(Food-Beverage-News.Com, March 16, 2020 ) Almond ingredients are the processed forms of raw almond nuts, such as roasted chopped, sliced, blanched, pastes, pralines, oil, and flour, which are suitably used in various end-products such as culinary ingredients in confectionery, snacks & bars, bakery products, dairy products, desserts, cereal, and beverages. The growth of this market is attributed to the growing snack food industry, inclusions of health-based ingredients, companies rapidly launching almond-based products, associations and organizations promoting almond ingredients industry, and technological advancements enabling the trade of raw material. However, the soaring prices of raw materials and instances of allergies toward tree nuts constrain the growth of the almond ingredients market.
The global market for almond ingredients is projected to reach USD 16.9 billion by 2025, at a CAGR of 10.5%
The global almond ingredients industry has witnessed strong growth trends in the last five years. The increasing health concerns and health issues such as obesity, cardiovascular diseases, and diabetes are compelling the food & beverage industry to develop healthy varieties of food & beverage products using natural nut ingredients such as almonds, walnuts, cashews, and hazelnuts. The growth of the almond ingredient industry is driven by product innovations in industries such as snacks & bars, dairy products, cereal desserts, confectionery; the rising health consciousness among consumers; and the rising disposable income levels, which are leading to greater purchasing of premium offerings.
Growing application areas and technological advancements in the development of new raw material sources to aid growth
The almond ingredients sector has growth opportunities, as their current consumption is increasing by positioning almond ingredients as healthier alternatives to traditional snacks. Existing buyers prefer almond and almond ingredients as an alternative to sweets and snacks. Factors such as high fluctuations in prices and supply of almond and almond ingredient products continue to limit growth opportunities in the sector. Almond milk is gaining popularity as substitutes for milk and milk products. Consumers are adopting a dairy-free diet due to the increasing incidences of lactose-intolerance, allergies from milk or milk-based products, and a shift in consumer preference toward vegan diets & a healthy lifestyle. However, the high cost and unavailability of raw materials are some restraining factors in this market.
The whole almonds segment dominates the type segment of the almond ingredients market
The type segment of the almond ingredients market was dominated by the whole almonds segment, which accounts for a major share in 2019. Whole almonds are used in two different forms—natural and blanched. Natural whole almonds are very versatile and suitable for various applications such as snacks, confectionery, and bakery. Whole natural almonds are consumed as snacks in the roasted and flavored forms. Whole natural or blanched almonds are also used in confectionery to make embedded or enrobed chocolates. Blanched whole almonds are preferred in various confectionery and bakery applications, as well as to garnish various desserts.
The fastest-growing type in almond ingredients includes almond pieces, which witnessed the fastest growth in the type segment. Almond pieces or chopped almonds are considered nutritious and intensify the flavor of the food product to which they are added. Almond pieces are available in various forms, such as slices/flakes, halves, and diced/chopped. Almond pieces add texture, crunch, and nutrition to the products and are highly used in the preparation of health-based snack foods. Sliced almonds are used as topping for salads, ingredients in cereals, coating for savory products, and garnishing for desserts & baked goods.
The US accounted for the largest share in the global market in 2018, followed by Europe, which was the second-largest region for almond ingredients in the same year. The rise in demand for high nutritious food and a significant population with a high obesity rate has been some of the leading reasons behind the growth of this market over the past several years. Currently, the market is majorly being driven by the rising health-based snack products among North American consumers, along with the increasing demand for low-calorie and low-fat food & beverage products.
The Asia Pacific region is the fastest-growing market in the global almond ingredients market. Industry participants in the region are instrumental in fueling the almond ingredients market growth in this region. Expansion and investment activities undertaken by these companies in the Asia Pacific region are projected to drive the Asian almond ingredients market. The region is witnessing a growing trend in the usage of almond-based snacks due to the health benefits they offer. The rise in demand for high nutritious food and the concerns of a significant population with a high obesity rate have been some of the leading reasons behind the growth of this market over the past several years. The rising demand for natural and low-sugar ingredients in the region is also driving the almond ingredients market.
Conclusion
The global market for almond ingredients witnessed rapid growth in 2018. North America dominated the market for almond ingredients, by volume, followed by Europe and Asia Pacific. This market was majorly driven by the rising health & wellness trends, focus on preventive health care, and the launch of innovative healthier products with almond ingredients. The Asia Pacific region is projected to be the fastest-growing market for almond ingredients. Almonds are high-value agricultural products predominately consumed by European, North American, and the Asia Pacific consumers. In developed countries, the largest consumers of almond ingredients are the confectionery, baking, dairy, and prepared food industries, which, on average, account for half of the entire consumption. In developing countries, almonds are predominately consumed in a more natural state and sold as a snack food.
