Almond Ingredients Market - Global Industry Research Analysis

According to Market Research Store, the global almond ingredients market size was valued at around USD 16.64 billion in 2023 and is estimated to reach USD 32.99 billion by 2032, to register a CAGR of approximately 7.90% in terms of revenue during the forecast period 2024-2032.

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The almond ingredients report provides a comprehensive analysis of the market, including its size, share, growth trends, revenue details, and other crucial information regarding the target market. It also covers the drivers, restraints, opportunities, and challenges till 2032.

Global Almond Ingredients Market: Overview

Almond Ingredients refer to various forms of almonds that are processed and used as components in different food and beverage products. These can include whole almonds, almond flour, almond oil, almond milk, almond protein, and almond butter.

Almond ingredients are valued for their nutritional benefits, such as being rich in healthy fats, protein, fiber, vitamins, and minerals like vitamin E, magnesium, and calcium. They are widely used in baking, snacks, dairy alternatives, and confectionery due to their flavor, versatility, and health appeal. Almond ingredients also cater to growing consumer demand for plant-based, gluten-free, and clean-label food options.

Key Highlights

• The almond ingredients market is anticipated to grow at a CAGR of 7.90% during the forecast period.
• The global almond ingredients market was estimated to be worth approximately USD 16.64 billion in 2023 and is projected to reach a value of USD 32.99 billion by 2032.
• The growth of the almond ingredients market is being driven by increasing consumer awareness of healthy eating, the rise in plant-based diets, and the demand for natural and minimally processed food.
• Based on the type, the whole almond segment is growing at a high rate and is projected to dominate the market.
• On the basis of application, the milk substitutes & ice creams segment is projected to swipe the largest market share.
• By region, North America is expected to dominate the global market during the forecast period.

Almond Ingredients Market: Dynamics

Key Growth Drivers

• Health Benefits: Almonds are rich in nutrients like fiber, healthy fats, protein, magnesium, and vitamin E, making them a popular choice among health-conscious consumers.
• Gluten-Free Trend: The increasing demand for gluten-free products has boosted the popularity of almond flour and other almond-based ingredients.
• Plant-Based Diet: The growing interest in plant-based diets has driven the demand for almond milk, almond butter, and other almond-derived products.
• Convenience: Almond ingredients are versatile and can be easily incorporated into various food and beverage applications, making them convenient for consumers.

Restraints

• Price Fluctuations: Almond prices can fluctuate due to factors such as weather conditions, production costs, and demand, which can impact the cost of almond ingredients.
• Allergenicity: Almonds are a common allergen, which can limit their use in certain products or markets.
• Competition: The almond ingredients market faces competition from other nut-based ingredients like walnuts, cashews, and peanuts.

Opportunities

• Emerging Markets: Developing countries with growing economies and rising disposable incomes offer significant opportunities for the almond ingredients market.
• Innovation: The development of new almond-based products and applications can drive market growth and attract new consumers.
• Functional Foods: Incorporating almond ingredients into functional foods and beverages can enhance their nutritional value and appeal to health-conscious consumers.

Challenges

• Sustainability: Ensuring sustainable almond production and sourcing practices is becoming increasingly important, especially in the face of environmental concerns.
• Regulatory Compliance: Adhering to food safety regulations and labeling requirements can be challenging, particularly for businesses operating in multiple markets.
• Supply Chain Disruptions: Global events such as natural disasters, political instability, or trade disputes can disrupt the supply chain and affect the availability of almond ingredients.

Almond Ingredients Market: Segmentation Insights

The global almond ingredients market is divided by type, application, and region.

Segmentation Insights by Type

Based on type, the global almond ingredients market is divided into whole almond, flaky almond, paste, powdered almond, almond oil, and almond extracts.

Milk Substitutes & Ice creams segment leads the market with strong growth due to the rising demand for plant-based dairy alternatives. Almond milk, in particular, is highly popular among vegan and lactose-intolerant consumers. The CAGR of this segment is notably high, driven by the increasing focus on health and sustainability​.

Whole almonds dominate the snacks and bars category, appealing to consumers seeking healthy, nutrient-rich snacks. Their versatility and association with clean-label products contribute to steady market growth.

Powdered Almonds is widely used in gluten-free and low-carb diets, making this segment a key player in the bakery and confectionery sector. Its growth is propelled by the rising demand for gluten-free and keto-friendly products​.

