Almond Market: Shift in preference for healthy eating habits to boost the market growth

Global Almond Market size was valued at USD 9.60 Bn in 2022 and Almond market revenue is expected to reach USD 14.44 Bn by 2029, at a CAGR of 6% over the forecast period (2023-2029).
Almond Market Overview
Almond is a known source for several essential ingredients, which is witnessing an increasing demand given the shifting preference for healthy diet and the growing trend of veganism. The rising adoption of almond milk is expected to create opportunities for new market entrants to enter the Almond market. Growing demand for almonds in developed countries is expected to influence the market growth.



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Adoption of a healthy lifestyles and eating habits to boost the Almond Market growth

The demand for almonds as a healthy and nutritious snack has been increasing in recent years, driven by increasing awareness of the health benefits of almonds and growing interest in plant-based diets. Almond production is primarily concentrated in California, which accounts for around 80% of global almond production. Almonds are rich in protein, fiber, and healthy fats, and are often used as an ingredient in health foods and plant-based alternatives to dairy products. The use of almonds in applications, including confectionery, bakery products, and snacks is significantly contributing for the growth of Almond Industry. Adoption of a healthy lifestyles and eating habits by consumers to prevent diseases is expected to boost the market growth. Manufacturers are launching innovative and health oriented products, which consist of almonds as an ingredient and helps the business to grow.

Water scarcity and High price to restrain the Almond Market growth

Almond prices can be highly volatile, as they are influenced by a range of factors, such as supply and demand, weather conditions, and global trade policies. This can create uncertainty for growers, processors, and traders in the almond market and is expected to restraint the Almond Market growth. Almond production is water-intensive, and water scarcity in certain regions, such as California, can limit production and increase production costs. The water-intensive nature of almond production can also raise environmental concerns, as excessive water use can deplete aquifers and harm ecosystems.

The use of pesticides and fertilizers in almond production can have negative environmental impacts and certainly hampers the Almond Market growth. Almonds compete for land, water, and other resources with other crops, such as grapes, which can limit almond production in certain regions. Despite the health benefits of almonds, concerns have been raised about the environmental impact of almond production and the high calorie and fat content of almond-based products. Restrictions on trade, such as tariffs and quotas, can limit the export and import of almonds, which can impact prices and availability. The labor-intensive nature of almond production, including pruning, harvesting, and processing, is expected increase production costs and impact profitability.

Almond Market Challenges:

The demand for flavored almonds, such as honey-roasted or salted varieties, can impact the overall demand for almonds and their prices. Government policies and regulations, such as food safety regulations and agricultural subsidies, can impact almond production and prices. The rising cost of labor is the main challenge faced by almond growers. Almond grower is having a pressure to reduce labor costs and still maintain a high level of quality that is required for the crop.
Almond Market Regional Analysis
North American region dominated the Almond industry in 2022 and is expected to continue the dominance over the forecast period. North America is a significant player in the global Almond market, with the majority of the region's production concentrated in California. Almonds are a key agricultural commodity in California, with the state accounting for approximately 80% of the world's almond production and helps to boost the regional Almond Industry growth. The North American almond market has seen steady growth in recent years, driven by rising demand for almonds as a healthy and nutritious snack.

Almonds are rich in protein, fiber, and healthy fats, and are often used as an ingredient in health foods and plant-based alternatives to dairy products. In addition to being a popular snack, almonds are also used in a wide range of applications, including confectionery, bakery products, and snacks. The growing popularity of almond milk as a dairy alternative has also driven demand for almonds in recent years. However, the North American almond market also faces several challenges.

Water scarcity is a significant concern in California, where almond production is water-intensive, and the state has faced several droughts in recent years. In addition, trade tensions between the US and China have impacted the export of almonds to China, which is a significant market for North American almond growers. Despite these challenges, the North American almond market is expected to continue to grow in the coming years, driven by increasing consumer demand for healthy and plant-based foods.

The Asia Pacific almond market has seen significant growth in recent years, driven by increasing demand for healthy and nutritious food products, as well as the rising popularity of plant-based diets. Almonds are considered to be a super food due to their high nutritional content, which includes healthy fats, protein, fiber, vitamins, and minerals.

China is the largest consumer of almonds in the Asia Pacific region, with a growing middle class that is increasingly interested in health and wellness products. India is also a significant market for almonds, driven by a large and growing population and increasing disposable income. Other countries in the Asia Pacific region, including Japan, South Korea, and Australia, are also important markets for almonds. The Asia Pacific almond market faces some challenges, including the availability of water for almond production and trade tensions between some countries in the region.

The high cost of almonds compared to other nuts can make them less accessible to some consumers, which may restrain the regional Almond Market growth. The Asia Pacific almond market is expected to grow due to increasing consumer awareness of the health benefits of almonds, as well as the growing demand for plant-based foods. The rising popularity of almond milk as a dairy alternative is also expected to drive demand for almonds in the Asia Pacific region.

