Almond Kernels Market size to grow by USD 3.17 billion during 2023-2027, North America to occupy 33% market share, Technavio

NEW YORK, April 1, 2024 /PRNewswire/ -- The almond kernels market is set to grow by USD 3.17 billion from 2023 to 2027 progressing at a CAGR of 7.04% during the forecast period. North America is estimated to contribute 33% to the growth of the global market during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. Growing awareness of the health benefits is driving the global market. Consumers are increasingly recognizing the nutritional value of almond kernels, which are rich in fiber, protein, vitamins, and minerals. These kernels are also packed with antioxidants and contribute to higher vitamin E levels in red blood cells. As demand for almond kernels rises due to these health benefits, the global market is expected to experience growth in the forecast period.

Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and forecast period (2023-2027).

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The report on the almond kernels market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

Market Dynamics

The increasing awareness about the health benefits is the key driver for the global market:

Growing awareness of the health benefits is fueling the global market. Consumers increasingly recognize the nutritional richness of almond kernels, packed with fiber, protein, vitamins, and minerals. With significant antioxidant content and the ability to boost vitamin E levels in red blood cells, almond kernels are in high demand. This demand is expected to drive global market growth in the forecast period.

• The rising trend of online distribution platforms is the primary trend in the global almond ingredients market.
• Stringent government regulations on supplying is the primary challenge for the global market.

Market Segmentation

The almond kernels market analysis includes Distribution Channel, Application and geography landscape. This study identifies the The Almond Market is experiencing significant growth in the e-commerce sector, with online platforms offering convenience, time savings, and fast delivery. In-home baking and food service outlets drive demand for almond kernels, which are low-fat, high-protein, cholesterol-free, and rich in Vitamin E. The lactose-intolerant population and plant-based milk consumers, particularly those seeking almond milk, contribute to market expansion. Manufacturers sell directly to consumers via their websites, joining major online retailers like Amazon, Walmart, Alibaba, and Bigbasket. Market trends include the use of nut flour and wheat flour in gluten-free products, as well as the increasing popularity of natural, additive-free almond kernels. As one of the prime reasons driving the almond kernels market growth during the next few years.

• The food and beverage segment dominates the global market with a significant share in 2022, offering products like almond flour, milk, butter, and biscuits. Innovations such as using almonds in salads and pickling green almonds present growth opportunities. Increased consumer demand for nutrient-rich foods and busy lifestyles contribute to the rising popularity of almond ingredients, driving growth in this segment during the forecast period.
• The offline segment, particularly supermarkets and hypermarkets, is set to grow significantly, driven by quality assurance measures and expanding sales channels in regions like India and China. In North America, factors such as health benefits and advanced technology contribute to increased almond kernel production, fueling market growth.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters

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Companies Mentioned

• Almond Board of California
• Bapu Farming Co. Inc.
• Belehris Estates
• Blue Diamond Growers
• Chico Nut Co.
• Harris Family Enterprises
• Hilltop Ranch Inc.
• Hormel Foods Corp.
• Olam Group Ltd.
• Orchard Valley
• Retaj Agro Farms
• RPAC LLC
• Select Harvests Ltd.
• South Valley Farms
• Sran Family Orchards
• Steward and Jasper Orchards
• The Wonderful Co. LLC
• Treehouse California Almonds LLC
• Valley Harvest Nut Co.
• Western Nut Co. Inc.

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• Harris Family Enterprises: The company offers almond kernels under the division The Almond Company.
• Bapu Farming Co. Inc.: The company offers almond kernels under the section Bapu Almonds.
• Chico Nut Co.: The company offers almond kernels such as Nonpareil, Carmel, and Price.

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Analyst Review:

The Almond Kernels Market is witnessing significant growth, as indicated by comprehensive reports covering various aspects of the industry. Production, consumption, export, and import analyses provide valuable insights into market dynamics. Price trend analyses, measured by volume (metric ton) and value (USD thousand), further contribute to understanding market fluctuations.

The Almond Market Analysis reveals a growing demand for almond kernels, which are utilized in various manufactured goods such as cereal and granola bars, snacks, and gluten-free products. The trend towards healthy snacking options, driven by epidemiological studies linking almond consumption to reduced cardiovascular disease risk, has fueled market expansion.

Key players like PepsiCo and Hilo Life are capitalizing on the demand for healthy snacks, with a focus on low-carb offerings and defatted almond flour. This resonates with the preferences of vegans and health-conscious consumers, particularly in regions like the United States, where the almond market is thriving due to favorable climate conditions and advanced agricultural practices.

Innovations in almond-based products, such as limited-edition flavors like Snickerdoodle and Peppermint Cocoa, cater to evolving consumer tastes, including those following keto-friendly diets. Additionally, advancements in processing and packaging equipment ensure the quality and freshness of almonds, meeting the demands of gourmet restaurants and the rising vegan population.

The Almond Industry Segmentation highlights the versatility of almonds, with the edible part comprising the seed within the drupe fruit. Beyond human consumption, almonds find applications in livestock feed, bedding, and various other products. As the demand for healthy and sustainable food options continues to rise, the almond kernels market is poised for further growth and innovation.

Market Overview:

The Almond Kernels Market Report provides a comprehensive analysis of various key aspects influencing the industry. Production, consumption, export, and import analyses offer insights into the global almond market's dynamics. Price trend analysis indicates fluctuations and trends affecting market size and value. Almond consumption trends reflect increasing demand for healthy snack options, driven by factors such as dietary patterns, disposable income, and the gluten-free market. Almonds, classified as tree nuts, are favored for their nutritional benefits, including their role in combating coronary heart diseases. Business expansion strategies in the almond market include catering to the growing demand for on-the-go healthy snacking options. Brands like Brightseed and Good Good offer innovative products such as Snickerdoodle Flavored Almonds and Krunchy Keto Bar to meet consumer preferences. The almond market also sees significant usage in various food segments, including cereal and granola bars, snacks, in-home baking, and plant-based milk like almond milk. These products appeal to health-conscious consumers seeking low-fat, high-protein, and cholesterol-free alternatives rich in vitamin E.

North America, particularly the United States, dominates almond production due to its favorable climate and advanced processing equipment. Almonds are widely used in gourmet restaurants and cater to the vegan and gluten-free population. California almonds, produced by industry giants like Blue Diamond, hold a prominent market share. The almond industry segmentation includes the edible part, seed, drupe, fruit, and applications in livestock feed and bedding. Future market forecasts anticipate sustained growth in almond consumption, driven by evolving dietary preferences and the popularity of healthy snacking options.

Related Reports:

• The dairy alternatives market size is estimated to grow by USD 18,494.25 million between 2022 and 2027. The market size is forecast to increase at a CAGR of 10.85%.
• The Soy and Milk Protein Ingredients Market size is projected to increase by USD 6,850.31 million and the market size is estimated to grow at a CAGR of 4.89% between 2022 and 2027.

Key Topics Covered:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio

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