Almond Market Size (2024 - 2029)

Almond Market Analysis

The Almond Market size is estimated at USD 10.12 billion in 2024, and is expected to reach USD 13.27 billion by 2029, growing at a CAGR of 5.55% during the forecast period (2024-2029).

Almonds are used as ingredients in manufactured goods, including cereal and granola bars, as snacks, in in-home baking, and at food service outlets. The growing popularity of almonds is partly attributed to the rise of plant-based milk, such as almond milk. Almond milk is considered the healthier alternative to regular milk, especially for the lactose-intolerant population, offering consumers a low-fat, high-protein option. Almond milk has become a staple for many supermarkets and coffee shops.

Additionally, the growing veganism worldwide is supplementing the market's growth. For instance, according to a survey conducted by ProVeg International, the vegan share in Belgium increased from 2% in 2020 to 3% in 2022. The rise in veganism is supporting the market growth. Furthermore, according to the Food and Agriculture Organization (FAO), the United States is the primary producer of almonds, followed by Spain, Iran, and Australia. The favorable climate with fertile soil and abundant sunshine and the required equipment to be used during growth and harvesting favors the enhanced production of almonds in these regions.

Besides, new branded products and innovative uses of almonds in ice cream, confectioneries, and baked goods have been introduced. For instance, in 2023, Blue Diamond Growers launched a new product called Thin Dipped Almonds, which is available in two flavors, namely double dark chocolate and dark chocolate sea salt caramel. It is cholesterol-free, high in vitamin E, and contains no artificial flavors or colors. In addition, nut flour is expanding as an alternative to regular wheat flour in the gluten-free market, increasing the potential for market growth during the study period.

Almond Industry Segmentation

The edible part of the almond is a seed from a drupe, a fruit in which the outer shell and hull layers are typically not eaten. After extracting the almond seed, the shells and hulls are often used for livestock feed and bedding. For report purposes, the analysis of "Other Nuts, Fresh Or Dried, Whether Or Not shelled or peeled - almonds" (HS code 0802) is considered. The almond market includes production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis. The market is geographically segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers the market size and forecast based on volume (metric tons) and value (USD) for all the above-mentioned segments.