Almond Flour Market

Almond Flour Market: Nutty Flavour Profile Enhancing Utilization in Baked Goods and Confections: Global Industry Analysis (2013 - 2017) & Opportunity Assessment (2018 - 2028)

2018-12-06
REP-GB-7931
210 pages

An Incisive, In-depth Analysis on the Almond Flour Market

This study offers a comprehensive, 360 degree analysis on the Almond Flour market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Almond Flour market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

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Almond flour is manufactured by grinding the almonds to a fine powder form. Almond flour is also produced as a result of almond oil processing, in which, almond cake is formed as a by-product, and utilized as almond flour by further processing. It is obtained from both blanched and unblanched almonds, and the latter is also known as natural almond flour. Almond flour is also known as almond meal or almond powder. It is used in the food industry as a gluten-free and healthy flour substitute. In bakery products, it replaces 25% of the grain-flour used. Nowadays, almond flour has found key application in the cookies and crackers segment.

The almond flour market is segmented into form, distribution channel, nature, and end use. On the basis of form, the almond flour market is segmented into natural and blanched. On the basis of nature, the almond flour market is segmented as organic and conventional. In terms of volume, conventional almond flour constitutes a much larger share compared to organic certified in the almond flour market. Almond flour is mainly used in the bakery and confection vertical, and in recent times, the retail offerings of almond flour cookies and almond flour tortillas has grown. Bakery premixes and nut-based dietary supplements with almond flour as a major ingredient have also become common. The demand for other almond-derived products such as almond oil and almond butter is also concurrently propelling the growth of the almond flour market.

In the Asia Pacific region, specifically China, India, and ASEAN countries have witnessed significant imports of almonds, almond flour, and related almond-derived products, which offers several opportunities for growth in the almond flour market in this region. Also, in countries such as China and Japan, which are witnessing an increase in the demand for natural dietary supplements, innovative products containing almond flour are being developed, resulting in a surge in product launches containing almond flour. In addition, urbanization and the number of food processing companies in APEJ is increasing, which is a factor fuelling an increase in the production of almond flour in terms of volume. These countries are also populous in terms of the target demo graph - adults and teenagers, which are the key demo graphs showing interest in gluten-free and specialty flours. In Asia, major countries that have exhibited positive market potential for almond flour are China, South Korea, and India. Moreover, countries such as Brazil are also expected to spur the growth of the almond flour market, due to its production of high quality cookies. An increase in product launches with almond flour in Brazil indicates the immense market potential in this region.

In terms of value, the global almond flour market is expected to represent an incremental opportunity of 81.2 Mn by 2018 end over 2017. By form, the blanched flour segment is expected to register a CAGR of 7.7% in the almond flour market. Despite high demand, Japan is expected to register relatively sluggish growth in the almond flour market, due to fairly limited utilization of almonds in traditional recipes.

Growing Scope of End-use Applications for Almond Flour

Almonds are a widely consumed nut in North America, and have also been in demand in the flour and oil segments. Artisanal bakers and chefs are extensively experimenting with the usage of almond flour in bakery products. This can also be attributed to the rising demand for artisanal bakery products in this region, and is reflected through the fact that, major manufacturers are distributing almond flour separately to professionals. Consumers who are looking for alternative flavours to traditionally consumed healthy flours, mainly whole grain and ancient grain flours, are now experimenting with nut- and seed-based flours such as almond flour. In addition, almond flour, especially blanched almond flour, comes with a nutty and sweet flavour, which evades the issue of undesired flavour characteristics imparted by many other gluten-free flours such as arrowroot flour, quinoa flour, etc. With a stack of different almond flour products emerging in the market, strong growth in the almond flour market is expected in this region.

Climatic Conditions Leading to Fluctuations in the Almond Flour Market

Being a directly agro-based segment, the almond flour market has to combat unfavourable climatic conditions and uncertainties in the supply of raw material. Droughts and freezes are common causes of the destruction of crops, leading to shortages. This shortage often cascades into higher prices in the supply chain. During this period, even regular consumers of almond flour tend to move away from high-priced almond flour. Unfavourable climatic conditions remains an uncontrollable factor, negatively affecting the fate of the almond flour market. Certain studies have also shown that California, one of the largest producing regions of almonds globally, has been impacted by droughts due to the significantly large requirement of water for almond cultivation.

Western Europe Expected to Drive Demand for Almond Flour

On the basis of region, the market in Western Europe is anticipated to dominate the global almond flour market in 2018. Latin America and APEJ are expected to gain moderate market shares in revenue terms by 2028 end.

