Almond Ingredients Market is estimated to increase at 9.8% CAGR between 2022-2029, reaching USD 19.2 billion in 2029 | Size, Share, Trends & Forecast

Almond Ingredients Market was valued at USD 9.1 billion in 2021 and is forecast to touch USD 19.2 billion in 2029, and the market is expected to grow at a CAGR of 9.8% from 2022-2029.

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The factors driving the growth of Almond Ingredients Market includes rising prevalence of heart related diseases and obesity, increasing use of almonds in bakery, ice cream and confectionery food products, growing geriatric population around the world and improvements in the living standards. According to the report published by Statista, the sales volumes of ice cream manufacturers across the United Kingdom has increased from 335,370 million liters in 2020 to 380 million liters in 2021, which will accelerate the Almond Ingredients Market size in the approaching years. Moreover, growing adoption of advanced technologies by manufacturers, rise in the launch of innovative products, increasing demand for plant-based and gluten-free products food products across the globe and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic partnerships between key players, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Almond Ingredients Market is hindered due to variations in the prices of raw materials.

The prominent players operating gin the market includes JOHN B. SANFILIPPO & SON, INC., BORGES AGRICULTURAL & INDUSTRIAL NUTS, SA, SAVENCIA SA, ADM, Olam International, Barry Callebaut, The Wonderful Company LLC, Blue Diamond Growers, Kanegrade and HARRIS WOOLF CALIFORNIA ALMONDS, among others.

Based on Type, the Whole Almonds segment is predicted to capture the largest market share during the forecast period

Increasing use of blenched whole almonds in bakery and confectionary food items, is the major factor propelling growth of the segment.

Based on Application, the Bars segment is projected to expand at a remarkable CAGR over the forecast period

Growing demand for healthy and crunchy food items and increasing consumers preference for healthy and convenient food items, are some of the factors responsible for the segment's growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Rising prevalence of heart related diseases across India, China, and Indonesia, increasing availability of almond products at e-commerce platforms, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2019, Olam International completed the acquisition of Hughson Nut, with an aim to expand its almond ingredients capacity to cater the changing demand from consumers inside and outside the U.S.
In 2019, Blue Diamond Growers, partnered with Gruop LAIA. Through this partnership, the company plans to sell and distribute the almond milk/beverage "Almond Brezze" in Mexico.

Market Segmentation

Segmentation by Type

Whole Almonds
Almond Pieces
Almond Flour
Almond Paste
Almond Milk
Others

Segmentation by Application

Snacks
Bars
Confectionery
Milk Substitutes & Ice Creams
Nut & Seed Butters
RTE cereals
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.