The Global Almond Market is projected to register a CAGR of 4.5 % during the forecast period 2021-2026. COVID-19 has caused a direct and negative impact on the almond market, globally. The lockdowns in different countries have disrupted the demand for almonds due to the lack of purchasing power, resulting from reduced income in most of the countries. The value chain of the almond market has been affected negatively due to the disrupted distribution channels across the globe. Almonds provide rich nutritional value to the consumers. The high presence of minerals and nutrients makes almond a more versatile and healthy ingredient that is added to the different types of food applications. According to the Food and Agriculture Organization (FAO), the United States is the major producer of almonds, followed by Spain, Iran, and Australia. According to the International Trade Centre (ITC), about 70% of the almonds are exported in shelled form. The favorable climate with fertile soil and abundant sunshine along with the required types of equipment to be used during growth, harvesting, processing, and packaging in North America, favors the enhanced production of almond.
Key Market Trends
Growing Inclination Towards Healthy Snacking
The preference for healthy and nutritious snack food is expected to help maintain steady growth in the developed markets. The changing consumer lifestyle, rapid urbanization, high disposable income, are increasing the demand for on the go healthy convenience foods, thereby fuelling the ready-to-eat food market growth. Changing food consumption behavior among consumers, increased willingness to spend on such food are the results of rapid urbanization, and increasing disposable income, which also helps in increasing the food expenditure of the final consumer. Manufacturers are launching innovative and health approached products consisting of almonds either as a whole or as an ingredient and expanding their business in the healthy snack segment globally. These products are gaining praises of vegan and highly health-conscious consumers.
North America is Leading the Market in Terms of Production
North America accounts for the major share in the global market for Almonds, owing to the increased Production, Consumption, and Export. The United States continues to capture the largest market share for almonds. According to the FAO, the almond production in 2019 accounted for 34,97,148.0 metric ton up from 32,24,900.0 metric ton in 2018, witnessing an increase of 8.0%. According to the International Trade Centre, India, China, Turkey, and United Arab Emirates are the major importers of Almonds from the United States, with India and China holding a significant share of 72.6% in 2019. Though the United States is the primary producer of almonds, Australia, Spain, and Vietnam export Almonds to the United States market to meet the increasing domestic demand. The region is witnessing a growing trend in the usage of almond-based snacks due to health benefits. The rise in demand for highly nutritious foods and the concerns of a significant population with a high rate of obesity have been some of the main reasons behind this market's growth over the past few years. The favorable climate with fertile soil and abundant sunshine along with the required types of equipment to be used during growth, harvesting, processing, and packaging in North America favors the enhanced production of almond.
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