Almond Products Market Overview
Almonds are commonly known nuts. It consists of kernel, middle shell, outer green shell cover and seed coat. The nutritionally essential part is kernel. They are very important in diet owing to their nutritional benefits like it has very low amounts of cholesterol and sodium and is a good source of riboflavin, iron, zinc manganese, and magnesium.
Growing health consciousness in developed as well as emerging economies population, consumers demanding natural based products like products containing nuts like almonds. They are looking for tasty snack options, simultaneously demanding a healthy and nutritious snack that has a touch of indulgence. Rising concern with regards to traditional milk and its products consumption is another driver, inducing manufacturers to produce natural milk substitute like soy milk, almond milk, rice milk, etc. With increasing consumer demand for innovative food products, regions like Europe and North America are leading the product innovation in the area of almond product market. With growing concerns regarding cosmetics and personal care product ingredients consumers are shifting towards natural based products. And thus almond products like almond oil are in demand. Taking into account health benefits, anti-inflammatory and nutritional as well as medicinal properties of almonds, they are attracting cosmetic, personal care, food supplements, infant formulae and pharmaceutical market players too. With rising market demand for natural based food, cosmetics, personal care and pharmaceutical products, almond has got considerable market demand worldwide as it suits in almost every demanding products with its novel properties.
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Almond Products Market Segmentation
Almond product market can be categorized on the basis of its applications and forms. By applications the market is categorized into beverages, snacks, personal care and cosmetics, bakery and confectionary, pharmaceutical and others. Almond is the second most popular nut in snacks market. It is used as raw or roasted and seasoned snack worldwide. In bakery and confectionary market category almond is the top most popular nut used in products like cakes, cookies, etc. They are traditionally used in making chocolate bars, candies etc. Moreover, almonds coated with chocolates have high demand by chocolate lovers. In beverage market category, with rising health concerns regarding the consumption of traditional milk and milk based products, Almond milk has gained major market share as a substitute to traditional milk. Taking into account high skin care and anti-inflammatory properties of Almonds, Almond oil and extract is utilized exclusively in cosmetics and personal care products and has high market demand from the industry. Almond oil and extracts are utilized in products like body oils, creams and lotions, hair oils, treatments of skin allergies etc. Taking into account its health benefits for immune system, heart, brain, and cancer prevention ability, almond extract’s and oil’s market demand is increasing in pharmaceutical products. By forms the market is segmented into raw nuts, liquid and powder. As raw nuts almonds are used by almost half of world population, once a month. Liquid almond products are further categorized as oil, milk and others. Oil is primarily used for cosmetics and medicinal purpose and in traces for cooking. Almond milk is gaining popularity as alternative traditional milk and in vegan diet globally. Products like almond based yogurt, butter etc. falls under others almond products market sub-segment. Powdered almond, and almond flour are utilized in dietary supplements, in bakery preparations, infant formulae etc.
By geography the market is segmented into Europe, Asia Pacific, Latin America, North America, and Middle East and Africa. North America market is major manufacturer of almonds, commanding 68% of total almond production worldwide. Europe region leads as the almond product market with nearly half of shares of new products introduction worldwide. It accounts for more than half of almond confectionary new product introductions worldwide, along with leading in private label start-ups with major share worldwide. Asia Pacific, and Middle East and Africa regions command considerable shares in almond production and almond based products market. China is major exporter of almonds in Asia Pacific Markets.
The major companies dominating this market for its products and services are
- Russell Stover Candies
- Red Mill
- Blue Diamond Almonds
- Kanegrade Limited
- Kerry Group
- The Hershey Company
- The Good Snack Co. Sahale snaks
- Olam Internationls
Key Developments in the Market
- June 22, 2018: India, the world’s biggest buyer of US almonds, raised import duties on the nut by 20 percent, a government order said, joining the European Union and China in retaliating against President Donald Trump’s tariff hikes on steel and aluminum.
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