Almond Flour Market size is estimated at $1.1 billion in 2020, projected to grow at a CAGR of 7.8% during the forecast period 2021-2026. Almond flour is a popular substitute for regular wheat flour since it is low in carbs, high in nutrients, and slightly sweeter in flavor. Nutrients, protein, vitamins, and minerals abound in almond flour. Almond flour is prepared by grinding and sifting Blanched Almond Flour almonds into a fine flour which are polyunsaturated fats. Almond flour have additional health benefits over wheat flour, such as lowering “bad” LDL cholesterol and insulin resistance. Vitamin E, a group of fat-soluble chemicals that act as antioxidants in the body, is particularly abundant in almond flour. They protect against free radical damage, which accelerates aging and raises the risk of heart disease and cancer. One of the factors driving the market’s growth is the rising tendency toward a healthy lifestyle, as well as the rising occurrences of diabetes, cancer, and other disorders. As consumer behaviour changes, the majority of main firms in the food and beverage industry have been pushed to improve the nutritional profile of their products in order to attract customers. Consumers have begun to spend exorbitantly on food products manufactured from health-beneficial substances, therefore the onset of COVID-19 is predicted to modestly raise demand for almond flour market.
Almond Flour Market Segment Analysis – By Form:
Based on Form, Blanched Almond Flour Segment accounted for the largest revenue market share in 2020 and is also anticipated to grow with the fastest CAGR of 8.4% in the forecast period 2021-2026 owing to increased awareness of its health benefits over the natural equivalent. The former is finer, lighter, smoother, and fluffier in texture than the latter, but having an identical nutritional profile. As a result, Blanched Almond Flour is utilized in a wide range of culinary products aimed at the health-conscious consumer as it contains polyunsaturated fats driving the segment growth. Natural Almond Flour segment is anticipated to grow with the second-fastest CAGR of 5.3% in the forecast period 2021-2026 is expected to be driven by an increase in the number of chocolate and confectionery producers, as well as an increase in the baking industry and a growing awareness of the need of eating nutritious foods.
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Almond Flour Market Segment Analysis – By Distribution Channel:
Based on Distribution Channel, Online accounted for the largest revenue market share in 2020. This is owing towards ease of availability of a wide selection of products in various forms and uses as in various flavouring ingredient given by all brands at reasonable discounts. The growing number of smartphone and internet users is the primary driver of sector growth. These businesses give cash back and home delivery services, which contribute to the market’s growth. Customers frequently purchase almond flour with various flavors like Natural & Blanched Almond Flour from online websites in order to save time due to the increasingly hectic lifestyle. Furthermore, the online retail segment is expected to account for the largest share of the market, owing to the fact that online retailing offers more discounts and purchase options, and the online platform has grown in popularity as a result of its ability to deliver products to customers’ doorsteps. Major corporations, such as Big Basket, are collaborating with internet shops to broaden their customer base. They also create their online portals and websites to promote the growth of the market in order to increase product sales, providing potential for the Almond Flour Industry to flourish. Offline is projected to witness the fastest CAGR of 8.9% during the forecast period 2021-2026 as it provides the convenience and variety of options that consumer seeks. Specialty merchants are launching several varieties of almond flour, such as Blanched Almond Flour, which contains polyunsaturated fats and healthy components, such as vitamin B1, to tempt customers, hence enhancing the market’s growth.
Almond Flour Market Segment Analysis – By Geography:
Based on Geography, North America Almond Flour Market accounted for the 39% revenue share in 2020 owing to their hectic work schedules, millennials, a big demand group in the region, are primarily focused on consuming food products like baked food products made of Blanched Almond Flour that are convenient and can be ingested with minimal preparation. According to the United States Department of Agriculture, the United States produces more than 80% of the world’s almonds, making it one of the most important producers and exporters of almonds and almond-related products to both developed and developing countries throughout the area. According to recent USDA Census of Agriculture data, there are around 7,600 almond farms in California. The year-round availability of high-quality raw materials at reasonable rates enable important manufacturers to sell almond flour at competitive prices as it contains polyunsaturated fats, making it a big potential market for almond flour producers. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to increased convenience food products demand over the projection period which propel the Almond Flour Market. The region’s bakery business is predicted to grow at a faster rate than the rest of the world, due to growing middle class, economic marketization, urbanisation, and increased social media influence.
Almond Flour Market Drivers
Increasing Demand Of Almond Flour In Various Applications:
Blanched Almond Flour is commonly used in the formulation of skin care products including lotions and creams. Almond flour’s natural component is beneficial for a variety of home uses. Paleo dieters, who consume a diet rich in nuts and seeds, meat, and healthy oils and fats, choose almond flour to a large extent drive the market growth. Consumers growing health concerns, particularly in North America and Europe, have resulted in a trend toward safer, healthier, and higher-quality Blanched Almond Flour products aiding growth to the market development. The demand of driving Almond Flour Market. Acquisition and growth are significant tactics for companies active in production and supply activities in the milling sector to create more space for themselves in the almond flour market. In 2019, Blue Diamond Growers, for instance, announced the expansion of its manufacturing operation in Turlock, California. The corporation began expanding the Turlock plant’s capacity by installing 54,000 square feet of automated, cutting-edge handling, processing, and packaging capabilities. The company also added 58,000 square feet to its bulk warehousing capabilities, thereby, aiding expansion to the Almond Flour Industry.
Almond Flour Market Challenges
Stringent Government Regulations:
The Almond Flour Market’s growth is hampered by the stringent government regulations globally. In most nations in North America and Europe, legislation has been enacted to safeguard food items against deterioration and contamination caused by poor manufacturing and refrigerated storage practices. As a result, each country has chosen agencies to check consumer health issues owing to polyunsaturated fats as well as the types of materials and procedures used in food and beverage operations to determine whether they are regarded safe which further restrains the Almond Flour Market growth.
Almond Flour Market Landscape:
The Almond Flour Market’s main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Almond Flour Market top 10 companies are Hodgson Mill, WellBees, Olam International, Blue Diamond Almonds, Shiloh Farms, King Arthur Flour Company, Inc, Anthony’s Goods, Oleander Bio, Barney Butter and Treehouse Almonds.
In October 2019, Hughson Nut Inc., a California-based almond ingredient processor and producer, as well as real estate assets, were purchased for $54 million by Olam International. Olam International was able to expand its almond ingredient capacity as a result of the acquisition, and by leveraging Hughson Nut’s manufacturing skills, it will be able to target a new customer base in the food segment, manufacturing, and e-commerce.
As customer preferences for gluten-free blanched almond flour diets and higher standards develop, demand for processing equipment continue to fuel the almond flour industry’s expansion.
Geographically, North America Almond Flour Market held the largest revenue share of 39% in 2020 to higher consumption and production of almond and its products in the region. The scope of the Almond Flour Market for various regions will be provided in the final report.
The Almond Flour Industry is expanding owing to emerging applications of bakery and confectionery in food and beverage industry.
The market’s growth will also be fuelled by ongoing research and advancements in end use is pushing the Almond Flour industry forward during the forecast period 2021-2026.
Fluctuating cost of raw material for almond and changes in tariff policies results in variation in demand needs which is poised to create hurdles for the Almond Flour Market.
A. Almond Ingredient Market
B. Almond Oil Market
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