Overview and Scope
Almonds are edible seeds harvested from the almond tree (Prunus dulcis), typically grown in warm temperate regions. They are highly nutritious and contain vitamins, minerals, protein, and healthy fats. Almonds are versatile and commonly consumed as a snack, added to dishes for flavor and texture, or processed into various products such as almond milk, butter, and flour.
Sizing and Forecast
The almonds market size has grown strongly in recent years. It will grow from $8.74 billion in 2023 to $9.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to Supply and demand dynamics, global trade policies and tariffs, crop yields and harvest trends, macroeconomic factors, health and nutrition trends, climate change and sustainability, and consumer trends and preferences.
The almonds market size is expected to see strong growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to global demand growth, trade policies, and market access, health and wellness trends, environmental sustainability, market competition, and product innovation. Major trends in the forecast period include the expansion of almond plantations, technological advancements in almond farming, sustainability initiatives and certification, product innovation and diversification, health and wellness trends, international trade dynamics, and consumer preferences for sustainable packaging.
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Segmentation & Regional Insights
The almonds market covered in this report is segmented –
1) By Type: Butte Almonds, Nonpareil Almond, Sweet Almond, Peerless Almond, Green Almond, Other Types
2) By Distribution Channel: Online, Offline, Convenience Stores
3) By Application: Almond Powder, Almond Oil, Almond Milk, Chocolates, Almond Paste, Almond Flour, Cosmetic Products
4) By End User: Bakery, Pharmaceutical Companies, Dairy, Home Kitchen, Hotel Or Restaurants
North America was the largest region in the almonds market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the almonds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing penetration of e-commerce is expected to propel the growth of the almonds market going forward. E-commerce refers to the online business model facilitating the exchange of goods and services through the Internet. The growing penetration of e-commerce is driven by convenience, expanding internet access, and shifting consumer preferences towards online shopping. E-commerce facilitates convenient access to various almond products, catering to diverse consumer preferences and expanding market reach for almond sellers. This digital platform also enables direct-to-consumer sales, streamlining the distribution process and potentially increasing profit margins for almond producers. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, e-commerce sales were $1,118.7 billion in 2023, a 7.6% increase from 2022. Therefore, the growing penetration of e-commerce is driving the growth of the almonds market.
Key Industry Players
Major companies operating in the almonds market report are The Archer-Daniels-Midland Company; Olam Group; The Hershey Company; Blue Diamond Growers; California Almonds; Wonderful Pistachios & Almonds LLC; HILLTOP RANCH INC; Mariani Nut Company; ALMONDCO AUSTRALIA; Harris Woolf Almonds; Treehouse California Almonds LLC; ROYAL NUT COMPANY; Select Harvests; Almond Ace; Waterford Nut Company; Sran Family Orchards; Harris Family Enterprises; Chico Nut Company; South Valley Farms; Western Nut Company; Jonny Almond Nut Company; RPAC LLC; Campos Brothers Farms; BAPU Almonds Company Inc.; JD ALMOND FARMS; Big Tree Organic Farms
The almonds market report table of contents includes:
1. Executive Summary
2. Almonds Market Characteristics
3. Almonds Market Trends And Strategies
4. Almonds Market – Macro Economic Scenario
5. Global Almonds Market Size and Growth
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32. Global Almonds Market Competitive Benchmarking
33. Global Almonds Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Almonds Market
35. Almonds Market Future Outlook and Potential Analysis
36. Appendix
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