Almond Market: Global Industry Analysis and Forecast (2024-2030) by Service Type, Dynamics, segmentation, Product, End-User, and Region.

Almond Market size was valued at USD USD 9.49 Bn. in 2023 and is expected to reach USD 12.92 Bn. by 2030, at a CAGR of 4.5 % forecast year
Almond Market Overview:
The almond (Prunus amygdalus, also known as Prunus dulcis) is a globally cultivated small tree, highly regarded for its seed, which is a popular culinary nut. The almond's fruit is classified as a drupe, comprising an outer hull and a tough shell that protects the seed, although it's important to note that almonds are not true nuts. Shelling almonds is the process of removing this outer protective layer to access the seed inside.To know about the Research Methodology :- Request Free Sample Report

Almonds are available both in their shelled and unshelled forms. One of the primary drivers of this growth is the increasing awareness of the health benefits associated with almond consumption, such as being a rich source of protein, healthy fats, and essential nutrients. Almonds are also a popular choice for those following plant-based diets, further boosting their demand. Moreover, the versatility of almonds, being used in various forms like whole nuts, almond milk, almond butter, and as ingredients in snacks and desserts, has expanded their market potential. Recent developments in the almond market include innovative product offerings, such as flavored almonds and almond-based snacks, which cater to changing consumer preferences for unique and convenient food options. Additionally, sustainability and eco-friendly practices are gaining traction within the industry, with key players emphasizing responsible sourcing and production, thereby appealing to environmentally conscious consumers. The global almond market's current scenario suggests a positive outlook, with a focus on health-conscious consumers, diverse product offerings, and sustainable practices driving its growth, making it a key player in the Almond market.



Estimated Almond Production in 2023


1676.35 (in 1,000 metric tons)


Top Exporter


United States ($1.12B), Australia ($214M), Spain ($53.8M), United Arab Emirates ($40M), and Hong Kong ($39.7M).


Brands


30+ ( Blue Diamond Almonds, Wonderful Almonds (formerly known as Paramount Farms), Diamond of California, Kirkland Signature (Costco's private label), Sahale Snacks, Emerald Nuts, Planters Almonds, Now Foods, Trader Joe's, Mariani Nut Company)



Health-Conscious Eating Habits Drive Almond Market Growth
The increasing emphasis on health-conscious eating habits has led consumers to recognize the nutritional benefits of almonds. For example, brands like "Blue Diamond Almonds" have witnessed surging sales as consumers turn to almonds as a healthier snacking option. Secondly, the surge in plant-based diets and dairy alternatives has given rise to almond-based products, with almond milk, popularized by brands like "Almond Breeze," becoming a dairy milk substitute of choice. Ongoing innovation in almond product development is evident, from almond-based ice creams to protein bars, exemplified by "RXBAR," capitalizing on the demand for convenient, protein-rich snacks. Furthermore, the increasing focus on sustainability and eco-friendly practices within the almond industry, such as those championed by the "Mariani Nut Company," resonates with eco-conscious consumers. Additionally, almonds are seen as a versatile ingredient, suitable for both savory and sweet dishes, with almond flour and slivers commonly used in gluten-free baking and culinary garnishing, respectively. The global expansion of almond consumption, particularly in regions like India and China, is noteworthy, with companies like "Olam International" investing in almond orchards to meet rising Asian demand. Almond oil and almond extract are increasingly used in wellness and beauty products, while the growing export opportunities for almonds, notably from the U.S., contribute significantly to market growth. Lastly, almonds serve as a vital allergen-friendly alternative in various recipes, making them indispensable in allergen-conscious kitchens and extending their market appeal. These multifaceted growth drivers are collectively thriving Organic Almond market.
Almonds in The Face Of Extreme Weather Events Hampered the Almond Market Growth
Water scarcity in regions like California, a major almond-producing hub, poses a significant challenge, as prolonged droughts lead to water restrictions, hindering sustainable almond cultivation. Market price volatility, influenced by factors like weather conditions and global demand, was evident in 2021 when frost damage in the U.S. affected almond supplies and led to price increases. Pollination dependency on honeybees exposes the industry to risks associated with Colony Collapse Disorder and declining bee populations, which disrupt pollination and affect yields. Additionally, managing pests and diseases, such as navel orangeworm and hull rot, is costly and time-consuming, impacting almond production. Trade barriers and tariffs, as seen in the U.S.-China trade tensions, hinder almond exports, affecting market dynamics. Moreover, environmental concerns about water usage and the need for sustainable practices have pushed growers to adopt water-efficient irrigation methods. Labor shortages, competition with other nuts, stringent regulatory compliance, and the uncertainty of climate change further add complexity to the almond industry, emphasizing the importance of resilience and adaptation in addressing these challenges. These factors hamper the Almond market outlook.

