The food & beverage industry has moved considerably quickly to adjust to a spectacular and sudden shift in food consumption as the whole world goes into lockdown. However, there are other disruptions with more and more countries blocking food exports, while movement restrictions are impacting the supply of essential products. Some countries have banned the import and export of food commodities to other countries. The result is creating a huge disruption in supply chain. Demand for almond ingredients, on the other hand, is catapulting rapidly, owing to consumers’ inclination towards health-boosting food products.
In the current situation with significant supply chain disruptions, stores are running short of products, and there is a huge demand-supply gap. Owing to this, the retailers and shoppers are selling products at higher prices to the consumers. Similarly, the retail prices for almonds and almond products are becoming costlier for consumers as compared to other nut products. Post normalization of this pandemic, retailers and shoppers are expected to sell almond and almond ingredients at an affordable rate.
The global almond ingredients market is expected to surpass US$ 33 Bn by the end of 2029. Demand for almond ingredients is expected to increase at a promising growth rate. The spread of COVID-19 in developed and developing countries has impacted consumers’ behavior considerably. Consumers are looking for highly nutritious food, which in turn influences the demand for almond ingredients.
Growing Health Awareness among Consumers to Fuel Global Demand
Among different types of almond ingredients, whole almonds are the most popular owing to its myriad applications in bars, snacks, bakery, confectionery, and ice cream and frozen desserts. Almonds are multi-nutritional ingredients consumed widely by consumers as nutritional bars and snacks.
Almond ingredients are witnessing huge demand in the current crisis of COVID-19, as they are essential to build up immunity. Almond ingredients are widely found in dietary supplements, as they are rich in protein and antioxidants. They are naturally conserving additives. These are the key factors driving the growth of the almond ingredient market. In addition, increasing inclination towards plant-based food is further bolstering opportunities for the growth of the market. Owing to these health benefits found in almond ingredients such as controlling sugar level and blood pressure, they are commonly used in comfort food, snack and protein bars. Thus, there is an increase in the sales of snacks, protein bars, and comfort food. The consumers are stocking on essential food items to survive during the quarantine period, which is expected to augment market growth.
Demand for Plant-based Product Gains Huge Prominence in the Market
Almonds are now becoming popular plant-based products, creating new scope for plant-based snack and bakery applications. Food companies are planning to launch innovative products such as the use of almond ingredients for making plant-based burgers. Moreover, use of plant-based almond ingredients in baking goods is expected to gain traction as compared to almond milk.
Most consumers, particularly millennials and gen Z, are more inclined towards plant-based trends and look for ingredients that they consider healthy and natural. Rapidly spreading COVID-19 is augmenting the demand for almond ingredients to stay fit and boost immunity. Owing to this, consumers are incorporating more seeds, fruits, and nuts such as almond into the foods they eat for ample health benefits. Additionally, with the growing consumption of almond ingredients, food companies are launching almonds and a variety of almond ingredients in plant-based applications ranging from snacks & bars and bakery & confectionery products. Nutritional benefits associated with almond ingredients help in contributing to positive health that can influence consumers purchasing decisions. Owing to this, almond ingredients have garnered a superfood status during the COVID-19 crisis.
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