Almond Protein Market size is set to record substantial gains through 2027 driven by the escalating consumption of protein rich diets and high consumer inclination towards healthy eating. Additionally, increased demand for protein among athletes would boost the market for almond protein supplements in nutrition and sports drink product.
The market growth is further propelled by the growing trend of veganism and a paradigm shift towards plant based protein diet. It is considered to be an exceptional plant-based and grain-free product, and an ideal substitute for soy and whey protein. Its high functional property and natural benefits are augmenting the growth potential of almond protein market over the span of 2021-2027.
In addition, technological advancements in almond farming procedures are expected to support the market growth in the ensuing years. Increasing adoption of automated management process and scientific approach for almond plantations would potentially result in heightened production of almonds, leading to surging demand for almond protein products. Besides, advancements in automated processes would also support reduction in management costs.
Almond protein market share is touted to gain substantial proceeds from online distribution channels. This can be ascribed to the growing smartphone penetration, internet usage, growth in e-commerce industry, and expanding online presence. Online shopping offers an expansive range of options, discounts, while also offering a holistic user review for the product. The availability of doorstep delivery has prompted consumers to shift to this channel, further catalyzing the segmental growth.
Almond protein beverages are anticipated to gain significant proceeds worldwide. This can be credited to the rising use of the product in healthy and ready to make milkshakes and smoothies. Athletes and gym enthusiasts have emerged as ideal end-users for almond protein beverages due to the nutrition present in the drinks supporting muscle repair. An increasing ingress in gym and health clubs for augmenting the overall body health would further stimulate the demand for almond protein drinks worldwide.
Regionally, North America almond protein market value is slated to carve profitable growth through 2027, driven by the escalating need for plant-proteins consumption, change in lifestyles, and improved research and developments activities. The market is expected to be led by the United States, mainly driven by the surging trend of veganism in the country. As per credible reports, U.S. consumers had spent nearly USD 3.3 billion on plant-based foods in 2018. Thus, the aforementioned factors are touted to have a considerable impact on the overall North America market over the foreseeable time frame.
Companies operating in the global almond protein market are BASF SE, Blue Diamonds Almonds, NOOSH Almonds, InovoBiologic Inc., Sar Agrochemicals & Fertilizers Pvt. Ltd, and Alesco s.r.l.
These players are engaging in mergers, acquisitions, collaborations, and product launches to gain a competitive edge in the global market. For instance, Blue Diamond in 2020 introduced a new almond protein powder especially for the e-commerce customers. The product is available in different flavors, made from California almonds and packed with 20 grams of protein.
The novel coronavirus outbreak had led to massive disruptions across various businesses and enterprises. The global almond protein market was also amongst the severely hit businesses. With the global economy slumping down during the first half of 2020 due to stringent movement restrictions and temporary halt in production units, the sales of almond protein products declined considerably given the disturbances in the supply chain.
However, with businesses getting back on track and companies operating under reduced workforce, the market value is likely to grow phenomenally in the coming years.