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Almond Protein Market size is anticipated to witness healthy growth during 2023 to 2032, driven by surging demand for plant-based protein, along with increasing use of personal care products and healthy alternatives for bakery products in developing nations.
The burgeoning health consciousness among people has encouraged them to look for more nutrient-dense food options in their diets. Additionally, increasing sustainability and environmental concerns due to high carbon emissions in the processing of animal protein have fueled the almond protein market. According to a report, food systems produce 26% of GHG, of which 15% is credited to animal agriculture, and consumption of alternative proteins can reduce 0.85% gigaton of CO2 equivalent equal to 95% produced in the aviation industry by 2030.
As California remains the provider of 80% of the almonds across the globe, the 1200-year mega-drought that occurred in July 2021 posed water shortages in the area, affecting the almond production industry. According to USDA speculation in May 2021, almond production would have hit 1.5 billion kg by year-end which instead had a massive setback during drought and resulted in just 1.3 billion kg of production by the end of 2021. Moreover, the disruptions in the supply-demand chain during the Russian-Ukrainian conflict slightly impacted the market demand.
Despite several opportunities provided by growing awareness for these proteins, the almond protein market faces challenges in the form of low availability & high cost of raw materials, availability of other plant-based proteins, pre-conceived notions regarding new products, and stringent regulatory and labeling requirements. Many people have a better knowledge of proteins extracted from soy, pea, and other plants which is hampering the uptake of almond-based proteins.
In terms of application, the confectionery & bakery segment will gain remarkable momentum during the forecast timeline, propelled by the positive inclination toward plant-based proteins due to their healthy and sustainable properties compared to animal-based proteins and strong penetration of vegan and gluten-free confectioneries. Moreover, the benefits of almond protein such as blood sugar control, reduced inflammation, and lower cholesterol levels have elevated its use in bakery products.
The almond protein market size from the supermarket or hypermarket segment is set to depict notable growth until 2032, attributed to the easy availability of stocked almond protein products in line with the positive response of supermarket owners. Also, hypermarkets provide almond protein commodities at reasonable prices and provide a one-stop experience to consumers, gaining momentum from the people.
Regionally, Asia Pacific almond protein industry is projected to increase exponentially over the review timeline, as a result of rising health consciousness among people in the region. Furthermore, key participants are also contributing to innovating almond protein products. For instance, in November 2022, Jooma, a Chinese subsidiary of plant-based yogurt producer NOIX AG, introduced Call me Almond Milk, an almond milk concentrate for the Chinese market. The massive production of almonds in countries such as India, China, and Australia is likely to offer easy access and convenience in the region.
Some of the leading companies involved in the almond protein market are BASF SE, Sar Agrochemicals & Fertilizers Pvt. Ltd, NOOSH Almonds, Beneo, InovoBiologic Inc., The Hershey Company, Blue Diamonds Almonds, and Alesco s.r.l. These firms majorly engage in rigorous R&D initiatives, new product innovations, and strategic partnerships to attain a competitive edge in the market. To cite an instance, in March 2023, the Hershey Company, a leading chocolatier, announced the addition of a new range of plant-based extra creamy with almonds and sea salt butter cups.