Global Almond Protein Market - 2023-2030

Overview

Global Almond Protein Market reached US$ 5.11 billion in 2022 and is expected to reach US$ 8.53 billion by 2030, growing with a CAGR of 6.62% during the forecast period 2023-2030. An increase in the trend of consuming organic food helps to boost market growth over the forecast period.

Almonds are naturally gluten-free and allergy-free compared to common allergens like soy or dairy. It makes almond protein a popular option for people with dietary restrictions Almond protein is often minimally processed and has a simple ingredient list, aligning with the clean label movement. Consumers are looking for natural food products that help boost the market growth of the almond protein market.

Almond protein is a rich source of protein and also offers essential nutrients like vitamin E, fiber, magnesium, and essential antioxidants. Its high nutritional profile and its health benefits attract to those looking for a healthy and nutritious protein source. Due to these health benefits increase in the consumer's demand for protein-rich products such as almond protein.

An increase in the merger and acquisition strategies by major key players helps to boost the market growth of almond protein over the forecast period. For instance, on December 17, 2021, DSM completed the acquisition of Vestkorn Milling for an enterprise value of USD 68.50m. Vestkorn Milling supplies the buoyant alternative protein market with proteins, starches, and dietary fibers for plant-based food.

Dynamics

Market Diversity and Product Innovation

Protein has experienced remarkable growth in the global market, attracting consumers from various backgrounds and demographics. For instance, on November 24, 2021, the sales value of protein concentrates surpassed USD 634.31 million up from USD 601.43 million in 2020, according to the Office for National Statistics (UK). Athletes seeking a competitive edge, aging seniors focused on preserving muscle mass, and busy individuals relying on protein powders, bars, and shakes for meal replacement have all contributed to the increased demand.

Furthermore, the rise of specialty diets like paleo, ketogenic, and Whole30, which prioritize protein and fat over carbohydrates and sugar, has prompted more people to assess their protein intake and explore new sources. As a result, companies are introducing innovative protein supplements and functional nutrition products, including almond protein powder.

Rising Demand for a Vegan Diet

The protein market is witnessing a shift in consumer demand from animal protein to plant protein like almond protein. This inclination toward a plant-based diet is associated with different factors, such as sustainability issues, health awareness, ethical or religious views, and environmental and animal rights. The increasing plant-based diets trend represents the ability for a huge market for plant-based protein products like almond protein.

According to the data given by the World Animal Foundation, in 2023, there are approximately 88 million vegans across the world. In India around 9% of the human population is vegan. Around 2 million people in the UK are vegan. Overall 1-2% of the world population is vegan. The vegan food market will increase by $31.4 Billion in 2026.

Regulatory Uncertainty of Almond Protein Hamper the Market Growth

Regulatory uncertainty is creating confusion and hesitation among manufacturers and retailers, leading to limited market access for almond protein products. Unclear guidelines deter companies from entering certain regions and markets, hindering overall market growth. Regulatory uncertainty is creating concerns among consumers regarding the safety and legality of hemp protein products. This uncertainty lowers consumer confidence and adoption, leading to reduced market demand.

The lack of regulatory clarity deters potential investors and manufacturers from making significant investments in almond protein products. This could result in limited research and development efforts to improve product quality and innovation, impacting the market's expansion.

Segment Analysis

The global almond protein market is segmented based on nature, distribution channel, application, and region.

Increase in the Consumer's Demand for Organic Almond Protein Products

On the basis of nature almond protein market is segmented as an organic and inorganic protein. Organic almond protein accounted largest market share in the global almond protein market due to the increase in the consumer's demand for natural food products. Consumers are increasingly scrutinizing product labels and looking for clean and transparent ingredient lists. Organic almond protein typically has a shorter and more straightforward ingredient list, appealing to those who want to avoid artificial additives and preservatives.

Increasing consumer awareness about health helps to boost demand for organic and natural food products like organic almond protein. Organic almond protein is free from pesticides, synthetic chemicals, and genetically modified organisms making it attractive to health-conscious consumers. An increase in product launches by major key players helps to boost market growth over the forecast period. For instance, on June 09, 2023, Blue Diamond launched thin dipped almonds in double dark chocolate and dark chocolate sea salt caramel varieties.

