Almonds are popularly known nuts, native of North Africa, Middle East and Indian Subcontinent. The Almond fruit consists of four parts kernel, middle shell, outer green shell cover and seed coat. The nutritional important part is kernel, but shell and outer coat is also being identified as nutritional and medicinal, and used for different purpose. Almonds are considered very important in diet due to its nutritional benefits such as, it is very low in cholesterol and sodium, good source of riboflavin, iron, zinc manganese, and magnesium and contains high levels of Vitamin E.
While eating raw almonds or using it in different dishes , almonds are exclusively used for manufacturing of different almond based products such as shakes, drinks, chocolates, almond based yogurts, Almond oil, Almond cream, biscuits, hair care, skin care and cosmetics, Almond Butter, flour, and many more.Considering all the benefits of Almonds, Almond products possess very high market demand and market potential globally.
Almond Products Market Segmentation:
Almond product market can be segmented on the basis of its applications, forms: a) liquid: oil, milk and others and b) Raw nuts and c) powdered, and on basis of region.Almond products market is segmentation on basis of applications as beverages, snacks, bakery and confectionary, personal care and cosmetics, pharmaceutical and others. Almonds are the second most popular nut in snacking market. And used as raw or roasted and seasoned snack globally. In bakery and confectionary market segment almond are top most popular nuts exclusively used in products such as cakes, cookies, etc. Almonds are traditionally being used in production of chocolate bars, candies etc., as well as almonds coated with chocolates possess high demand by chocolate lovers. In beverage market segment, with increase health concerns related to consumption of traditional milk and milk based products, Almond milk has gained major share as alternative to traditional milk. Considering high skin care and anti-inflammatory properties of Almonds, Almond oil and extract is exclusively in cosmetics and personal care products and possess high market demand from the industry. Almond oil and extracts are used in products like body oils, hair oils, creams and lotions, treatments of skin allergies etc. Considering its health benefits for heart, brain, immune system and cancer prevention ability, almond extract’s and oil’s market demand is growing in pharmaceutical products.
Almond products market is further segmented on the basis of forms they are available in markets, such as raw nuts, liquid and powder. As raw nuts almonds are consumed by almost 50% of world population, at list once in a month. Liquid almond products can further be sub segmented as oil, milk and others. Oil is majorly used for cosmetics and medicinal purpose and in small amounts for cooking. Almond milk is gaining popularity as traditional milk substitute as well as in vegan diet globally. Products such as almond based yogurt, butter etc. falls under others almond products market sub-segment. Powdered almond, and almond flour are used in bakery preparations, in dietary supplements, infant formulae etc.
Almond product market is later segmented on the basis of regions as, Latin America, North America, Europe, Asia Pacific Excluding Japan, Japan and Middle East and Africa. As per the production North America market is major producer of almonds, almost produces 68% of total yearly global almond production. Europe region leads as the almond product market with almost half of shares of new products introduction globally.The European market accounts for more than half of global almond confectionary new product introductions, and also leads in private label startups with major share globally. Asia Pacific, and Middle East and Africa regions represent significant shares in almond production and almond based products market. China is major exporter of almonds in Asia Pacific Markets.
Almond Products Global Market Drivers and Trends:
With increasing health consciousness amongst developed as well as developing economies population, consumers demanding natural based products such as products containing nuts like almonds. The modern consumers are looking for tasty snack options, but also demanding a healthy and nutritious snack that has a touch of indulgence.Almonds fits with these criteria and becoming the hot ingredient of choice for snack manufacturers.
Growing concern with regards to traditional milk and milk products consumption is another driver, inducing manufacturers to produce natural milk substitute such as almond milk, rice milk, soy milk etc. However amongst natural milk substitute options available in market almond milk products grabs major shares. With growing consumer demand for innovative food products, regions like Europe and North America are ruling the product innovation in the area of almond product market. In developing markets like Asia Pacific and Middle East almonds are the dry fruit liked best and are considered healthiest by consumers, and also traditionally being consumed in the region.
With increasing concerns about cosmetics and personal care product ingredients consumers are demanding natural based products. And hence almond products such as almond oil are in demand. Considering health benefits, anti-inflammatory and nutritional as well as medicinal properties of almonds, these nuts are attracting cosmetic, personal care, food supplements, infant formulae and pharmaceutical market players too.
With growing market demand for natural based food, cosmetics, personal care and pharmaceutical products, almond has got significant market demand globally as suits in almost every demanding products with its novel properties.