According to the report, the global almond flour industry was estimated at $976.46 million in 2019, and is anticipated to hit $1.70 billion by 2027, registering a CAGR of 7.9% from 2021 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for almond flour as a key ingredient in bakery premix applications, surge in demand for natural almond flour due to their organic properties, rise in demand for almond flour in developing nations, and upsurge in application of blanched almond flour in the cosmetic industry fuel the growth of the global almond flour market. On the other hand, availability of healthier substitutes and stringent regulations & international quality standards imposed on food products impede the growth to some extent. However, rise in focus on improving quality and shelf life and increase in investments by small-& mid-sized food product manufacturing companies are expected to create multiple opportunities in the industry.
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Key players in the industry-
- Blue Diamond Growers
- Barney Butter
- Hodgson Mill
- Treehouse Almonds
- Anthony’s Goods
- Oleander Bio SA
- Shiloh Farms
- Rolling Hills Nut Company
- King Arthur Flour Company, Inc
- Bob’s Red Mill Natural Foods
Covid-19 scenario-
- The outbreak of the pandemic has made people more health conscious. There has been an increased inclination toward consuming products that are rich in nutrients, protein, vitamins, and essential minerals which, in turn, has impacted the almond flour market positively.
- On the other hand, transportation problems have caused disruptions in the supply chain. Prices have also declined for crops such as maize and wheat. However, government bodies are coming up with a number of relaxations on the existing regulations, which would aid the global market to recoup its position very soon.
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The blanched almond flour segment to dominate by 2027-
Based on type, the blanched almond flour segment contributed to more than three-fifths of the global almond flour market share in 2019, and is expected to rule the roost throughout the forecast period. Blanched almond flour is used in a wide range of bakery products, confectioneries, hair& skin care stuffs globally and its demand is gradually increasing in the developed countries which, in turn, has propelled the segment growth. The natural almond flour segment, on the other hand, would register the fastest CAGR of 8.1% from 2021 to 2027. This is attributed to increasing consumer preference for organic label products.
The bakery segment to maintain the dominant share-
Based on application, the bakery segment accounted for nearly half of the global almond flour market revenue in 2019, and is anticipated to lead the trail by the end of 2027. Rise in consumption of bakery products owing to their cost effectiveness and several health benefits fuel the segment growth. Simultaneously, the cosmetics segment would grow at the fastest CAGR of 8.7% till 2027. This is due to growth of their application in skin and hair care products.
North America garnered the major share in 2019 –
Based on geography, North America held the major share in 2019, garnering more than one-third of the global almond flour market. In the U.S., the demand for almond flour is growing extensively for various bakery products, as it is a rich in vitamins and minerals.This factor has driven the market growth in the region. At the same time, Asia-Pacific would manifest the fastest CAGR of 8.5% by 2027. Increase in investments by several small and midsized food manufacturing companies in developing countries supports the growth of the market in this province.
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