The global almond ingredients market size is estimated to be valued at USD 10.2 billion in 2020. It is projected to reach USD 16.9 billion by 2025, recording a CAGR of 10.5% in terms of value. Numerous nutritional benefits offered by almond and almond ingredients, a rapid increase in almond-based product launches by key players in the food & beverage market, growing inclination of consumers toward plant-based and gluten-free products, and associations and organizations promoting the nut ingredient industry are the key factors projected to drive the growth of the almond ingredients market during the forecast period.
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Based on application, the almond ingredients market is dominated by the snacks segment. Almonds have numerous nutritional benefits, owing to which are they are majorly consumed as a snack worldwide. It avoids weight gain. Globally, consumers are inclining toward healthier and nutritious options free of pesticides, chemicals, and GMOs. Almond ingredients in snacks are ideal, as consumers consider them natural and healthy. The organic and natural snacks food category is experiencing significant growth in supermarkets around the world. Many key players in the food & beverage market are introducing new products to the market. These factors are driving the growth of the snacks segment in the almond ingredients market.
By type, the almond pieces segment is projected to witness the fastest growth in the almond ingredients market for the period forecasted. Almond pieces or chopped almonds intensify the flavor of food products, to which it is added. Almond pieces are available in various forms, such as halves, slices/flakes, and diced/chopped. Almond pieces help in adding crunch, texture, and nutrition to the products and are increasingly used in the preparation of health-based snack foods. The market for almond pieces is projected to witness a rapid growth across regions due to the development of the food processing industry and high consumption among the population. However, the market continues to witness significant growth in developed countries, such as the US and Germany, due to the high awareness pertaining to health-based foods products, along with an increase in the food processing sectors.
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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.