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The global almond market is flourishing, driven by a growing appreciation for the nut’s health benefits and versatility. Almonds are known to be a powerhouse of nutrients, rich in healthy fats, protein, fiber, vitamins, and minerals. According to the California Almonds Board, almonds contain 6g of plant-based protein, 13g of healthy fats, 4g of fiber, and vitamin E, which play an essential role in a healthy diet. The growing consumer awareness of health benefits, particularly for heart health and blood sugar control, is driving consumer demand.
The almond industry is constantly innovating, expanding beyong traditional whole almonds. The rise of convenient and delicious products, such as almond flour, almond milk, and almond butter, caters to diverse dietary needs and preferences. Such product innovation broadens the market reach and attracts a new consumer base. Moreover, as global disposable incomes rise, consumers are more willing to spend on premium and healthy food options. Almonds often fall into this category, perceived as a nutritious and delicious snack, further propelling its demand in the market.
The report covers the following key insights:
By Form | By Nature | By End-User | By Geography |
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By form, the market is divided into whole, sliced, and others. The whole segment is anticipated to hold a major share of the global market in the coming years. Whole almonds offer versatility in usage. They can be enjoyed as a healthy snack or used in baking and cooking. Whole almonds are a popular inclusion in candies, such as toffee, brittles and marzipan. They add a delightful textural contrast to the chewy or creamy candy base. Manufacturers are also coming up with innovative launches to meet the rising demand. For instance, in June 2023, Blue Diamond Growers, an agricultural cooperative and marketing organization that specializes in California almonds, launched a new snack nut product line called Thin Dipped Almonds. The new product is available in two flavors: double dark chocolate and dark chocolate sea salt caramel.
The sliced segment is expected to grow considerably over the forecast period. Sliced almonds offer greater convenience and eliminate the prep work required for chopping or slicing whole almonds, making a time-saving option for busy consumers.
By nature, the market is segregated into organic and conventional. The conventional segment is anticipated to hold a major share of the global market over the forecast period. The vast majority of almonds globally are cultivated using conventional farming practices. These methods have been well-established for decades and are supported by extensive infrastructure and expertise. Moreover, conventional farming practices typically involve lower production costs compared to organic ones. This keeps the price of conventionally grown almonds more competitive in the market.
The organic segment is projected to grow at a high CAGR over the forecast period. Consumers are increasingly health-conscious and prioritize organic food options, leading to a growing demand for organic almonds, perceived as being free from synthetic pesticides and fertilizers.
By end-user, the market is divided into direct consumption and food processing. The food processing segment is expected to hold a major share of the global market over the projected period. Processed almond products, such as almond flour, almond butter, and almond milk, offer convenience for consumers. They are readily available eliminating the need for shelling and preparation, making it easier to incorporate almonds into daily diets. Processed almond products cater to various dietary needs and preferences. Almond flour is a popular choice for gluten-free baking, while almond milk provides a lactose-free and plant-based alternative to dairy milk.
The direct consumption segment is expected to grow significantly over the forecast period. The growing trend of mindful eating practices emphasizes consuming whole, unprocessed foods. Whole almonds fit well into this trend as they require no preparation and offer a satisfying snacking experience.
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The global market is geographically segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America is expected to account for the largest global almond market share due to the growing consumption of processed food and convenience foods in the region. North America has a well-established market for almonds, with the U.S. being the world’s leading producer of almonds. According to the Food and Agriculture Organization (FAO), in 2022, the U.S. produced 18,58,010 tons of almonds. Moreover, the rising trend of health consciousness in North America fuels the demand for almonds in the region.
Europe is anticipated to expand with a significant growth rate owing to the growing trend toward “clean label” products, further fueling the demand for natural almond and almond products. The growth in the region is likely to be driven by evolving consumer preferences for healthy and natural ingredients and strict regulations ensuring food safety and quality.
The report includes the profiles of key players, such as Blue Diamond Growers, Wonderful Pistachios & Almonds, Panoche Creek Packing, Spycher Brothers, Select Harvest, Mariani Nut Company, Waterford Nut Co, Treehouse, Belehris Estates, California Gold Almonds, Harris Family Enterprises, D.V.Enterprise, and Harris Woolf California Almonds.
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