Almond oil is another dominant segment, especially in the cosmetics and food industries. It is favored for its health benefits and application in natural skincare products​.

Almond extracts are primarily used in flavoring agents for a variety of food and beverage products. Their natural, rich flavor has seen growing adoption, especially in the bakery and confectionery industries.

Segmentation Insights by Application

On the basis of application, the global almond ingredients market is bifurcated into snacks & bars, bakery & confectionery, milk substitutes & ice creams, nut & seed butters, RTE cereals, and cosmetics.

Snacks & Bars segment is one of the largest in terms of market share, driven by the growing trend of healthy, on-the-go snack options. Almond-based snack bars are popular due to their nutrient density, especially in fitness and wellness markets.

Almonds are heavily used in baked goods and confections, particularly in premium products. The rising demand for plant-based and gluten-free bakery items has contributed to growth in this segment, with almond flour and pieces playing a key role.

Milk Substitutes & Ice Creams has witnessed a significant surge in demand, making this one of the fastest-growing segments. The plant-based movement, especially among lactose-intolerant and vegan consumers, is fueling the growth of almond milk and almond-based ice creams.

Almond butter is a strong competitor in the nut butter market, known for its healthy fats and protein content. This segment is expected to see continued growth due to its appeal as a nutritious, spreadable alternative to traditional peanut butter.

Ready-to-eat cereals incorporating almonds are gaining popularity due to their health benefits, such as high fiber and antioxidant content. This segment is expanding as consumers seek convenient yet nutritious breakfast options.

Almond oil and extracts are increasingly used in skincare and haircare products, particularly in the organic and natural beauty markets. The rise in demand for sustainable and non-toxic beauty products has boosted this segment’s growth.

Almond Ingredients Market: Report Scope

Almond Ingredients Market: Regional Insights

North America leads the global market, driven by the United States, which is the largest producer and consumer of almonds worldwide. The region is expected to growing due to the increasing popularity of plant-based diets, health-conscious snacks, and lactose-free alternatives. The Almond Board of California plays a pivotal role in promoting almond products, and companies like Blue Diamond Growers dominate with a significant share of the market.

Europe is another strong player, particularly due to the high consumption of almonds in countries like Spain, Germany, and France. Almonds are traditionally used in a variety of European foods, such as marzipan and baked goods. The growing demand for almond-based products like almond milk and flour, driven by the rise of plant-based diets and health awareness, is expected to fuel market growth in this region​.

Asia-Pacific (APAC) is witnessing rapid growth, with increasing awareness of almond health benefits. Countries like China, Japan, and India are significant contributors to this expansion, as consumers increasingly adopt plant-based products and almond ingredients find a place in local cuisines. The region's expanding middle class and its interest in healthy living are key drivers for future growth.

Latin America is emerging as a growing market for almond ingredients, particularly in countries like Brazil and Mexico. The demand here is influenced by global trends toward natural, organic, and clean-label products. Companies like Olam International have also expanded operations in the region, further driving the growth of almond ingredients​.

Middle East and Africa (MEA), although currently a smaller market, is seeing a gradual increase in demand for almond-based products. Rising health awareness and the introduction of almond ingredients in the regional food and beverage industries are creating new opportunities.

Almond Ingredients Market: Competitive Landscape

The report provides an in-depth analysis of companies operating in the almond ingredients market, including their geographic presence, business strategies, product offerings, market share, and recent developments. This analysis helps to understand market competition.

Some of the major players in the global almond ingredients market include:

• Archer Daniels Midland Company
• Olam International Limited
• Barry Callebaut Group
• Blue Diamond Growers
• John B. Sanfilippo&Son
• Borges Agricultural &Industrial Nuts
• Savencia SA
• Kanegrade Limited
• The Wonderful Company
• Harris Woolf California Almonds
• Treehouse California Almond
• Royal Nut Company

The global almond ingredients market is segmented as follows:

By Type

• Whole Almond
• Flaky Almond
• Paste
• Powdered Almond
• Almond Oil
• Almond Extracts

By Application

• Snacks & Bars
• Bakery & Confectionery
• Milk Substitutes & Ice creams
• Nut & Seed Butters
• RTE Cereals
• Cosmetics

By Region

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • France
  • Germany
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• The Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East Africa

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