In 2023, the global almond products market was calculated to be valued at USD 8.2628 billion. The market is expected to reach approximately USD 15.2484 billion by 2033, with a growing CAGR of 6.3% from 2023 to 2033.
The growing product almond-based product launches by competitive players, especially in the food and beverage market, are propelling the growth of the almond products market. Other factors, such as the growing need for almond products due to consumers’ preference for gluten-free and plant-based products, coupled with businesses promoting the nut ingredient industry, are favoring the lucrative growth of the almond products market.
| Attribute | Details |
|---|---|
| Almond Products Market Value (2023) | USD 8,2628 billion |
| Almond Products Market Anticipated Value (2033) | USD 15,2484 billion |
| Almond Products Projected Growth Rate (2023 to 2033) | 6.3% |
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The growing demand for health-based and nutritional products plays a significant role in the constant increase in the number of almond-based products. In developed countries such as Germany, the USA, and the United Kingdom, there is an increasingly obese and geriatric population who demand food products with nut ingredients such as walnuts, almonds, seeds, etc. There is growing adoption of healthy lifestyles and eating habits by consumers to prevent diseases. Some of the key factors driving the growth of the almond products market are the rising risk of chronic diseases, increasing health awareness, and altering lifestyle.
Various food and beverage manufacturers are adopting crucial strategies to fulfill consumer demands, such as launching novel products with new packaging, innovative formulations, etc. These manufacturers are particularly aiming to develop novel products for health-conscious consumers with nutrients such as sugars and fats. Furthermore, products launched which attract consumers are based on claims of additives and the presence of clean-label ingredients.
The demand for almond products is surging due to the increasing inclination of the global population who are health conscious and wish to consume natural-based food products. Moreover, it has been witnessed that the demand for products that offer superior nutritional value is growing each day. This is considered a huge opportunity for vendors involved in the global almond products market.
The shift in consumer preference is stirring the products’ demand in the global market as the majority of the population today prefers opting for healthy as well as tasty snack options. Unfortunately, a significant population has been allergic to conventional milk and milk products in the past few years. Therefore, for the lactose intolerant population, some of the great milk substitutes are almond milk, soy milk, and rice milk. This, too, is a lucrative opportunity for market entrants in the almond products market.
The growing adoption of almond products from the personal care and cosmetic industry supports the almond products market growth. Almond products which are majorly used in these sectors are almond oil-induced moisturizers, almond body oil, lotions, and scrubs. Due to almonds’ anti-inflammatory properties, the pharmaceutical sector to is adopting the same on a large scale.
North America holds a 34.9% market share in the global almond products market. Nearly 68% of global almond production comes from North America. Also, there is a surge in the consumption of almond-based snacks as a healthy alternative. This region is said to maintain its market position owing to increased production, consumption, and exports.
The USA is experiencing a rising trend in the consumption of almond-based snacks owing to numerous health benefits. The growing demand for supremely healthy and nutritious food and concerns of a considerable population with a higher rate of obesity has been a few key reasons behind the growth of the market.
The growing demand for lactose-free foods motivates the European almond products market. This region is accountable for 41% of the global market share. The increasing consumer awareness of the adoption of lactose-free dairy products in everyday life is driving this region’s market. Lactose-free dairy products help maintain the galactose levels in the body. The growing number of lactose-intolerant consumers is a primary factor promoting the market further. Also, the Europe region is anticipated to portray lucrative opportunities for the growth of the almond product market during the forecast period due to the rising product launches in this region.
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Some of the key players in the almond products market are:
Strategic Developments by Few Companies:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.3% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Application, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN,GCC Countries, South Africa |
| Key Companies Profiled | Archer Daniels Midland Company; Olam International Limited; Barry Callebaut Group; Repute Foods Pvt Ltd; Treehouse California Almonds; Blue Diamond Growers; The Wonderful Company; John B. Sanfilippo & Son; Borges Agricultural & Industrial Nuts; Savencia SA; Kanegrade Limited; Modern Ingredients; Royal Nut Company; Döhler GmbH |
| Customization | Available Upon Request |
The market is valued at USD 8.2 billion in 2023.
The market’s CAGR from 2023 to 2033 will be 6.3%.
Archer Daniels Midland Company, and Savencia SA are key market players.
Europe is anticipated to generate a share of 41.0% in 2023.
The United States is likely to generate a market share of 34.9% in 2023.
| Market Value (2023) | USD 4,719.5 million |
|---|---|
| Market Anticipated Value (2033) | USD 7,751.1 million |
| Projected CAGR (2023 to 2033) | 5.1% |
| Market Size - 2023 | USD 1.356 billion |
|---|---|
| Market Size - 2033 | USD 3.9 billion |
| Market CAGR (2023 to 2033) | 11% |
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