Almond Flour Market was valued at USD 1,572.8 Mn in 2021 & is estimated to grow at USD 3,536.9 Mn by 2032, at a CAGR of 8.3% during the forecast period 2022-2032
One of the first in gluten-free flours category, almond flour is significantly used within the bakery sector. The report opines that bakery will remain the prime consumer of almond flour through 2028, whereas emerging application areas such as dietary supplements and cosmetics & personal care products would be presenting lucrative opportunities to market players. Greater emphasis of agriculture promotion groups on setting sustainable standards for the almond cultivation space is projected to be an important factor that would shape the market for almond flour in the near future.
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The demand for the organic flour segment increased by 8.0% between 2020 and 2021, giving the combined almond flour market year-over-year growth of 8.1% in 2021, according to the FMI’s report.
Key Takeaways – Almond Flour Market Report
Although gluten-free/non-traditional flours are yet to mainstream, they have been capturing a considerable shelf space at retail stores, since the recent past.
Almond flour will witness accelerating consumer preference in the following years, with momentous expansion of vegan and paleo diet trends.
Blanched almond flour remains preferred over natural or unblanched almond flour, particularly among bakery sector operators. This preference is attributed to the former’s superior texturizing properties.
Bakery sector, among all the industrial end users of almond flour, will continue to account for more than 50% share in the market.
The high-protein, low-carb profile of almond flour makes it a desirable ingredient for the manufacturers of dietary supplements.
High price point would remain a longstanding challenge to the growth of almond flour market.
Europe is projected to remain the significantly lucrative market for almond flour sales through 2028.
Market Leaders Emphasizing Application-specific Almond Products
Blue Diamond Growers, Inc., the almond specialist, recently launched a few products to extend the company’s existing line-up. Some of the latest introduced products by the company include crackers made with almond flour and the refrigerated almond flour. While the former is successfully capturing retail shelves, the latter will witness spectacular sales owing to its higher shelf life. Eying the opportunities abound in consumer branded products, Blue Diamond Growers is innovating its almond flour offerings specifically for baking.
Besides Blue Diamond Growers, Inc., the report covers some of the globally leading almond flour manufacturers, including Bob’s Red Mill, and Almondco Australia Ltd. The market for almond flour remains a fairly consolidated competition landscape, as the top five players continue to contribute nearly 40% revenues to the market. Companies are focusing on brand positioning and promotions in the premium healthy ingredients category. Several brands are looking up to capitalize on the expanding conscientious as well as affluent consumer base across developing economies.
Segmentation:
By End User:
Household
Food and Beverage
Industrial
Cosmetics
Dietary Supplements
Others
By Form:
Blanched
Natural
By Nature:
Organic
Conventional
By Distribution Channel:
Direct
Indirect
Pharmacy Stores
E-retailers
Specialty stores
Supermarkets
Key Questions Answered in the Report
How much is the current worth of the almond flour market?
Currently almond flour market is worth more than USD 1,572.8 Mn.
At what CAGR is the market expected to grow?
Almond flour consumption is expected to grow at a CAGR of around 8.3% during the period 2022-2032.
How was the performance in the last five years?
In terms of revenue, the almond flour market grew at a CAGR of around 7.1% during 2017-2021.
What is the demand outlook forecast for the extruded snacks market?
The global almond flour market was forecasted to surpass USD 3,536.9 Mn by the end of 2032.
Information Source: https://www.futuremarketinsights.com/reports/almond-flour-market