Numerous Nutritional Benefits Offered by Almond and Almond Ingredients Driving the Almond Ingredients MarketThe Almond Ingredients Market size is estimated to be valued at USD 10.2 billion in 2020. It is projected to reach USD 16.9 billion by 2025, recording a CAGR of 10.5% in terms of value. Numerous nutritional benefits offered by almond and almond ingredients, a rapid increase in almond-based product launches by key players in the food & beverage market, growing inclination of consumers toward plant-based and gluten-free products, and associations and organizations promoting the nut ingredient industry are the key factors projected to drive the growth of the almond ingredients market during the forecast period.
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The snacks segment holds the largest market share during the forecast period.
Based on application, the almond ingredients market is dominated by the snacks segment. Almonds have numerous nutritional benefits, owing to which are they are majorly consumed as a snack worldwide. It avoids weight gain. Globally, consumers are inclining toward healthier and nutritious options free of pesticides, chemicals, and GMOs. Almond ingredients in snacks are ideal, as consumers consider them natural and healthy. The organic and natural snacks food category is experiencing significant growth in supermarkets around the world. Many key players in the food & beverage market are introducing new products to the market. These factors are driving the growth of the snacks segment in the almond ingredients market.
The almond pieces segment is projected to grow at the fastest rate in the almond ingredients market during the forecast period
By type, the almond pieces segment is projected to witness the fastest growth in the almond ingredients market for the period forecasted. Almond pieces or chopped almonds intensify the flavor of food products, to which it is added. Almond pieces are available in various forms, such as halves, slices/flakes, and diced/chopped. Almond pieces help in adding crunch, texture, and nutrition to the products and are increasingly used in the preparation of health-based snack foods. The market for almond pieces is projected to witness a rapid growth across regions due to the development of the food processing industry and high consumption among the population. However, the market continues to witness significant growth in developed countries, such as the US and Germany, due to the high awareness pertaining to health-based foods products, along with an increase in the food processing sectors.
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The Europe region dominated the almond ingredients market with the largest share in 2019
The European market accounted for the largest share in 2019. The rise in awareness pertaining to the nutritive compounds in almonds and the benefits offered by it is increasing among consumers over the past few years, which has led manufacturers to invest significantly in the almond ingredients market. Consumers in this region are witnessing a high demand for natural and low-sugar ingredients and food products, resulting in a surge in almond consumption in the region. As high-fat products are responsible for the occurrence of chronic illnesses, such as obesity and diabetes, food & beverage manufacturers are now focusing on undertaking innovations in the production of various low-fat fortified foods to cater to consumer demands for healthy food & beverage products.
Lleading companies are ADM (US), Olam International Limited (Singapore), Barry Callebaut (Switzerland), Blue Diamond Growers (US), John B. Sanfilippo & Son (US) , Kanegrade (UK), Borges Agricultural & Industrial Nuts (Netherlands), Savencia SA (France), The Wonderful Company (US), Harris Woolf California Almonds (US), Treehouse California Almonds (US), Döhler GmbH (Germany), Royal Nut Company (Australia), Repute Foods Pvt. Ltd (India), Deep Nuts N Flavors LLP (India), Shivam Cashew Industry (India), Modern Ingredients (India), ConnOils LLC (Wisconsin),Valley Harvest Nut Company (US), and ETChem (Jiangsu).
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