Australia takes the lead from the US in the Chinese market and increased exports of almonds by 37%. The rapid growth is driven by growth in exports to China by 90% to almost USD 100 Mn. China holds 83% of Australia’s almond exports.

The Europe almond market is an important player in the global almond market, with Spain, Italy, and Greece being the main producers of almonds in the region. To being a key producer, Europe is a significant consumer of almonds, with a growing interest in healthy and plant-based foods driving demand. Almonds are a popular snack in Europe, and are also used in a wide range of applications, including confectionery, bakery products, and snacks. The use of almond flour and almond milk as ingredients in gluten-free and plant-based products has also driven demand for almonds in Europe in recent years. The use of almonds in a wide range of applications, including gluten-free and plant-based products, is expected to drive demand for almonds in Europe.

Almond Market Competitive Landscape

The Almond industry is highly competitive, with various opportunities for new market entrants to a continuous shift in consumer preference towards a healthy lifestyle. Application of Almond in various industries presents a lucrative opportunity for almond producers in various parts of the globe. The increase in buying immunity boosters and healthy products including almonds resulted in the disruption of equilibrium prices as the demand exceeds supply and resulted in the increase in prices of almonds. Beside this factors such as territorial market size, competition intensity, capacity and local infrastructure influence the value chain of the product. Almond companies are directly involved in retail activity and are investing in e-commerce to gain benefits from the market.

Prominent Almond key players are California Almonds, Harris Family Enterprises, Ofi, Treehouse California Almonds, ALMONDCO AUSTRALIA, and Jonny Almond Nut Company. The number of Almond key players is huge and is growing with the increasing opportunity to generate significant revenue due to the growing demand for Almonds from various parts of the world. The key players in the market are implementing growth strategies for marketing and online discount schemes to gain a competitive advantage in the market. The strategies adopted by the major player, such as expansion of product portfolio, mergers & acquisitions, geographical expansion, and collaborations, to enhance the Almond market penetration.

Simple Mills, Cappello's, and Daily Harvest - entered into joint partnerships in 2022 to develop a sustainable almond farming 'The Almond Project'. The multi-year project is a farmer-led initiative to adopt and assess regenerative soil practices on California almond farms.
Almond Market Segment Analysis
Based on Type, the California Almond segment held the largest Almond market share and is expected to dominate the market over the forecast period. Based on type market is segmented into Butte Almonds, Nonpareil Almond, Sweet Almond, Peerless Almond, Green Almond, Fritz Almond, Sonara Almond, Ferradual Almond, Molar Almond, California Almond, Mamra Almond, Gurbandi Almond, and Monterey Almond. California Almond is the powerhouse of nutrients, and an excellent source of healthy fats, fibre protein, and vitamin E, which are effective in lowering blood pressure, diabetes, and cholesterol. 90 nations import California almonds from all over the globe. California almonds are mass-produced and processed, which makes them less expensive. California almond improves Heart Health and helps in weight loss.



Based on End Use Industry, the market is segmented into Bakery, Pharmaceutical companies, Dairy, Home kitchens, and Hotel/Restaurants. The bakery segment dominated the market in 2022 and is expected to continue the dominance over the forecast period. Almond is the basic ingredient of marzipan and many other pastry and confectionery products in the bakery. Almond flour is replaced with wheat flour to bake the products. Almonds are used as a thickener for sauces and for making almond butter.
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Almond Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 9.60 Bn


Forecast Period 2023 to 2029 CAGR:
6%
Market Size in 2029:
USD 14.44 Bn


 Segments Covered:
By Type
1.Butte Almonds
2.Nonpareil Almond
3.Sweet Almond
4.Peerless Almond
5.Green Almond
6. Fritz Almond
7.Sonara Almond
8. Ferradual Almond
9.Molar Almond
10.California Almond
11.Mamra Almond
12.Gurbandi Almond
13.Monterey Almond


by Application
1.Almond powder
2.Almond Oil
3.Almond Milk
4.Chocolates
5.Crème
6.Almond Paste
7.Almond Flour
8.Almond Butter
9.Cosmetic products


by Sales Channel
1.Online
2.Offline


by End Use Industry
1.Bakery
2.Pharmaceutical companies
3.Dairy
4.Home kitchen
5.Hotel/Restaurants



Almond Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Almond key players include
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 6% over the forecast period.

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

3] What is the expected Global Almond Market size by 2029?
Ans. The market size of the Almond Market is expected to reach USD 14.44 Bn by 2029.

4] Who are the top players in the Global Almond Industry?
Ans. The major key players in the Global Almond Market are California Almonds, Harris Family Enterprises, Ofi, Treehouse California Almonds, and ALMONDCO AUSTRALIA.

5] Which factors are expected to drive the Global Almond Market growth by 2029?
Ans. Demand for almonds as a healthy and nutritious snack is expected to drive the Almond Market growth over the forecast period (2023-2029).