Almond Ingredient Market size is forecast to reach $13.47 billion by 2026, growing at a CAGR of 9.75% during the forecast period 2021-2026. Almonds are categorized as dry fruit which belongs to the prunus family. Almonds are a rich source of vitamin Magnesium and potassium which reduces the bad cholesterol level and helps in proper mixing of oxygen and nutrients with blood. The increasing health-conscious consumers are demanding convenience snacking products with high nutritional value which is driving the market for almonds in various applications. The shifting consumer trend towards vegan diet is also driving the launch of almond-based products by the manufacturers is set to further enhance the overall market demand for the Functional Mushroom Market during the forecast period 2021-2026.
Almond Ingredient Market Segment Analysis – By Source
By Source, the Almond Ingredient Market is segmented into Whole Almond, Almond Pieces, Almond Flour, Almond Milk and Others. The Whole Almond held the largest share in the Almond Ingredient Market in 2020 and is estimated to grow at a CAGR of 10.35% during the forecast period 2021-2026. Almonds are becoming necessity product owing to its health benefits and the applications of almond in food products is increasing. Almond after processing is used in two different forms such as natural (with brown skin) and blanched (without outer skin). Blanched almonds are widely used for garnishing purpose while the natural almond are used in sweet and savoury snacks, as component in dietary bars and other confectionery applications. Owing to increasing geriatric population and obesity problems the consumers have increased the demand for nutritional products which has increased the demand for almonds majorly in the developed nations. Whole Almonds is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
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Almond Ingredient Market Segment Analysis – By Application
By Application, the Almond Ingredient Market is segmented into Snack Bars, Bakery, Confectionery, Milk Substitutes, Sweet and Savory Snacks and Others. Snack Bars held the largest share in the Almond Ingredient Market in 2020. Almonds bars are in high demand in the developed countries owing to increasing health consciousness. Also, the demand for convenience snacking options has increased the consumption for almond bars. As almonds provide crunchiness and nutty taste to the snack bar segment, they are widely used in health-based bars. The Snack Bars is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
Almond Ingredient Market Segment Analysis – By Geography
Based on Geography, Almond Ingredient Market is segmented into North America, Europe, Asia-Pacific, and Rest of World. Europe is anticipated to dominate the market with a region share 33.19% in 2020 owing to the rising geriatric population and obesity problems the demand for nutritional food have increased. This is driving the market for almond ingredients as they reduce the bad cholesterol level and are high source of nutrition. Also increased demand for convenience snacking among the consumers have also increased the application of almonds which will further anticipate the growth of the market for the forecast period 2021-2026.
Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to rising health concern and increasing purchasing power in the emerging markets.
Almond Ingredient Market Drivers
Rising health concern is increasing the demand for almond-based products.
The rising obese and geriatric population is driving the market Almond Ingredient Markets for the forecast period 2021-2026. As almonds are known to prevent bad cholesterol and provide great source of vitamin and minerals to the body is increasing their demand for consumption. Also, to prevent diseases among the geriatric population the adoption of healthy eating including almond-based products have increased in the developed nations. Thus, increasing the growth of the Almond Ingredient Market during the forecast period 2021-2026.
Increasing consumption towards plant-based convenience food products
As consumers are shifting towards vegan consumption the demand for nutritional food applications have increased. Owing to the awareness about the health benefits from almond their applications have increased as snacking products such as health bars. Also, almond provides crunchiness to the food application owing to which they are highly demanded in confectionery and bakery products. Moreover, manufacturers are also launching variety of almond-based products which is also increasing their demand. Thus, increasing the growth of the Almond Ingredient Market during the forecast period 2021-2026.
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Almond Ingredient Market Challenges
Fluctuating costs of raw materials
Some of the factors that are set to impede the growth of the Almond Ingredient Market are variation in production of almonds which fluctuates its pricing leading to rise or fall. And changes in government tariff policies results into change in the demand needs for almonds is restraining the Almond Ingredient Market to grow during the forecast period 2021-2026.
Almond Ingredient Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures, and R&D activities are key strategies adopted by the players in Almond Ingredient Market. Almond Ingredient Market top 10 companies are Dohler GmBH, ConnOils LLC, Valley Harvest Nuts, Royal Nut Company, The Wonderful Company, Olam International Limited, Barry Callebaut,Blue Diamond Growers, Savencia SA, Kanegrade Limited.
Almond Ingredient Market Developments:
Oct 2019: Olam International announced its acquisition of Hughson Nut Inc. California based almond ingredient processor and manufacturer and real estate assets from APB Partners of worth $54million. The acquisition will help Olam International in expansion of its almond ingredient capacity and by leveraging the manufacturing capabilities of Hughson Nut will further help in targeting new customer base in food segment, manufacturing, and e-commerce.
Europe dominated the Almond Ingredient Market in 2020 owing to the rising obese and increasing demand for healthy snacking.
Increasing health issues such as obesity and shifting consumers towards healthy snacking options with high nutritional content is increasing the demand for almond-based products which is likely to aid in the market growth of the Almond Ingredient Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Almond Ingredient Market.
Fluctuating cost of raw material for almond and changes in tariff policies results in variation in demand needs which is poised to create hurdles for the Almond Ingredient Market.
Related Reports :
A. Nut Ingredients Market
B. Almond Oil Market
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