basis of type (whole almonds, almond pieces, almond flour, almond paste, and almond milk), application (snacks, bars, bakery, confectionery, milk substitutes & ice creams, nut & seed butters, RTE cereals), and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East and Africa)
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