The global almond ingredients market size is estimated to be valued at USD 10.2 billion in 2020 and projected to reach USD 16.9 billion by 2025, recording a CAGR of 10.5% during the forecast period. The global almond ingredients industry has witnessed growing trends in the past years. The growth of this 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.
Key players in this market include ADM (US), Olam International Limited (Singapore), Barry Callebaut (Switzerland), Blue Diamond Growers (US), John B. Sanfilippo & Son (US) , Kanegrade (UK), Borges Agricultural & Industrial Nuts (Netherlands), Savencia SA (France), The Wonderful Company (US), and Harris Woolf California Almonds (US).
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The bars segment is expected to experience the fastest growth in the global almond ingredients market, on the basis of type, in 2019. The majority of consumers are inclining toward the bar category as a convenience health befitting food product. The bars segment has experienced a significant amount of growth in the past few years. According to the Almond Board of California, snack and cereal bar launches have witnessed a growth of more than 80% over the last five years. There is more scope for innovation, as bars are currently consumed by 53% of adults, and breakfast bars or granola bars alone are eaten by 46% of consumers. Moreover, consumers consider almonds as the most desired ingredient, as almonds make a bar crunchier in texture and provide numerous nutrients, and improves taste.
The Asia Pacific region is projected to record a higher growth rate during the forecast period. The almond ingredients industry in the Asia Pacific region is growing due to the change in the lifestyle of customers and the increase in disposable income. According to the World Bank, it is the fastest-growing economy in the world. The market in this region is witnessing a dramatic transformation regarding diet diversification, rapid urbanization, and liberal trade policies in the food sector. Furthermore, a rise in consumer awareness about health issues, an increase in inclination of consumers toward health-benefiting food products, a surge in income and purchasing power, and rapid growth of the middle-class population are the major factors offering growth opportunities for almond ingredient manufacturers in the market in the region.