Market Trends of Almond Industry
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.
