(Food-Beverage-News.Com, December 15, 2020 ) According to MarketsandMarkets, the almond ingredients market size is estimated to be valued at USD 10.2billion in 2020 and is projected to reach USD 16.9billion by 2025, recording a CAGR of 10.5% in terms of value. Numerous nutritional benefits offered by almond and almond ingredients, rapid increase in almond-based product launches by key players in the food & beverage market, growing inclination of consumers toward plant-based and gluten-free products and associations and organizations promoting the nut ingredient industry are the key factors projected to drive the growth of the almond ingredients market during the forecast period.
The growth of almond ingredients industry is majorly driven by product innovations in the food & beverage industry, as seen in dairy products, snacks & bars, confectionery, cereals, and desserts. This growth is compounded by the increasing health consciousness among consumers, in terms of gaining more awareness about cardiovascular diseases, obesity, and diabetes. This rising awareness compels the food & beverage industry to develop healthy varieties of products using natural nut ingredients, such as almonds, cashews, walnuts, and hazelnuts. The rising disposable income levels also lead to greater purchasing of premium offerings. The positioning of almond ingredients as healthier alternatives to traditional snacks in the market fuels its consumption resulting in growth opportunities for the almond ingredients market. The increasing inclination of consumers toward vegan diets and healthy lifestyles and the rising adoption of a dairy-free diet owing to the increasing incidences of allergies from milk or milk-based products and lactose intolerance lead to the increasing popularity of almond milk as substitutes for milk and milk products.
On the basis of type, whole almonds segment dominated the global almond ingredients market in 2019. Whole almonds are used in two different forms, which are blanched and natural. Blanched whole almonds are majorly used in various confectionery and bakery applications, as well as for garnishing various desserts. Whole natural almonds are consumed as snacks in flavored and roasted forms. Whole natural or blanched almonds also find applications in confectioneries for producing embedded or enrobed chocolates. In some countries, whole almonds are given as gifts on various occasions. The major factors impacting the growth of the almonds market in recent years include the constantly evolving economic standards across the world and the increase in the inclination of consumers toward healthier food products. Due to the numerous health benefits, almonds are often considered as a healthy snack. Roasting whole almonds at low temperatures allow the heat to penetrate without scorching, which provides more crispiness and increased intense flavor. Frying almonds decrease the vitamin B count in them and eliminate the harmful acrylamide.
The snacks segment dominated the global almond ingredients market, based on application, in 2019. Almonds have numerous nutritional benefits, owing to which are they are majorly consumed as a snack worldwide. It avoids weight gain. Globally, consumers are inclining toward healthier and nutritious options free of pesticides, chemicals, and GMOs. Almond ingredients in snacks are ideal, as consumers consider them natural and healthy. The organic and natural snacks food category is experiencing significant growth in supermarkets around the world. Many key players in the food & beverage market are introducing new products to the market. These factors are driving the growth of snacks segment in almond ingredients market.
The Europe region is projected to dominate the almond ingredients market during the forecast period. The rise in awareness pertaining to the nutritive compounds in almonds and the benefits offered by it is increasing among consumers over the past few years, which has led manufacturers to invest significantly in the almond ingredients market. Consumers in this region are witnessing a high demand for natural and low-sugar ingredients and food products, resulting in a surge in almond consumption in the region. As high-fat products are responsible for the occurrence of chronic illnesses, such as obesity and diabetes, food & beverage manufacturers are now focusing on undertaking innovations in the production of various low-fat fortified foods to cater to consumer demands for healthy food & beverage products.