Almond Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 10.12 Billion |
| Market Size (2029) | USD 13.27 Billion |
| CAGR (2024 - 2029) | 5.55 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Almond Market Analysis
The Almond Market size is estimated at USD 10.12 billion in 2024, and is expected to reach USD 13.27 billion by 2029, growing at a CAGR of 5.55% during the forecast period (2024-2029).
Almonds are used as ingredients in manufactured goods, including cereal and granola bars, as snacks, in in-home baking, and at food service outlets. The growing popularity of almonds is partly attributed to the rise of plant-based milk, such as almond milk. Almond milk is considered the healthier alternative to regular milk, especially for the lactose-intolerant population, offering consumers a low-fat, high-protein option. Almond milk has become a staple for many supermarkets and coffee shops.
Additionally, the growing veganism worldwide is supplementing the market's growth. For instance, according to a survey conducted by ProVeg International, the vegan share in Belgium increased from 2% in 2020 to 3% in 2022. The rise in veganism is supporting the market growth. Furthermore, according to the Food and Agriculture Organization (FAO), the United States is the primary producer of almonds, followed by Spain, Iran, and Australia. The favorable climate with fertile soil and abundant sunshine and the required equipment to be used during growth and harvesting favors the enhanced production of almonds in these regions.
Besides, new branded products and innovative uses of almonds in ice cream, confectioneries, and baked goods have been introduced. For instance, in 2023, Blue Diamond Growers launched a new product called Thin Dipped Almonds, which is available in two flavors, namely double dark chocolate and dark chocolate sea salt caramel. It is cholesterol-free, high in vitamin E, and contains no artificial flavors or colors. In addition, nut flour is expanding as an alternative to regular wheat flour in the gluten-free market, increasing the potential for market growth during the study period.
Almond Market Trends
Inclination Toward Healthy Snacking Options
The increased preference for healthy and nutritious snack foods drives the demand for almonds owing to their several health benefits. According to USDA, almonds are included as a good source of protein among recommended healthy foods. Along with this, growing veganism is raising the popularity and consumption of almond milk as an alternative to dairy milk, supporting market growth. For instance, almond milk substitutes were the leading type of milk alternative, followed by other milk substitutes, soy milk, and coconut milk, in 2021 and 2022, according to Frozen & Refrigerated Buyer, a magazine publishing firm of frozen and refrigerated retail food.
Similarly, the increasing popularity of almond milk is pushing manufacturers to introduce almond milk products, supporting the need for increasing production, and thereby driving the market growth. For instance, in 2023, Califia Farms, a leading, premium plant-based beverage brand, launched the USDA-certified Organic Oatmilk and Almondmilk at an accessible price point.
Manufacturers are launching innovative and health-oriented products consisting of almonds, either as a whole or as an ingredient, as a business expansion strategy in the healthy snack segment. For instance, in March 2021, PepsiCo introduced Hilo Life, a low-carb snack brand in North America, using defatted almond flour as a base ingredient. According to the company, the product contains less fat and more protein than traditional almond flour. These products are gaining popularity, especially among vegans and health-conscious consumers, propelling the market growth.
United States is Leading the Market in Terms of Production, Consumption and Export
Due to extensive production, consumption, and exports, the United States has the largest share of the almond market. The United States, with California as the epicenter, is a prominent global player in almond production. For instance, according to FAOSTAT, the country produced 1.86 million metric tons of almonds in 2022, which is 48.8% of the total global almond production in 2022. Some of the main varieties of almonds grown in the country are Non-Pareil, Carmel, California, and Mission.
The country is one of the largest exporters of almonds in the world. For instance, as per the ITC Trade Map, the United States was top in the position of almond exporters, followed by Australia, Portugal, and Spain in 2023. The country accounted for 84% of the total almonds exported globally in 2023. As per the ITC Trade Map, the country exported almonds valued at USD 1,209,625 thousand in 2022, which increased and reached USD 1,313,539 thousand in 2023. The main exporting destinations were India, China, and the United Arab Emirates.
In the United States, the majority of almonds are consumed as ingredients in manufactured goods, as snacks, in in-home baking, and at food service outlets. The expanding consumer palate for international cuisines supports the market growth. Innovative uses for almonds in processing the not-yet-ripe kernels of green almonds further drive the market. These almonds are harvested early, and chefs at gourmet restaurants use the liquid kernels to add a delicate taste to high-end dishes. The rise of the vegan population also expands the demand for almonds in gluten-free and non-dairy packaged products.
Almond Market News
- June 2023: Blue Diamond partnered with Brightseed to discover the untapped health potential of nonpareil California almonds. Therefore, the increasing demand for almonds and initiatives taken in the country are anticipated to boost consumption.
