What Is The Definition Of The Global Almonds Market?
Almonds are edible seeds harvested from the almond tree (Prunus dulcis), typically grown in warm temperate regions. They are highly nutritious and contain vitamins, minerals, protein, and healthy fats. Almonds are versatile and commonly consumed as a snack, added to dishes for flavor and texture, or processed into various products such as almond milk, butter, and flour.
Almonds Global Market Report 2024 provides data on the global almonds market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Almonds market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Almonds Market Size Expected To Change, And What Are The Growth Rate Projections?
The almonds market size has experienced robust growth recently, expanding from $8.74 billion in 2023 to $9.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. This growth in the historic period can be attributed to various factors including supply and demand dynamics, global trade policies and tariffs, crop yields and harvest trends, macroeconomic factors, health and nutrition trends, climate change, sustainability efforts, and evolving consumer preferences. Looking ahead, the almonds market is expected to continue its strong trajectory, reaching $11.84 billion in 2028 with a CAGR of 6.3%. Projected growth in the forecast period is driven by increasing global demand, favorable trade policies and market access, health and wellness trends, sustainability initiatives and certifications, product innovation, and competitive market dynamics. Key trends anticipated include the expansion of almond plantations, advancements in farming technologies, sustainability practices, innovative product offerings, evolving international trade dynamics, and consumer preferences favoring sustainable packaging solutions.
Which Drivers Are Accelerating Growth In The Almonds Market?
The expanding penetration of e-commerce is anticipated to drive growth in the almonds market moving forward. E-commerce facilitates online exchanges of goods and services, driven by increasing internet access, convenience, and shifting consumer preferences toward online shopping. This platform enables convenient access to various almond products, catering to diverse consumer preferences and expanding market reach for almond sellers. For example, the United States Census Bureau reported in February 2024 that e-commerce sales totaled $1,118.7 billion in 2023, marking a 7.6% increase from 2022. Hence, the growing penetration of e-commerce is stimulating growth in the almonds market.
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What Are The Core Segments Of The Global Almonds Market?
The almonds market covered in this report is segmented –
1) By Type: Butte Almonds, Nonpareil Almond, Sweet Almond, Peerless Almond, Green Almond, Other Types
2) By Distribution Channel: Online, Offline, Convenience Stores
3) By Application: Almond Powder, Almond Oil, Almond Milk, Chocolates, Almond Paste, Almond Flour, Cosmetic Products
4) By End User: Bakery, Pharmaceutical Companies, Dairy, Home Kitchen, Hotel Or Restaurants
Which Emerging Trends Are Reshaping The Almonds Market Size?
Major companies in the almonds market are focusing on developing innovative products, such as chocolate-dipped almonds, to gain a competitive edge. Chocolate-dipped almonds are whole almonds coated in dark, milk, or white chocolate. For instance, in June 2023, Blue Diamond Growers, a UK-based food company, launched Chocolate Thin Dipped Almonds, a new line of snack nuts. These chocolate-dipped almonds are free of cholesterol, artificial flavors, and colors and contain 50% less sugar than regular chocolate-covered almonds. They come in two flavors: double dark chocolate and dark chocolate sea salt caramel. Each serving contains 170 calories and 5 grams of protein. Thin-dipped almonds are marketed as a smart choice for those who want to enjoy a sweet snack without guilt, as the thin layer of chocolate enhances the natural crunch of the almonds.
What Is The Largest Region In The Almonds Market?
North America was the largest region in the almonds market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the almonds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
