The global almond ingredients market is likely to gain momentum from their increasing application in a wide range of sectors. Almonds are mainly utilized in ready-to-eat cereals, bakery, and snacks. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Almond Ingredients Market Size, Share & Industry Analysis, By Type (Whole Almonds, Almond Pieces, Almond Flour, Almond Oil, Almond Milk), By Application (Bakery & Confectionary, Snacks & Bars, Dairy Products, Milk Substitutes, Nut & Seed Butters, Others) Others and Regional Forecast, 2019-2026.” The report further states that owing to their broad application spectrum, as well as various health benefits, the popularity of almonds is surging day by day amongst the masses worldwide. Numerous manufacturers across the globe are getting inspired to equip their products with almond ingredients as they bode well with the varying demand for flavours and tastes.
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This Report Answers the Following Questions:
- How will the market be affected in the near future?
- What are the market growth drivers, trends, and hindrances?
- Which region would lead the market in terms of revenue?
- Which crucial strategies are being followed by companies to intensify competition?
- What are the challenges and opportunities that market would come across?
Drivers & Restraints-
Increasing Demand from Cosmetics & Personal Care Industry to Boost Growth
Nowadays, almond ingredients are often used as dairy-alternatives. It is resulting in the rising demand for such ingredients from the consumers living with lactose-intolerance. In addition to that, the consumption of almonds on a regular basis helps in regulating blood sugar levels, increasing vitamin E, and reducing cholesterol levels. There is also a trend of consuming plant-based proteins. It is leading to the increasing sales of almond ingredients, especially in the developing nations. In the cosmetics and personal care industry, these ingredients are used to manufacture makeup.
Furthermore, the trend of consuming nutritious, healthy food and beverages in terms of snacks is rising worldwide. Hence, almond ingredients are being used to produce yoghurt, gluten-free baked products, spreads, milkshakes, and others. The governments of various countries are taking initiatives to conduct research and development activities, which, in turn, are accelerating the production of almonds to fulfil the unmet demand. The Almond Board of California, for instance, invested approximately USD 6 million in conducting 85 research projects to discover state-of-the-art almond farming techniques. However, the fluctuating prices of almond are anticipated to hamper the almond ingredients market growth in the coming years.
Almond Flour Segment to Exhibit High Growth Backed by its Usage in Several Products
In terms of type, the market is segregated into almond milk, almond oil, almond flour, almond pieces, and whole almond. Out of these, the almond flour segment is set to exhibit an astonishing growth by acquiring the largest almond ingredients market share. This growth is attributable to its higher demand as it is used to formulate a wide range of products. Also, the demand for gluten-free almond flour is increasing as it is used to make a variety of products, such as crackers, cookies, cakes, sauces, soups, and baking mixes. Many industry giants are expanding their almond processing facilities to meet the rising need for fine almond ingredients.
High Demand for Healthier, Clean-label Snacks to Favor Growth in Europe
Geographically, the market is divided into the Middle East and Africa, Europe, North America, Latin America, and Europe. Amongst these, Europe is projected to showcase robust growth in the coming years owing to the rising demand for healthier and clean-label snacks from the masses. It is set to increase the sales of almond ingredients in the processed food industry.
North America is expected to show steady growth throughout the forecast period fueled by the high demand for almond ingredients from several segments, such as snacks, confectionery, and bakery. Additionally, the increasing popularity of almond-based dairy-alternatives would contribute to the market growth in this region.
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Key Players Focus on Launching New Products to Gain Competitive Edge
Major companies present in the market are striving persistently to keep up with the latest trends. They are either conducting research and development activities to launch new products or are joining hands with other reputed enterprises to widen their product portfolio and reach. Below are two of the industry developments:
- July 2018: Blue Diamond Almonds Global Ingredients Division unveiled its latest almond protein powder. This new powder would aid the company in entering into the functional ingredients segment. The powder is considered to be a great source of copper, manganese, potassium, phosphorous, calcium, magnesium, and fiber.
- June 2015: The Barry Callebaut Group acquired the manufacturing equipment, recipes, brand, and consumer portfolio from American Almond Products Co., Inc., a prominent nut products manufacturer. It would help the former in broadening its portfolio of nut-based/specialty products for its industrial and Gourmet business.
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