The value of the global almond ingredients market is expected to almost double over the next six years, according to a new report from Markets and Markets.
The research firm estimated the market is valued at $9 billion this year, but it’s projected to reach $16.4 billion by 2025, representing a compound annual growth rate of 10.6 percent.
Markets and Markets cited several reasons for the growth, including the expanding snack food industry, companies rapidly launching almond-based products, associations and organizations promoting the almond ingredients industry, and technological advancements enabling the trade of raw material.
However, increasing raw material prices and tree-nut allergies among consumers act as constraints to the growth of the almond ingredients market.
The snack and snack bar segment is projected to be the largest market by 2024. Almonds are consumed as a snack globally due to their nutritional benefits. Additionally, consumers perceive them as a natural and healthy snack option.
In terms of form, the whole almonds segment is projected to be the largest market by 2024. Natural whole almonds are versatile and suitable for a variety of applications such as snacks, confectionery and bakery.
Europe accounted for 52 percent of the almond ingredients market in 2018. The prevalence of of almond-based snacks is expanding in the region due to the health benefits they offer.
The report also highlights key market players, including Archer Daniels Midland Company (U.S.), Olam International Limited (Singapore), Barry Callebaut Group (Switzerland), Blue Diamond Growers (U.S.) and John B. Sanfilippo & Son (U.S.), among others. These market players have undergone expansions, made acquisitions and launched new products in the last few years to meet the growing demand for almond ingredients.