FMI has compiled a study on the almond flour, which offers an analysis and forecast of the almond flour market, in its publication titled, Almond Flour Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028. This report on the almond flour market covers some of the vital facets that are key influencing factors on the demand and supply for almond flour over the next several years. An in-depth review of the growth drivers, potential challenges, unique trends, and opportunities for almond flour market participants equips readers to fully comprehend the overall landscape of the almond flour market. The report on the almond flour market also covers the analysis of key regions and countries of particular interest that are anticipated to become frontrunners or remain laggards over the forecast period. The report covers a historical analysis of the almond flour market from 2013 to 2017, and provides forecasts from 2018 to 2028 in terms of volume in metric tons and revenue in US$.

Almond flour is used as a gluten-free flour substitute, and as a fortifying ingredient in beverages and other snacks. Almond flour is packed with antioxidants, proteins, and beneficial oils, which are the most sought-after food ingredients, especially in developed countries. Almond flour boasts of health benefits such as reduction in LDL (bad cholesterol), and in the backdrop of the increasing incidences of diabetes, almond flour’s popularity as a breadwinner of insulin resistance paves the way for an increase in consumption amongst prediabetics. Almond flour palates a nutty flavor much like almonds, and has a cream colored appearance. Moreover, the abundant production and easy procurement of raw material – almonds - has made almond flour’s availability even easier in developed regions. Amongst the gluten-free flours, almond flour and coconut flour lead the demand for specialty flours.

Although almond flour is used as a fortifying agent in food, it is expensive and mostly affordable for high-end consumers. Almond flour is viewed as a highly premium product by middle-class consumers. This scenario is especially prominent in developing regions such as Asia and the Middle East & Africa. Hence, the market growth for almond flour remains limited to certain regions or certain classes of consumers. It may take a long time for middle-class consumers to adopt its usage in their daily diets.

This report on the almond flour market has been broken down into different chapters to enhance clarity and provide context. A brief executive summary at the beginning of the almond flour market report consists of some of the key findings of the study on the almond flour market, as well as estimates and growth rates for important segments. The following chapter presents the definitions and scope of the study of almond flour, as well as coverage in terms of the way the almond flour market is structured. Subsequently, the chapter on market background in the almond flour market report presents the evolution of almond flour, relevant economic indicators such as GDP and per capita consumption of almond flour, including an assessment of the supply chain, policy developments and regulatory scenario, and dynamics impacting the almond flour market, as well as an explanation of the factors considered important to develop forecasts and estimates. The report on the almond flour market also includes a chapter on pricing analysis, highlighting price point variations between different regions and products, including pricing forecasts. The following chapters dive deep into the global almond flour market, covering detailed information based on form, nature, end use, and distribution channel. The next set of chapters provide region-wise analysis and forecasts of the almond flour market, covering vital aspects of the almond flour markets in North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and the Middle East and Africa.

A dashboard view of some of the key companies operating in the almond flour market in terms of their offerings, regional presence, and other metrics is a precursor to the detailed profiles of these participants, including financial information, strategy overview, SWOT analysis, and market share, as well as analyst commentary. Some of the key players analyzed in the almond flour market report include Rolling Hills Nut Company, Alldrin Brothers., Treehouse California Almonds, LLC., Oleander Bio, SA, Austrade, Inc., Cannan Palestine, Shiloh Farms, Anthony's Goods, Hodgson Mill, King Arthur Flour Company, Inc., Barney Butter, Bob's Red Mill, Blue Diamond Growers, Inc., Almondco Australia Ltd, and Borges Agricultural & Industrial Nuts, S.A.

To develop the market estimates for almond flour, the overall production of almonds in different regions and countries has been taken into account, which is followed by tracking the almonds destined for raw or whole consumption, and those destined for further processing. This is then cross-referenced by understanding the annual production of almond flour of the key players in the global almond flour market. The prices of almond flour have been obtained from manufacturers, distributors, and wholesalers for bulk quantities at a country-level.

Our team of analysts review and interpret data from a variety of sources. Data attributed to ‘FMI’ is derived by using a combination of various approaches, which are then consolidated, interpreted, and extrapolated by FMI analysts. Data is sourced from government statistics, trade associations, company annual reports and investor presentations, press articles and directories, technical publications, and online databases, which are then cross-referenced with FMI’s reports and internal repository of data to filter and validate the collected information. Intelligence gathered from desk research is supplemented by extensive interviews with selected key expert participants across the value chain, not only to gain information specific to their roles and operations but also to obtain their perspective and insights of the issues impacting the almond flour market.

Global Almond Flour Market: Segmentation

Analysis by Form

Blanched
Natural

Analysis by Nature

Organic
Conventional

Analysis by End Use

Household
Foodservice
Industrial
- Food & Beverages
  - Bakery
  - Confectionery
  - Dressings & Condiments
  - Sauces & Spreads
  - Ready Meals
  - Beverage Processing
  - Others
Cosmetic Industry
Dietary Supplements