Almond Ingredients Market Projected to Witness a Double-Digit CAGR During 2029
Global Almond Ingredients Market – Overview
The increasing almond-based product launches by key players in the food & beverage market drives the growth of almond ingredients market. Other factors driving the demand for the almond ingredients include growing inclination of consumers toward plant-based and gluten-free products and associations and organizations promoting the almond ingredients industry.
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Global Almond Ingredients Market – Notable Developments
Some of the key developments in the global almond ingredients market are given below:
- In December 2019, Olam International Limited (Singapore) acquired Hughson Nut (California). This helped the company in expanding its almond ingredients capacity and meeting the growing demand from customers in and outside the US.
- In February 2019, Blue Diamond Growers signed a multi‐year licensing partnership agreement with Grupo LAlA (Mexico), a leading healthy and nutritious food company. This agreement would help the company sell and distribute its almond milk/beverage, “Almond Breeze,” in Mexico.
Global Almond Ingredients Market – Drivers and Restraints
There are multiple factors that are projected to drive the growth of the global almond ingredients market. One of the key driving factor for the market growth has been the growing demand for nutritious and healthy food by the end users. Rising cases of obesity and other physiological problems is pushing people to eat more healthy food. This is thus expected to work in favor of the development of the global almond ingredients market.
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Another important factor that is projected to drive the growth of the global market has been the constantly emerging new and better products in the market. The companies in the market are using attractive packaging and other aggressive marketing strategies to attract more number of people. Moreover, they are promoting health and well-being benefits of their products attracting more consumers. All these factors are thus projected to help the overall development of the global almond ingredients market.
However, there are some factors that are projected to impede the growth of the global market in the coming years of the forecast period. One of the key restraining factor for the market growth is the unstable prices of raw materials.
Global Almond Ingredients Market – Geographical Outlook
Based on the geographical outlook, the global almond ingredients market is divided into five key regions. These regions are Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the global market for almond ingredients is expected to be dominated by the regional segment of Asia Pacific in the coming years of the forecast period ranging from 2019 to 2027. The growth of the market can be mainly attributed to the changing and evolving lifestyles of consumers and rising disposable incomes. As per the reports published by the World Bank, the Asia Pacific region is home to some of the fastest growing economies in the world. The region is witnessing a dramatic transformation in terms of diet transformation, liberal trade policies, and rapid urbanization in the food industry. In addition to this, increasing awareness among consumers about their health, and rising preference towards eating healthy and nutritious food are some of the other key factors that are helping to drive the Asia Pacific market.
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