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(IndustryNews247.Com, September 11, 2019 ) The global almond ingredients market is estimated to be valued at USD 9.0 billion in 2019 and is projected to reach USD 16.4 billion by 2025, recording a CAGR of 10.6% from 2019 to 2025. The demand for almond ingredients is significantly increasing due to factors such as growing snack foods, demand for fortified food products, increasing number of almond-based new product launches, and technological advancements enabling the trade of raw materials. High raw material costs and fluctuating almond production are projected to inhibit the growth of the almond ingredients market.
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The European region is projected to account for the largest market share due to the increasing demand for multivitamin and protein-rich foods in the region. The population in the region has become highly aware of other nutritive compounds in almonds and benefits associated with them, which has led the manufacturers to invest significantly in the almond ingredients market. Investor-friendly policies and free trade agreements are expected to drive the almond ingredients market in the region.
The almond ingredients market, on the basis of type, is segmented into whole almonds, almond pieces, almond paste, almond flour, almond milk, and others. The market for almond pieces is projected to grow at the highest rate due to the increasing consumption and its rising demand in the food processing industries. Almond pieces add texture, crunch, and nutrition to products and are used as topping for salads; as ingredients in cereals; for coating for savory & confectionery products, and for garnishing for desserts & baked goods. Due to these factors, the almond pieces market is projected to grow at the highest CAGR during the forecast period.
The almond ingredients market, on the basis of application, is segmented into snacks & bars, bakery & confectionery, nut & seed butter, milk substitutes & ice creams, RTE cereal, and others. In the almond ingredients market, the snacks & bars segment is projected to be the fastest-growing during the forecast period. The high nutritional value provided by almond ingredients to snacks & bars has been an attractive factor for manufacturers and consumers, which has resulted in its increased demand over the past decade. Additionally, the demand for nutritional and healthy ingredients in food products has encouraged manufacturers to offer almond-based snacks & bars in the market. Due to these factors, the snacks & bars segment is projected to drive the market for almond ingredients during the forecast period.
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The Asia Pacific region is the fastest-growing market in the global almond ingredients. Increasing demand for almond ingredients in developing countries such as China and India due to the growing awareness about the nutritional benefits offered by almonds and the increasing consumption of almond-based food products are some of the opportunities that are projected to drive the market.
The major players in the industry are focusing on new product launches, expansions, acquisitions, agreements, collaborations, and partnerships to increase their global footprint in the almond ingredients market.
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