The Increasing Number of Almond-based Product Releases By Prominent Companies In The Food And Beverage Sector Is Fueling The Growth of The Almond Ingredients Market

Rising Consumer Health Awareness is Fueling the Almond Ingredients Market. Consumers worldwide are adopting a healthy lifestyle and seeking-out nutritious food sources, which is propelling the almond ingredients market even quicker. Vitamin, carbohydrate, protein, fiber, minerals, fat, and other nutritional benefits are all provided by almond components. As a result of these added benefits, the market for almond ingredients is predicted to grow. Furthermore, as plant-based foods become more popular, the market for almond ingredients such as almond paste, milk, and other goods is booming. The growing demand for almonds has created a supply-demand gap in the market, resulting in high almond prices around the world. Almond Ingredients Market size was $8,135 million in 2020, growing at a CAGR of 7.2% during the forecast period 2021-2026.

The significant nutritional content of almond ingredients benefits consumers. Almonds are versatile and healthy components used in various cuisines due to their high mineral and vitamin content. Consumers adopting health-conscious food for a healthy lifestyle is propelling the almond ingredients industry forward. Almond ingredients are found in a wide range of meals and give a wide range of nutritional benefits, including vitamins, protein, carbohydrates, fiber, fat, minerals, and more. Furthermore, as plant-based foods become more popular, the market for almond ingredients such as almond butter, almond milk, and others is growing.

Almonds are high in copper, calcium, riboflavin, potassium, manganese, and phosphorus and have been linked to a lower risk of cardiovascular disease. The primary factors for the growth of this market include trending almond-based goods, inclusions of health-based ingredients, technological innovations enabling the trade of raw material, rising demand from the snack food industry, and technological advances enabling the trade of raw material. Global trade pressures, rising quality control standards, the impact of drought on almond crops and irrigation solutions, a shift away from traditional almond farming methods, rising allergy rates among consumers, and volatile raw material prices are just a few of the major challenges, this market faces.

Europe Holds a major share of the Almond Ingredients Market owing to the health benefits, almond-based snacks are becoming increasingly popular in the region. The rise in demand for high-nutrition foods, as well as the worries of a large population with a high obesity rate have been some of the main drivers of this market’s expansion in recent years.  Europe has the second greatest proportion of overweight and obese inhabitants, according to the World Health Organization. In the United Kingdom, 65% of males and 58% of women are overweight. The almond ingredients market in Europe is being driven by the region’s increased demand for natural and low-sugar ingredients. Rising trend of healthy eating is influencing the behavior of the consumer when it comes to food. So, manufacturers in UK are focusing on developing a healthy breakfast bar with novel almond butter flavor. This on-the-go product sees great potential as a healthy snack among British consumers. In UK, the COVID pandemic has proved a major driver of consumer change, with ingredients such as almonds playing a key role in helping manufacturers address evolving demands for clean-label, healthy and versatile ingredients from sustainable supply chains.

Almond flour is quickly becoming a staple in the food processing sector. It is formed from ground sweet almonds that have been processed further. It comes in a variety of forms depending on the application in the food and beverage industry. Almond flour is extracted as an extra-fine blanched powder or as a fine natural powder. It is a good source of vitamins like vitamin B, vitamin A, and vitamin E and minerals, proteins, omega fatty acids, and protein. Innovative product launches are another key factor propelling market growth. For Instance, Texas Star Nut and Food Co. announced an almond flour product in July 2020. Nature’s Eats is the company’s brand name for this product. This development was prompted by rising demand for paleo, keto, gluten-free diets, and better food alternatives. Almond Flour is an all-purpose carrier and a vital flour that is commonly used in baking and cooking. As the demand for bakery and confectionery items grows, so does the use of almond flour, which boosts nutritional content and enhances texture and Flavor.

The almond ingredients market is driven by the increased demand for healthy snack options such as snack bars. Various cereal and granola snack bar manufacturers introduce almond-based ingredients to provide customers with healthier snack bar options. As almond flakes/pieces, almond flour, and almond extracts are widely employed in producing several healthy snack bars, the growing market for almond ingredient makers offer promising growth opportunities. Snacking is gaining popularity among health-conscious people. As a result, there is a significant need for nutritious snacks. In August 2019, Kellogg’s Nutri Grain introduced Nuts & Bolts Trail Mix, its first savory snack product. The new snack is available in three flavors: Original Spice, Smokey BBQ, and Sweet Chilli, and incorporates Nutri-Grain, peanuts, and spices, as well as sliced almonds. According to the Mondelez International State of Snacking research, “nine out of ten adults globally say they snack more 46% or the same 42 % during the epidemic as before it,” and 53% say they buy brands that remind them of their youth.

In October 2019, Olam International expanded its almond ingredients capacity with the acquisition of Californian almond processor and ingredient manufacturer Hughson Nut at a total enterprise value of US$54.0 million. The acquisition enables to cater new customer segments in co-manufacturing, foodservice, and e-commerce and to offer differentiated solutions, such as ingredients and product innovation. 

Over the years, companies have mainly been focused on offering a wide range of products made of Almond Ingredients and have a vast geographical presence globally, thereby augmenting their respective positions in the market. Manufacturers in this market are involved in the production of more Almond Ingredients preferred by health-conscious customers. Rising number of new manufacturers producing various snacks made of Almond Ingredients are set to increase in the degree of competition that are the major factors set to buoy the Almond Ingredients market during 2021-2026.