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 |
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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 widely 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, in part, 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.
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 is driving the demand for almonds owing to their several health benefits. A large epidemiological study of health professionals found that tree nuts, including almonds, eaten twice or more weekly, can reduce the risk of total cardiovascular disease by 13% and coronary heart diseases by 15%. Changing dietary patterns and high disposable income increase the demand for on-the-go healthy snacking options containing almonds, fueling the market growth. 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.
North America is Leading the Market in Terms of Production
Due to extensive production, consumption, and exports, North America has the largest share of the almond market. The United States continues to capture the largest market share for almonds. According to 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, harvesting, processing, and packaging in the country favor the enhanced production of almonds.
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 Middle East and Africa. The report offers the market size and forecast based on volume (metric ton) 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
Almond Industry Report
The global almond market is set for robust expansion, propelled by the health benefits and versatile culinary applications of almonds, from dairy alternatives like almond milk to various confectioneries and snacks. This growth trajectory is underscored by increasing consumer demand for healthy snacking options and a surge in innovative almond-based products that cater to unique and convenient food choices. Moreover, an emphasis on sustainable and eco-friendly almond production practices enhances its appeal to eco-conscious consumers. The United States, leading in almond production by country, benefits from favorable climatic conditions and advanced agricultural practices. This, coupled with a growing consumer base for gluten-free and non-dairy products in North America and beyond, broadens almonds' market appeal. Almonds' versatility also extends to wellness and beauty products, further driving market growth. With these key drivers, supplemented by data from Mordor Intelligence™ Industry Reports predicting a positive market forecast , the future of the almond market appears promising, fueled by health trends, product innovation, and sustainability efforts. Get a sample of this industry analysis as a free report PDF download.