- November 2022: Blue Diamond, one of the leading almond brands, launched two limited-edition flavors, namely Blue Diamond Snickerdoodle Flavored Almonds and Blue Diamond Peppermint Cocoa Flavored Almonds.
- January 2022: Keto-friendly launched two new flavors in its Krunchy Keto Bar line under its Good Good brand, which contains almonds, bananas, and coconut.
Almond Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Percentage of Area Harvested Under Almond Cultivation
4.2.2 Demand for Healthy Snacking Options
4.3 Market Restraints
4.3.1 Water Scarcity in Almond Producing Regions
4.3.2 Drop in the Prices of Almonds
4.4 Supply Chain/Value Chain Analysis
5. MARKET SEGMENTATION Production Analysis (Volume), Consumption Analysis (Value and Volume), Export Analysis (Value and Volume), Import Analysis (Value and Volume), and Price Trend Analysis.
5.1 Geography
5.1.1 North America
5.1.1.1 United States
5.1.2 Europe
5.1.2.1 Spain
5.1.2.2 Italy
5.1.2.3 Portugal
5.1.2.4 Greece
5.1.3 Asia-Pacific
5.1.3.1 Iran
5.1.3.2 Turkey
5.1.3.3 Australia
5.1.3.4 China
5.1.3.5 India
5.1.3.6 Vietnam
5.1.4 South America
5.1.4.1 Chile
5.1.4.2 Argentina
5.1.5 Middle-East and Africa
5.1.5.1 Morocco
5.1.5.2 Tunisia
5.1.5.3 Saudi Arabia
5.1.5.4 Egypt
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Almond Industry Segmentation
The edible part of the almond is a seed from a drupe, a fruit in which the outer shell and hull layers are typically not eaten. After extracting the almond seed, the shells and hulls are often used for livestock feed and bedding. For report purposes, the analysis of "Other Nuts, Fresh Or Dried, Whether Or Not shelled or peeled - almonds" (HS code 0802) is considered. The almond market includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis. The market is geographically segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers the market size and forecast based on volume (metric tons) and value (USD) for all the above-mentioned segments.
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Almond Market Research Faqs
How big is the Almond Market?
The Almond Market size is expected to reach USD 10.12 billion in 2024 and grow at a CAGR of 5.55% to reach USD 13.27 billion by 2029.
What is the current Almond Market size?
In 2024, the Almond Market size is expected to reach USD 10.12 billion.
Which is the fastest growing region in Almond Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Almond Market?
In 2024, the North America accounts for the largest market share in Almond Market.
What years does this Almond Market cover, and what was the market size in 2023?
In 2023, the Almond Market size was estimated at USD 9.56 billion. The report covers the Almond Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Almond Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the biggest challenges in the Almond Industry in terms of sustainability?
The biggest challenges in the Almond Industry in terms of sustainability are a) Water usage b) Bee health concerns & waste management c) Urging companies to adopt eco-friendly solutions
What are the biggest challenges in the Almond Industry in terms of sustainability?
The biggest challenges in the Almond Industry in terms of sustainability are a) Water usage b) Bee health concerns & waste management c) Urging companies to adopt eco-friendly solutions
Almond Industry Report
The almond market is experiencing significant growth, driven by the health benefits and versatile culinary applications of almonds. From dairy alternatives like almond milk to various confectioneries and snacks, the demand for almonds is on the rise. This market update highlights the increasing consumer preference for healthy snacking options and the surge in innovative almond-based products. The market report also emphasizes the focus on sustainable and eco-friendly almond production practices, which appeal to eco-conscious consumers.
The United States leads in almond production, benefiting from favorable climatic conditions and advanced agricultural practices. This has contributed to the growing consumer base for gluten-free and non-dairy products in North America and beyond. The market size and market value of almonds are expanding, with a positive market forecast predicted by industry reports. The price trend analysis indicates a steady increase in the value of almonds, further driving market growth.
Almonds' versatility extends to wellness and beauty products, enhancing their market appeal. The industry outlook remains positive, supported by health trends, product innovation, and sustainability efforts. This industry analysis provides a comprehensive overview of the almond market, including market segmentation and market predictions. The market leaders continue to drive industry growth, with market data indicating a robust expansion in the coming years.
The market review underscores the importance of industry research and industry statistics in understanding market trends. The market overview and market outlook provide valuable insights into the future of the almond market. The report example and report PDF offer detailed industry information and industry sales figures, essential for market analysis. Research companies play a crucial role in providing accurate industry information and industry trends, ensuring informed decision-making in the almond market.