Addressing several critical issues in almond production, regulatory compliance with both California and U.S. requirements is paramount, a prerequisite for navigating the intricacies of the U.S. market environment. Additionally, the implementation of the Sustainable Groundwater Management Act (SGMA) in California looms as a substantial factor that could reshape the overall environmental footprint of almond cultivation, particularly in terms of water management and sustainability practices. Furthermore, ongoing research endeavors are revealing valuable, value-added benefits associated with the natural byproducts of almond production, which encompass not only the nut itself but also its shells, hulls, and trees. The practice of Whole Orchard Recycling, involving the grinding of orchards at the end of their productive lifespan and the incorporation of woody biomass into the soil, stands out as an eco-friendly approach. Research funded by the Almond Board of California (ABC) demonstrates that, over time, this method not only enhances crop yields but also replenishes soil nutrients, bolsters water retention, and impressively sequesters approximately 2.4 tons of carbon per acre within the soil, contributing to sustainable agricultural practices.

Which Plant Milk is Most Sustainable – Average Amount of Water Used and Co₂ Produced Per Liter of Different Types of Milk
Plant Milk is Most Sustainable
Almonds' Role in the Modern Food Industry Boosts the Market Growth

Almonds present a compelling opportunity in the ever-growing demand for health-conscious food and beverages. As consumers become increasingly focused on nutritional value and health benefits, almonds, as an all-natural and nutrient-rich ingredient, align perfectly with this trend. Their adaptability to various diets, versatility in product applications, and compatibility with emerging label claims make them a valuable choice for product developers aiming to cater to health-conscious consumers. With almonds, the opportunity lies in enhancing the nutritional profile of products, driving consumer interest, and promoting healthier eating habits.

Sustainability is a defining aspect of the modern food industry, and consumers are actively seeking products with transparent agricultural sourcing and sustainability benefits. California almonds are at the forefront of sustainability practices with a zero-waste strategy and pioneering initiatives like whole orchard recycling. This opens up a significant opportunity as consumers increasingly favor products that align with their values. Almond farmers' commitment to reducing water usage further enhances the sustainability narrative, making almonds a compelling choice for conscious consumers and a competitive edge for innovative food and beverage products.

The rise of the plant-based movement offers a unique opportunity for almonds to shine in the food industry. With their adaptability in more than 14 forms, almonds play a crucial role in reshaping the narrative around plant-based products. Their versatility enables the creation of novel sensory experiences and innovative plant-based offerings. Additionally, the commitment to sustainability, coupled with transparency regarding efforts to reduce water consumption, aligns perfectly with the values of modern consumers who appreciate positive imperfection. Almonds provide a versatile tool for product developers to craft innovative plant-based solutions that resonate with consumers seeking both value and sustainability. This opportunity not only addresses the growing demand for plant-based options but also contributes to the broader goal of creating a more sustainable food industry.
Almond Market Segmentation Analysis:
Based on type, the market has been divided into Butte Almonds, Nonpareil Almond, Sweet Almond, Peerless Almond, Green Almond, and Others. Among these, the Butte Almond sub-segment is projected to generate the maximum revenue in 2023. The almond market boasts a diverse range of types, with Butte Almonds emerging as a standout performer, poised to lead the pack in revenue generation in 2023. These almonds, alongside other varieties like Nonpareil, Sweet Almond, Peerless Almond, Green Almond, and more, cater to various industries, including natural, roasted, or flavored snacks, confectionery, energy bars, and bakery products. Butte Almonds have gained prominence due to their versatility and unique qualities. They offer not only a delightful flavor but also a wealth of health benefits. One of their key attributes is their potential to aid in managing blood sugar levels. Their low glycemic index and high fiber content contribute to stabilized blood sugar, making them a favored choice for individuals with diabetes or those looking to maintain healthy glucose levels. Furthermore, Butte Almonds have been linked to reduced blood pressure, thanks to their magnesium and potassium content. Incorporating these almonds into one's diet contribute to better cardiovascular health by helping regulate blood pressure.

Another notable advantage is their ability to lower cholesterol levels. The monounsaturated fats in Butte Almonds have been associated with reducing "bad" LDL cholesterol, thus promoting heart health. With their delectable taste and a slew of potential health perks, Butte Almonds are making a significant impact on the almond market and are poised to continue as a leading choice in various food industries, appealing to consumers seeking both flavor and nutrition.
Almond Market Regional Insights:
The almond market is undergoing a significant transformation globally, driven by shifting consumer preferences and a growing emphasis on sustainability in North America. New Zealand, known for its picturesque landscapes and agricultural heritage, finds itself at the crossroads of a promising opportunity in the almond market. Currently, a staggering 80% of the world's almond supply is grown in California, and there are increasing concerns about the sustainability of almond production in water-scarce regions. Additionally, Australia, the world's second-largest almond exporter, is grappling with extreme drought conditions.

New Zealand, while primarily an importer of approximately USD 41 million worth of almonds annually, is taking a proactive stance by exploring the feasibility of local almond production. The Ministry for Primary Industries (MPI) is funding projects to introduce alternative crops, including almonds, into various regions of the country. The preliminary research conducted on consumer attitudes toward purchasing locally-grown almonds in New Zealand reveals a significant market opportunity. Consumers in the study expressed strong preferences for locally produced, sustainably sourced food products. They emphasized values such as supporting local businesses, reducing environmental impact, and ensuring freshness as key reasons for favoring New Zealand-grown products.