Geographical Penetration

North America Accounted Largest Share in the Market

The growing demand across various industries, such as bakery & and confectionery, beverages, and personal care, helps to boost market growth of the almond protein in the North American region. The United States and Canada are major shareholding countries in the region due tothe increase in the disposable income of the consumers.

United States accounted largest market share in the region due to the increase in the production of almonds in the region. According to the data given by the Almond Board of California in 2023, almost 100% of the United States almond production is in California which is 80% of the global production of almonds. Almond farming is coming under the top 3 California crops. In California alone approximately 7,600 growers of almonds.

Competitive Landscape

The major global players in the market include: Austrade Inc., Blue Diamond Global Ingredients Division, All Organic Treasures GmbH, Noosh Brands, Sabinsa Corporation, Bob's Red Mill Natural Foods, Olam International, Anthonys Goods, Octonuts California and Gandhavedh.

COVID-19 Impact Analysis:

During the COVID-19 pandemic, there was a shift in consumer preferences towards healthier food options. Almond protein is plant-based and a nutritious alternative to animal-based proteins, experiencing increased demand as consumers are looking for healthier food options. The pandemic heightened awareness of health and wellness, leading to a surge in demand for plant-based protein sources.

Almond protein, derived from almonds, a popular nut, benefited from this trend as consumers looked for plant-based alternatives to meat and dairy products. Lockdowns and restrictions led to more people cooking and eating at home. This prompted consumers to purchase ingredients like almond protein to incorporate into their home-cooked meals, including smoothies, baked goods, and savory dishes.

On the other hand, the almond protein market, like many other food supply chains, experienced disruptions. Delays in transportation, labor shortages, and border restrictions affected the movement of almonds and almond-based products, potentially impacting the availability and pricing of almond protein.

Closure or reduced capacity of restaurants, hotels, and catering services led to decreased demand for almond protein in the food service sector. Reduced food service activity meant fewer almond protein-containing dishes served in restaurants and other establishments. Manufacturers of almond-based products, including almond protein powder and beverages, faced operational challenges due to the pandemic.

Russia-Ukraine War Impact Analysis

Geopolitical conflicts between the countries disrupt international supply chains, potentially affecting the import and export of almond products, including almond protein. Delays in transportation, border restrictions, and logistical challenges disrupt the movement of almonds and almond-based products. Trade tensions resulting from geopolitical conflicts lead to trade barriers such as tariffs and export restrictions. These measures impact the pricing and availability of almond protein in various markets.

Geopolitical instability leads to fluctuations in currency exchange rates. Almond protein is a global commodity, and currency fluctuations affect its pricing and competitiveness in international markets. Geopolitical conflicts create economic uncertainty, which influence consumer spending and investment decisions. Economic instability affects the demand for almond protein and almond-based products.

By Nature

• Organic
• Conventional

By Distribution Channel

• Supermarket/ Hypermarket
• Convenience Store
• Specialty Stores
• E-Commerce
• Others

By Application

• Bakery & Confectionary
• Beverages
• Personal Care
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On May 20, 2022, BEANBAG Superfood launched Asia's first innovative almond protein in the market. The newly launched product offers an alternative option for lactose-intolerant people. It is available in two flavors such as strawberry and dark chocolate.
• On January 21, 2020, Blue Diamond Growers, a leading processor of California almonds launched Almond Protein Powder in the market which is available on Amazon. The newly launched product is made with 100% pure almond protein from high-quality California almonds. It is free from added sugar and artificial flavors.
• On September 28, 2020, Harris Woolf Almonds launched almond powder and almond oil products in the market. The newly launched product is made from 100% food-grade almonds. It contains high protein content and lower fat content than an almond meal.

Why Purchase the Report?

• To visualize the global almond protein market segmentation based on nature, form, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of almond protein market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global almond protein market report would provide approximately 61 tables, 59 figures and 190 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies