Market Size of Almond-based Spreads Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Almond-based Spreads Market Analysis
The almond-based spreads market is projected to register a CAGR of 5.8 % during the forecast period.
The increase in lifestyle diseases all over the world, such as obesity, diabetes, and cardiovascular disorders, among others, has led consumers to adopt healthier food choices. The health benefits associated with almonds drive the growth of the almond-based spreads market. The manufacturers in the industry claim that almond-based spreads have essential nutrients, such as fiber, calcium, iron, magnesium, riboflavin, vitamin E, and zinc. Hence, consumers are replacing traditional items, such as jams, sauces, and mayonnaise, with almond-based spreads. Moreover, consumer preference is influenced due to the presence of healthy fats in almonds that lead to better skin, hair, metabolism, energy, and immunity.
The increasing concern of peanut allergies is prevalent in countries such as the United States, Canada, the United Kingdom, and Australia, among others. This is estimated to boost the sales of almond-based spreads as consumers are looking for alternative vegan spreads. Further, the differentiation of almond-based spreads with the inclusion of new flavors and organic certification is the key factor driving the growth of the market studied.
Almond-based Spreads Industry Segmentation
Almond-based spread is a paste made of almonds and is often used along with bread, sandwiches, and many sweet and savory recipes.
The almond-based spreads market is segmented by product type, category, form, distribution channel, and geography. By product type, the market is segmented into plain and flavored almond spreads. The flavored almond spread is further segmented into cocoa almond spread, coconut almond spread, honey almond spread, and other flavored almond spreads. By form, the market is segmented into smooth and crunchy almond spreads. By category, the market is segmented into organic and conventional. Based on the distribution channel, the market studied is segmented into supermarkets/hypermarkets, convenience stores, online stores, and other distribution channels. It analyzes emerging and established economies worldwide, comprising North America, Europe, South America, Asia-Pacific, and Middle-East and Africa. For each segment, the market sizing and forecasts are provided in terms of the value in USD million.
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Almond-based Spreads Market Size Summary
The almond-based spreads market is experiencing significant growth, driven by a global shift towards healthier food choices due to the rising prevalence of lifestyle diseases such as obesity, diabetes, and cardiovascular disorders. Consumers are increasingly replacing traditional spreads like jams and mayonnaise with almond-based alternatives, attracted by the health benefits and essential nutrients found in almonds, including fiber, calcium, and vitamins. The market is further bolstered by the growing concern over peanut allergies, particularly in regions like North America and Europe, prompting consumers to seek vegan alternatives. The introduction of new flavors and organic certifications is also contributing to the market's expansion, as consumers seek differentiated and health-conscious options.
The demand for almond-based spreads is further fueled by the increasing number of vegan and vegetarian consumers, who view nuts as a viable protein alternative. This trend is supported by changing lifestyle choices that favor organic, low-calorie, and keto-friendly diets, prompting manufacturers to innovate their product offerings. The market is highly competitive, with major players like The Hershey Company and My Raw Joy leveraging product innovations and strategic partnerships to enhance their market presence. Additionally, the demand for quick, nutrient-rich breakfast options among health-conscious individuals and those engaged in sports and outdoor activities is driving the consumption of almond-based spreads, which are valued for their protein and healthy fat content.
Almond-based Spreads Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Plain
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2.1.2 Flavored
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2.1.2.1 Cocoa Almond Spread
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2.1.2.2 Coconut Almond Spread
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2.1.2.3 Honey Almond Spread
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2.1.2.4 Other Flavored Almond Spreads
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2.2 Form
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2.2.1 Smooth
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2.2.2 Crunchy
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2.3 Category
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2.3.1 Organic
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2.3.2 Conventional
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2.4 Distribution Channel
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2.4.1 Supermarkets/Hypermarkets
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2.4.2 Convenience Stores
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2.4.3 Online Retail Stores
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2.4.4 Other Distribution Channel
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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2.5.1.4 Rest of North America
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2.5.2 Europe
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2.5.2.1 United Kingdom
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2.5.2.2 Germany
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2.5.2.3 Spain
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2.5.2.4 France
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2.5.2.5 Italy
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2.5.2.6 Russia
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2.5.2.7 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 Rest of Asia-Pacific
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2.5.4 South America
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2.5.4.1 Brazil
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2.5.4.2 Argentina
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2.5.4.3 Rest of South America
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2.5.5 Middle East and Africa
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2.5.5.1 Saudi Arabia
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2.5.5.2 South Africa
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2.5.5.3 Rest of Middle East and Africa
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Almond-based Spreads Market Size FAQs
What is the current Almond-based Spreads Market size?
The Almond-based Spreads Market is projected to register a CAGR of 5.80% during the forecast period (2024-2029)
Who are the key players in Almond-based Spreads Market?
The Hershey Company, My Raw Joy, Ingenuity Brands, Natural World and ImmaculateBites (India) Private Limited are the major companies operating in the Almond-based Spreads Market.
