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Global Almond Ingredients Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 19.6 Bn by 2028, Likely to Grow with the CAGR of 11.4% During the Forecast Period.
Almond ingredients are available in different forms including milk, paste, and flour. The global almond ingredient market is anticipated to grow rapidly during the forecast period. Some of the major factor driving the growth of the global market includes nutritional benefits offered by almonds, growing snack food industry, and rising adoption of almond ingredients from lactose intolerance affected consumers.
Rising Awareness Regarding Health Benefits Offered By Almond Ingredients Is Fuelling the Market Growth
The major factor driving the growth of the global Almond Ingredients market is the rising awareness regarding health benefits offered by Almond ingredients. Almond ingredients are rich sources of nutrition including minerals, vitamins, fat, carbohydrate, and fiber, which help the consumers to increase their immune system. Moreover, the increasing popularity of plant-based food ingredients is promoting the usage of almond ingredients. Almonds are also good for diabetic patients as it helps in reducing blood sugar level. These ingredients offer several benefits such as lower cholesterol levels, harmful oxidation levels in cholesterol, and hunger by minimizing the overall calorie intake.
A deficiency of magnesium can lead to blood pressure related issues. Almonds are rich in magnesium, which help in managing blood pressure level. These all factors are expected to fuel the growth of the global almond ingredient market during the forecast period.
The Almond Segment Dominated the Global Almond Ingredients Market in 2019
On the basis of type, the almond segment is anticipated to be the dominant segment. This is mainly due to the superior features associated with almonds. Natural almond is a healthy source of nutrition. These are versatile and used in several applications including confectionery, bakery, and snacks. The multifunctional properties of almond result in high demand around the globe. These factors support the growth of the segment.
Bar & Snack Segment is Projected to Witness Highest Growth Rate Between 2020-2028
Based on the application, the global almond ingredients market is dominated by the bar & snacks segment. The segment is projected to maintain its dominance over the forecast period. The segment is expected to witness the fastest growth over the forecast period. Almonds are considered as a healthy and natural snack option around the world. Almonds contain a lot of Vitamin E, healthy fat, magnesium, protein, and fiber, which is expected to fuel the growth of these segments in the coming years.
Europe Held a Significant Market Share in Global Almond Ingredients Market in 2019
In terms of region, the global market is dominated by Europe, followed by North America. The dominance of Europe can be attributed to the prevalence of high nutritious food across the region. Also, since the last 11 years, Europe is the largest producer of almond-based products. In 2017, Europe registered more than 5,000 product launches based on almond ingredients. The major countries for the almond ingredients market in Europe are the U.K., Germany, and France. Additionally, the growing demand for low-sugar and natural ingredients is anticipated to fuel the growth of the region.
However, Asia Pacific is projected to experience the highest CAGR during the forecast period. This is mainly due to rising health concerns and awareness regarding health benefits offered by almond milk. In addition, a huge intake of Almond and almond milk is expected to spur the growth of the region.
Moreover, Almonds are rich in fiber and iron, which are good for patients suffering from a thyroid disorder. The number of thyroid patients is increasing rapidly in APAC countries. For instance, In India, more than 40 million people are suffering from a thyroid disorder. This is expected to put a positive impact on the growth of the almond ingredient market in the Asia Pacific.
Strategic Merger and Acquisition Are the Strategy Adopted By the Players Present In Global Almond Ingredient Market
The global almond ingredient market is highly competitive as the market is fragmented with several global and regional players. The companies are focused on expanding their operations by strategic merger and acquisition with different regional and multinational players.
For instance, in October 2019, Olam International Limited announced that they have completed the acquisition with Hughson Nut Inc, one of the leading companies in almond ingredient processing and manufacturing. The acquisition will help the company to expand its facilities in North America.
Some of the prominent companies operating in global Almond Ingredients market include Barry Callebaut Group, Borges Agricultural & Industrial Nuts, Archer Daniels Midland Company, Royal Nut Company, Treehouse California Almond, Harris Woolf California Almonds, The Wonderful Company, Kanegrade Limited, Dohler GmbH, Savencia SA, Olam International Limited, John B. Sanfilippo & Son, and Blue Diamond Growers.
Global Almond Ingredients Market by Type
- Almond Paste
- Almond Pieces
- Almond Milk
- Almond Flour
Global Almond Ingredients Market by Application
- Bakery & confectionery
- Bars & Snacks
- Ice creams & Milk substitutes
- Confectionary & Bakery Products
- RTE cereals
Global Almond Ingredients Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America