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Almond Protein Market
Almond protein market size is anticipated to witness healthy growth from 2024 to 2032, driven by the surging demand for plant-based protein, along with increasing use of personal care products and healthy alternatives for bakery products in developing nations. Of late, the consumer awareness of the health benefits associated with almond protein, including its high nutritional value, low allergenic potential, and sustainability has significantly surged. Moreover, the rising prevalence of plant-based diets and lifestyles, driven by concerns about animal welfare, environmental sustainability, and personal health will further boost the market demand as a viable alternative to animal-derived protein sources.
Almond Protein Market Trends
The burgeoning health consciousness among people has encouraged them to look for more nutrient-dense food options in their diets. The increasing sustainability and environmental concerns due to high carbon emissions in the processing of animal protein has also fueled the demand for almond protein. According to a report, food systems produce 26% of GHG, of which 15% is credited to animal agriculture, and consumption of alternative proteins can reduce 0.85% gigaton of CO2 equivalent equal to 95% produced in the aviation industry by 2030.
As California remains the provider of 80% of the almonds across the globe, the 1200-year mega-drought that occurred in July 2021 posed water shortages in the area, affecting the almond production industry. According to USDA speculation in May 2021, almond production would have hit 1.5 billion kg by year-end which instead had a massive setback during drought and resulted in just 1.3 billion kg of production by the end of 2021. Moreover, the disruptions in the supply-demand chain during the Russian-Ukrainian conflict also slightly impacted the market demand.
Almond Protein Market Analysis
In terms of application, the industry size from the confectionery & bakery segment will gain remarkable momentum between 2024 and 2032. This is propelled by the positive inclination toward plant-based proteins due to their healthy and sustainable properties compared to animal-based proteins and strong penetration of vegan and gluten-free confectioneries. Moreover, the benefits of almond protein like blood sugar control, reduced inflammation, and lower cholesterol levels have elevated its use in bakery products.
With respect to distribution channel, the almond protein market from the supermarket or hypermarket segment is set to depict notable growth until 2032. This can be attributed to the easy availability of stocked almond protein products, coupled with the favorable response from supermarket owners. Additionally, hypermarkets offering almond protein commodities at reasonable prices and providing a convenient one-stop shopping experience for consumers will further propel the segment momentum.
Asia Pacific almond protein industry is projected to increase exponentially over 2032, attributed to rising health consciousness among people. The presence of key participants is contributing to innovations in almond protein products across the region. For instance, in November 2022, Jooma, a Chinese subsidiary of plant-based yogurt producer NOIX AG, introduced Call me Almond Milk, an almond milk concentrates for the Chinese market. The massive production of almonds in countries. such as India, China, and Australia is likely to offer easy access and convenience, adding to the regional market growth.
Almond Protein Market Share
Some of the leading companies involved in the almond protein Industry are:
- BASF SE
- Sar Agrochemicals & Fertilizers Pvt. Ltd
- NOOSH Almonds
- Beneo
- InovoBiologic Inc.
- The Hershey Company
- Blue Diamonds Almonds
- Alesco s.r.l.
These firms are majorly engaging in rigorous R&D initiatives, new product innovations, and strategic partnerships to attain a competitive edge in the market.
Almond Protein Industry News
- In March 2023, the Hershey Company, a leading chocolatier, announced the addition of a new range of plant-based extra creamy with almonds and sea salt butter cups.