Consumer preference for nutritious food products has been a prominent trend amid the global coronavirus outbreak during the initial quarters of 2020. Rising demand for low-sugar, natural ingredients during the lockdown period following the pandemic has resulted in greater consumption of almond products, as consumers stockpile such commodities amidst the COVID-19 outbreak.
According to a recent study published by Future Market Insights (FMI), the global almond ingredients market is projected to exhibit an impressive 10.3% CAGR during forecast period, 2020 – 2030. However, the industry is likely to face challenges during 2020 as shipments to China have been significantly restricted. Key producers such as North America will have to contend with lower prices and surplus stocks, influencing demand for the short term, states the FMI study.
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Whole Almond Remains High-potential Category
Whole almond accounts for a major market share, owing to a vast scope of applications including bakery, confectionary, snacks, bars, and others, influencing growth strategies by major producers. Following the outbreak, consumers have become increasingly inclined towards the consumption of healthy foods and diets. This trend is expected to continue through the duration of the pandemic, and even after the outbreak subsides, generating favorable prospects for the industry for the foreseeable future.
“Almonds comprise multiple essential nutrients consumed widely by gym and body building enthusiasts. These factors are contributing in growing demand for whole almonds globally. However, restrictions imposed on international trade are likely to restrict sales across borders, reducing prices and revenues for the short term” says the FMI analyst.
North America Holds Vanguard Position, with California Almond Production
Regionally, North America is projected to continue holding a leading position in the global market. With China’s ports receiving little of its imports, North America will hold onto a surplus of its production However, Europe and Asia are also expected to generate significant remunerative opportunities. Rising health awareness among European consumers is creating notable demand for almond snacks. This growth in the demand for health foods and concerns over obesity are essential for market growth in the years ahead.
As the 2nd largest consumer of California almonds, China is now struggling as limited workers are available to handle shipments coming into its ports. Consequently, almond farmers in the United States are likely to end up with a large surplus in their harvest, leading to reductions in retail pricing for buyers within the United States. However, this volatility of prices and the growing supply and demand gap in the industry could negatively impact growth prospects, during the pandemic.
This FMI study offers near and long-term growth outlook for the almond ingredients market. Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights