The latest report published by The Insight Partner on Almond Flour Market was valued at US$ 877.95 million in 2019 and is projected to reach US$ 1,624.12 million by 2027; it is expected to grow at a CAGR of 8.3% from 2020 to 2027. Scope of this study comprises understanding factors contributing to the market growth, estimating and forecasting revenues, conducting the market share analysis, and spotting significant market players along with their key developments.
Almond flour is the widely used nut product in making premium pastries, cookies, and sweets, such as almond macaroons. Almond flour recently gained traction in the baking industry due to growing preference toward low-carbohydrate diets among the health-conscious consumers. It enhances the nutritional profile of the baked product as it is a good source of fat, protein, fiber, vitamins, minerals, manganese, and antioxidants.
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Based on end user, the almond flour market is further segmented into foodservice, food & beverages, cosmetic industry, dietary supplements, and others. In 2019, the food & beverages segment dominated the market. As almond flour is rich in proteins, it is used in preparing gluten-free food items—such as cookies, muffins, and cakes—and formulating paleo diet meal plans. Almond flour is a popular alternative to traditional wheat flour. It is low in carbs, sweet in taste, and packed with nutrients. Almond flour provides more health benefits, such as reducing bad LDL cholesterol and insulin resistance, than the traditional wheat flour. Therefore, the health benefits of almond flour propels its market growth across the world.
By geography, the global almond flour market is further segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2019, North America accounted for the largest share of the almond flour market, followed by Europe and Asia Pacific. The growth of the almond flour market in this region is primarily attributed to growing preference of consumers toward a healthy lifestyle and products that offer health benefits, rising demand for gluten-free products, and increasing number of chocolate and candy producers. Also, the well-established food sector, high disposable income, and changing lifestyles accelerate the demand for almond flour in North America.
Impact of COVID-19 Pandemic on Almond Flour Market
The COVID-19 pandemic was first reported in Wuhan, China, in December 2019. As of October 2020, the US, Brazil, India, Russia, Peru, South Africa, Mexico, and the UK are among the worst-affected countries in terms of confirmed COVID-19 cases and reported deaths. The outbreak is adversely affecting economies and industries in various countries due to lockdowns and travel bans. Food & beverages is one of the major industries suffering serious disruptions such as shutdown of offices and factories and restrictions on supply chain. Consequently, the demand for almond flour across the world has significantly declined over the last few months.
GROWING DEMAND FROM PACKAGED AND PROCESSED FOOD INDUSTRY INFLUENCE THIS MARKET GLOBALLY
Almond flour is a rich source of vitamin E, vitamin A, omega fatty acids and proteins. The flour find many applications in industries such as baking, confectionery and other packaged food items like breads, cakes, and pasta. Owing to busy & hectic lifestyle, there is a noticeable increase in the consumption of these ready-to-eat food products and beverages over the past few years. Rise in disposable income and improving economic conditions, consumers in developed and developing countries are able to spend considerable amount on packaged food including snacks and bakery products which further propel the growth of almond market. Also, with the growth food & beverages industry and diversification of distribution channels, and convenience foods have found a shelf in the retail outlets and supermarkets. Almond flour provides functionalities such as structure setting through protein coagulation, moisture retention due to its high fiber content and higher absorption level in dough or batter. Almond flour is used in the making of pastries, cookies and cakes. It is also demanded in various food cuisines for the purpose of adding nutritional content & flavor. It is used for all kind of yeast dough like for bread, roll s& pizza and also for non-yeast teats like scones, muffins and biscuits. Several dishes such as chewy almond cookies, almond croissants, lemon bars with almond shortbread crust are prepared using almond flour. Thus, the growing demand from packaged and processed food industry is expected to drive the almond flour market.
Almond flour refers to almond nuts that has been ground and sieved to a certain particle size. It is mainly made from blanched almonds that lack the dark flecks of skin. It is the most widely used nut product and is often used to make premium pastries, cookies and sweet goods like almond macaroons. As the nuts are not ground to uniform sizes, the almond flour is sometimes coarser. It is sold in well stocked supermarkets, grocery stores as well as online. It can also be made at home. Almond flour has recently become famous and is used in baking items for consumers who prefer low-carbohydrate diets. It provides moisture and rich nutty taste to the baked goods. The items made using almond flour tend to be calorie- dense.
Major key players operating in the global almond flour market
King Arthur Flour Company Inc., Alldrin Brothers, Anthony’s Goods, Hodgson Mill Inc., Organic Bio, SA, Rolling Hills Nut Company Inc., Shiloh Farms, Treehouse California Almonds, LLC, Blue Diamond Growers and Bob’s Red Mill Natural Foods. The major players in the almond flour market are focused towards maintain strong market position by adopting several strategies such as product launch, merger and acquisition and research and development to increase the geographical presence and consumer base globally. For instance, in January 2019, Blue Diamond Growers announced an expansion of its processing facility in Turlock, Calif. The new addition supports plans to expand production of value-added product lines and distribute new almond products globally.
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