Global Almond Flour Market - 2022-2029

Global Almond Flour Market - 2022-2029

Market Overview

Almond flour market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 8.3% during the forecast period (2022-2029).

Almond flour has a sweet, nutty flavor and is an essential baking ingredient amongst avid bakers and is perfect for making cakes, pastries and biscuits. Being ketosis, low carb and vegan friendly, this is the perfect flour alternative for those who need to add to their baking repertoire. This sweet, nutty, friendly food is often used for gluten-free baking and so much more, being both sweet and savory. Almond flour is rich in monounsaturated fat, which can help keep cholesterol under control. The vitamins, minerals, and antioxidants in almond flour can provide important health benefits. Almond flour is also rich in magnesium, controlling blood sugar levels. Almond flour products contain many essential nutrients; hence, almond flour products have been gaining major popularity in the market.

Market Dynamics:

Growing demand for almond flour is associated with various health benefits

Consumer demand for dried fruit flour types, such as almond flour, has witnessed exponential growth in recent years. Due to increased consumer preference for 'better-for-you' options, the almond flour's popularity in paleo, gluten-free, and keto diets skyrocketed. Research studies show that the global almond flour market is anticipated to witness significant growth in foods that include almond flour. Almond flour foods are becoming more mainstream, especially in the U.S. and Europe markets. Evolving consumer dietary preferences have led to increased inclination of influential millennial consumers toward healthy options for meal replacements, thereby driving almond flour sales. In addition, almond flour products are suitable for vegans and vegetarians. Thus, creating more demand to force growth in the market. Moreover, almond flour is rich in monounsaturated fat, which can help keep cholesterol under control. It is particularly rich in vitamin E, a group of fat-soluble compounds that act as antioxidants in the body. They prevent damage from harmful molecules called free radicals, which accelerate aging and increase your risk of heart disease and cancer. These health benefits factors are estimated to drive the market's growth in the forecast period.

On the other hand, the bakery industry has influenced the market to a large extent. The presence of alternative substitutes such as coconut flour, sunflower seed flour, oat flour, and wheat flour is high in proteins, fiber, minerals, vitamins, and carbohydrates over baked products such as bread, cookies, and rolls. These are some of the major factors hampering the growth of the global almond flour market.

Market Segmentation:

Blanched almond flour for the highest share in global almond flour market

In 2021, the blanched almond flour segment had the highest revenue share of more than XX percent. Blanched almond flour has been the most preferred choice of almond flour among consumers due to the growing demand for bakery and confectionery products globally, coupled with a rise in demand for high protein bakery products in the market. The blanched variety is light in color and is best used for cakes, muffins, and recipes. Demand for confectionery products is estimated to propel the blanched almond flour during the forecast period.

In 2021, The offline channel segment had the highest revenue share of more than XX percent. The offline segment includes supermarkets/hypermarkets, convenience stores, and specialty stores. Convenience stores are an easy option for the consumer for the desired product. The key manufacturing companies focus on establishing the many convenience stores in the countries. Specialty stores are introducing different types of almond flour products with healthier nutrients, which are rich in vitamin B1, to attract the consumer, thereby propelling the market's growth.

Geographical Penetration:

Europe is the dominating region during the forecast period

In 2021, Europe had the highest revenue share of almost XX percent. The region has well-developed food service and bakery sectors, where the demand for healthier and nutritious ingredients is increasing. Consumers in Europe prefer to consume nutrition-rich food, primarily freshly baked products, including bread, cakes, muffins, and pastries. The European region has fragmented bakery and food service sectors, consisting of many independent and private bakery and confectionery sectors. In 2021, the UK was the most popular country for veganism, according to Google Trends, followed by Germany and Austria. The increase in the population of Europe veganism thus creates demand for market growth.

In the Asia Pacific, the demand for almond flour is expected to rise crucially during the forecast period owing to the region's increasing population. The factor also leads to the growth of the region's food processing and food service industry. It generates the demand for ""better-for-you"" ingredients and healthy food products.

Competitive Landscape:

The global almond flour industry is competitive and comprises players such as Rolling Hills Nut Company Inc., Alldrin Brothers, King Arthur Baking Company, Inc., Nature's Choice, Nature's Choice (Pty) Ltd, Nature's Eats, Treehouse Almonds, Hodgson Mill, Inc., Honeyville, Inc., Blue Diamond Growers, and Bob's Red Mill among others. The almond flour market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation for vegan people and consumers' preference for natural forms of products are also expected to propel market growth. For example, Nature’s Eats has launched an almond flour product in July 2020 that performs, bakes and rises similar to traditional all-purpose flour. The Ultimate Nut Flour: Almond+, a blend of almond flour and other natural ingredients, launched exclusively on Amazon in August 2020, with nationwide store availability in 2021. In April 2021, Blue Diamond Growers, a world-leading almond marketer and processor, launched two new products, Baking Mixes and Tasty Little Cup, to meet consumer demand for better-for-you options in the baking aisle. Baking Mixes and Tasty Little Cup are available in May at grocery stores nationwide.

COVID-19 Impact:

Negative impact on the global almond flour market

The COVID-19 pandemic adversely affects the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages are among the major industries suffering from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants. The shutdown of companies with factories in various countries disrupts the global supply chains. It negatively impacted manufacturing activities, delivery schedules, and various goods sales. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of their products. In addition, the global travel bans imposed by countries in North America, Asia, and Europe are hindering geographical expansion, business collaboration and partnership opportunities. Thus, these factors are hindering the growth of the almond flour market in the food and beverage industry.

The global almond flour market report would provide an access to approximately 69 market data tables, 61 figures and 170 pages