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The demand for almond ingredients continues to increase across the globe owing to their wide application in various sectors. In recent years, almonds have been extensively utilized in snacks, bakery, and ready-to-eat cereals. The popularity of almond ingredients is increasing among consumers due to their health benefits and broad application spectrum. Almond bodes perfectly well with the varying demands of tastes and flavors, which is inspiring manufacturers to incorporate almond ingredients in their products. Almond ingredients are commercially used in beverages, spreads, gluten-free baked products and, yogurts.
The popularity of almond ingredients as dairy-alternatives is rising among lactose-intolerant consumers. The consumption of almonds is known to reduce cholesterol levels, increase vitamin E and regulate blood sugar levels, which fuels the global demand for almond ingredient-based products. The rising trend of consuming plant-based proteins is boosting the sales performance of almond ingredients in developed countries. The utility of almond ingredients is also increasing in the cosmetics and personal care industry.
Key Market Driver -
Rising Trend of Healthy Snacking
Key Market Restraint -
Fluctuating Prices of Almond across the Globe
The rising trend of consuming healthy, nutritious foods in the form of snacks is primarily driving the growth of the global almond ingredients industry. The wide application of almond ingredients in food and beverage preparations is expected to fuel the future growth of the market. The government initiatives for research and developments has helped boost almond production to meet the growing market need. For instance, in December 2019, the Almond Board of California has invested around USD 6 million for 85 independent research projects to explore innovative almond farming practices.
The fluctuating prices of almond are expected to act as a major restraint for the growth of the global almond ingredient market. The United States is the leading supplier of almonds across the world. According to the Bureau of Labour Statistics, U.S., almond prices have been constantly fluctuating for past decade due to the rising demand for other nuts from Asian economies as well as strong supply of such nuts from the U.S.
The leading players operating in the global almond ingredients market are Archer Daniels Midland Company, Olam International Limited, Barry Callebaut AG, Blue Diamond Growers, John B. Sanfilippo & Son, Inc., Borges Agricultural & Industrial Nuts S.A., Savencia S.A., Kanegrade Limited, The Wonderful Company LLC, Harris Woolf California Almonds, LLC, and Döhler Group SE.
The global almond ingredients market is segmented by type, application and, region. Almond flour segment is expected to witness robust growth due to its rising demand in the formulation of a range of products. The strong demand for gluten-free flour in products such as baking mixes, soups, sauces, cakes, cookies and crackers, is expected to boost the demand for almond flour. The key companies are focusing on the expansion of almond processing facilities to meet the growing demand for fine almond ingredients. For instance, in September 2019, Blue Diamond Growers, introduced three almond processing lines in U.S., two for whole almond processing and one for the production of the finest almond flour.
The snacks and bars segment is expected to witness promising growth among other applications. Almond snacks are perceived to be natural and healthy by consumers. The snacks manufacturing companies are focused on almond-based product innovations to meet the growing demand among consumers. For instance, in October 2019, Simple Mills expanded its product portfolio with the launch of soft-baked almond flour bars in Chicago.
The Europian market for almond ingredients is expected to witness sturdy growth. The increasing demand for clean-label, healthier snacks from consumers is expected to boost the sales of the finest almond ingredients across the processed food industry in Europian countries. The demand for plant-based products is also constantly increasing in Europian market. According to the Ministry of Foreign Affairs, Europe, almonds are one of the leading imported tree nuts. Germany and Spain are expected to be strong markets, offering good opportunities. The growth of the almond ingredients market in Europe is also attributed to the promotional activities carried out by US suppliers.
North America is expected to witness the robust growth of the market due to the increasing demand for almond ingredients from various segments such as bakery, confectionery, and snacks. The rising demand for almond-based dairy alternatives in the region is expected to boost the growth of the market. The United States is the leading supplier of almonds to Europe. The exponential growth of almond exports from the U.S. is strongly supported by the promotional activities of the Almond Board of California (ABC). According to ABC, California produces about 80% of the world’s almonds and 100% of the U.S. commercial supply.
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The rising demand for almond-based cosmetics in Asia Pacific is driving the growth of the market in the region. The leading manufacturers are focused on developing almond ingredients for cosmetic formulation. For instance, in January 2018, Blue Diamond announced an initiative to supply sweet almond oil to the health and beauty care industry across the world.
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