Plant-based Movement is to Accelerate Growth of Global Almond Flour Market
Demand for almond flour has shown steady growth in the past few years. Rise in consumer demand for natural or plant-based ingredients is expected to drive the global demand for alternative flours such as banana and almond. Consumers across the globe are opting for reduced allergen and gluten-free products, which is driving the demand for the global almond flour market.
In the U.S. over 8%-9% population avoid gluten for medical reasons. Restaurants are serving gluten-free dishes. In the past four years, the term ‘gluten free’ on restaurant menus is up by 182%. According to Ingredion, one of the major food ingredient manufacturers, consumers are opting for such products as they are reducing chances of allergies and enable weight management.
The market is expected to receive a boost as several food manufacturers are considering almond flour as a clean label ingredient and are using it as an alternative to other modified flours. For instance, Fat Snax, the leading keto/low-carb snack manufacturer introduced cracker made from a base of almond flour and butter with no added artificial sweeteners, ingredients, or preservatives. Thus, increasing the adoption, acceptance, and application of almond flour in various processed food is favouring market growth.
Moreover, continuous product launch comprising almond flour as well as increasing product penetration on the retail shelf is further supporting the demand for almond flour market in the near future. It has been found that from the year 2008 to 2017 there was 2,363 new product were introduced globally, that had almond flour as an ingredient. Asia Pacific saw the largest launch contributing to 1,019 new product comprising almond flour.
Almond flour manufacturers are also expanding their product portfolio. As the global population shifts towards the consumption of sustainable and natural food products, almond flour manufacturers are launching new product variants for both B2B and B2B sale.
For instance, in 2020, Nature’s Eats, a brand of Texas Star Nut & Food Company, announced launch plans for a new almond flour. The product will be launched under the brand name of The Ultimate Nut Flour: Almond+.
Blanched Almond Flour to Have Higher Appeal
The global almond flour market is segmented based on product type, nature, end user, sales channel, and region. By product type, the market is segmented into natural and blanched. Out of these, the blanched segment is estimated to have a higher appeal amongst consumers. Its wide application for different purposes in the food industry is expected to support the segment growth. It is extensively used in making baked goods as it is lighter and thus better for making puffier pastries. The demand for blanched almond flour is also scaling due to its myriad health benefits as it is purely made from almonds. Its natural flavouring as it an ideal substitute to regular flour.
Based on nature the market is segmented as organic and conventional. The conventional segment is estimated to lead the way as it is easily available. However, organic segment is expected to register highest CAGR over the forecast period.
Based on end user, market segmented food manufacturer, foodservice, household, cosmetics, and others. The food manufacturer segment is further sub-segmented into bakery, confectionery, snacks, desserts and ice cream, sauces and spreads, and others.
Based on sales channel, the market segment includes B2B sales and B2C sales. Where B2C sales is further sub-segmented into supermarket/hypermarket, departmental and convenience stores, speciality stores, and online.
Gluten-free Label is to Drive Almond Flour Demand in European Region
Europe is estimated to hold the largest share of the pie followed by North America. Increasing demand for plant-based food products and clean label ingredients are expected to support the almond flour demand in the region. Moreover, increasing demand for gluten-free products due to the prevalence of related allergies is promoting the use of almond flour in the region. A significantly higher number of bakers in the region are gradually adopting almond flour to appeal to a crowd that is wary of what they consumer. Thus, a shift towards more conscious eating habits is likely to bode well for the regional market.
Meanwhile, Asia Pacific region is expected to register the highest CAGR over the forecast period as product penetration remains rampant. Rising number of new product haunches comprising almond flour, especially in countries such as Japan and China is also expected to support growth in the region.
Global Almond Flour Market: Key Players
Some of the major players analyzed in the global almond flour market are King Arthur Flour Company, Inc., Blue Diamond Growers, Bob’s Red Mill Natural Foods, Olam International, Hodgson Mill, Texas Star Nut & Food Company (Natre’s Eats), Oleander Bio, SA, Barney Butter, Treehouse Almonds, and Rapunzel Naturkost among others.