NEW YORK, July 1, 2021 /PRNewswire/ -- High functionality, nutritional content, and widespread availability offered by almond flour is anticipated to trigger market growth at an expected volume CAGR of approximately 7% through 2031.
The global almond flour market growth is primarily benefitted from innovative product offerings by prominent and rising consumer demand for nutritional bakery products. Almond flour is one of the most commonly used food ingredients in households as well as the food processing industry. Utilization of almond flour is also rising as the home baking trend is picking pace across the globe.
Global food and beverage manufacturers are expected to witness growing demand for gluten-free food, owing to changing consumer eating habits and increasing consumer inclination toward healthier products. Manufacturers are expanding in newer markets through the expansion of production capacities and strengthening distribution networks.
Rising snacking habits among consumers have also promoted the use of ingredients such as almond flour. Almond flour provides stability and good texture to snacks, along with essential nutrients.
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Key Takeaways from Market Study
- The global almond flour market is set to witness substantial 2.2X volume growth over the forecast period of 2021 to 2031, owing to increased demand from food manufacturers and key players operating in the foodservice industry. Demand for both, blanched and natural almond flour, is on the rise for use in bakery and confectionery products.
- Developed regions of North America and Europe are expected to lead the global market with an approximate market share of more than 50%, owing to health-conscious trends and ability to spend more on premium and specialty products.
- The market is benefitted from several trends, including clean label, shifting consumer preference for organic and GMO-free products, health and wellness, and others.
- The outbreak of COVID-19 has had a significant impact on consumer behaviour, changing how they live, what they eat, and how they purchase products. However, during lockdowns, home baking went up and positively impacted the sales of bakery ingredients. As such, the impact of COVID-19 on the market is expected to be moderate.
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"Manufacturers engaged in the production of almond flour are focusing on product line extension to win business from competitors and achieve a greater level of sales volume," says a Persistence Market Research analyst.
Competitive Landscape
Key players manufacturing almond flour are emphasizing on new product development strategy to offer more and more innovative products on retail shelves. They are also focusing on different marketing and promotional strategies. Many are also opting for educational marketing regarding the health benefits of the almond flour.
- In November 2020, Bob's Red Mill Natural Foods expanded its product portfolio with the launch of its grain-free baking mixes. The company added chocolate cake mix, brownie mix, flatbread mix, and blueberry muffin mix to its product portfolio. All these products are made using almond flour as a major ingredient.
- In July 2020, Texas Star Nut and Food Co. announced the launch of an almond flour product. The company launched this product under its brand Nature's Eats. This launch was done in response to increasing demand for paleo, keto and gluten-free diets, and healthier food substitutes.
- In September 2019, Blue Diamond Growers announced the launch of its almond flour in the culinary aisle of major retailers nationwide. Major retailers include Amazon, Walmart, and few others across the globe. This product distribution strategy was developed to reach out to more potential customers in the retail industry.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global almond flour market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the market based on nature (organic and conventional), form (blanched and natural), end use (food and beverage industry, cosmetics and personal care, foodservice, and retail/household), and distribution channel (business to business and business to consumer), across seven major regions of the world.
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