This emerging market opportunity aligns well with the values of conscientious consumers who are increasingly seeking products that are local, seasonal, ethically produced, and support animal wellbeing. The health benefits associated with almonds make them an attractive choice for health-conscious consumers. US Almond Market's potential entry into the almond market not only offers an exciting opportunity for local producers but also contributes to the global shift toward more conscious and sustainable consumer choices.

Cultivating almonds in regions suitable for their growth, New Zealand provides consumers with a sustainable and locally sourced alternative to imported almonds. Transparency regarding the country of origin and a commitment to ethical and sustainable practices are key factors that set New Zealand's almond industry on a path to thrive. This opportunity has the potential to benefit not only local producers but also the conscious consumers who prioritize quality, health, and sustainability, thus contributing to the global shift toward more responsible and eco-friendly consumption for the Almond Commodity Market.

Latest Advancement:

• On June 8, 2023, Almond processor Blue Diamond entered into a partnership with Brightseed to explore the untapped health potential of nonpareil California almonds. Through this collaboration, Brightseed's AI platform, Forager, analyzed Blue Diamond's whole-natural almonds, identifying 188 predicted bioactive compounds with the potential to impact areas of human health, such as mental wellness, metabolic health, and immunity. This research will inform Blue Diamond's health innovations and consumer education initiatives that connect almond consumption with specific health benefits.

Despite almonds being widely recognized as a nutrient-dense food associated with various health benefits, this partnership suggests there additional bioactive compounds in almonds that offer new avenues for improving human health. Consumer Insights at Blue Diamond emphasized the importance of bringing forward the health benefits of almonds in innovative ways to meet consumer demands for healthier lifestyles in a crowded marketplace of plant-based options. This collaboration aims to expand the scientific understanding of how almonds contribute to human health, exploring new areas previously unattributed to almond consumption and championing food and functional ingredients as powerful tools for proactive health.

• Blue Diamond Growers, a prominent almond grower cooperative, has secured $45 million in funding from the U.S. Department of Agriculture (USDA) as part of a substantial climate protection partnership initiative. The cooperative was among the 70 partners selected from 450 proposals submitted to the Partnerships for Climate-Smart Commodities program by USDA. As the leading perennial specialty crop in the United States, almonds hold significant value, and Blue Diamond Growers stands as the largest supplier of almonds from California, representing around 3,000 growers in California's Central Valley. The funding will be directed towards implementing climate-smart practices, including the expansion of cover crops, conservation plantings, hedgerows, and whole orchard recycling in the co-op's orchards. As a global consumer packaged Goods Company, Blue Diamond is uniquely positioned to connect climate-smart almond farms with consumer markets through branded almond products and international ingredient businesses, aligning with multinational brands committed to reducing their climate impact on almond market analysis.
Almond Market Scope: Inquire before buying



Almond Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
USD 9.49 Bn


Forecast Period 2024 to 2030 CAGR:
4.5%
Market Size in 2030:
USD 12.92 Bn


 Segments Covered:
By Type
Butte Almonds
Nonpareil Almond
Sweet Almond
Peerless Almond
Green Almond
Others


by Application
Almond powder
Almond Oil
Almond Milk
Chocolates
Almond Paste
Almond Flour
Cosmetic products


by Sales Channel
Online
Offline


by End User
Bakery
Pharmaceutical companies
Dairy
Home Kitchen
Hotel/Restaurants



Almond Market by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, and the Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Almond Market Key Players
1. California Almonds
2. Harris Family Enterprises
3. Ofi
4. Treehouse California Almonds
5. ALMONDCO AUSTRALIA
6. Jonny Almond Nut Company
7. Harris Woolf Almonds
8. Blue Diamond Growers
9. Waterford Nut Company
10. RPAC LLC
11. Big Tree Organic Farms
12. ROYAL NUT COMPANY
13. Wonderful Pistachios & Almonds LLC
14. Campos Brothers Farms
15. The Almond Tree Nut Company
16. Western Nut Company
17. South Valley Farms
18. Almond Ace
19. BAPU Almonds
20. Chico Nut Company
21. Select Harvests
22. Sran Family Orchards

Frequently Asked Questions:

1] What is the growth rate of the Global Almond market?
Ans. The Global Almond market is growing at a significant rate of 4.5 % during the forecast period.

2] Which region is expected to dominate the Global Almond market?
Ans. North America is expected to dominate the Global Almond market during the forecast period.

3] What is the expected Global Almond market in 2030?
Ans. The Global Almond market is expected to reach USD 12.92 Bn by 2030.

4] Which are the top players in the Global Almond market?
Ans. The major top players in the Global Almond market are Jonny Almond Nut Company, Harris Woolf Almonds, Blue Diamond Growers, Waterford Nut Company, RPAC LLC, and others.

5] What are the factors driving the Global Almond market?
Ans The factors driving the global almond market include increased awareness of their health benefits, rising demand for plant-based foods, and innovative product development such as almond-based snacks and beverages. Additionally, sustainability practices and eco-friendly sourcing are becoming essential, appealing to environmentally conscious consumers. The versatility of almonds in various culinary applications also contributes to their market growth.