“Global Almond Protein Market to reach a market value of USD 9.4 Billion by 2031 growing at a CAGR of 14.1%”
The Global Almond Protein Market size is expected to reach $9.4 billion by 2031, rising at a market growth of 14.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 70,140.1 Tonnes experiencing a growth of 14.5% (2020-2023).
The North America region witnessed 39% revenue share in this market in 2023. This is largely due to the growing consumer preference for plant-based proteins, driven by increasing health consciousness and the rising popularity of vegetarian and vegan diets. The United States, in particular, has a strong demand for these protein products, which are perceived as healthy and sustainable alternatives to animal-based proteins. Thus, this region consumed a volume of 26,374.1 Tonnes in 2023.
The global trend toward plant-based diets has been accelerating, driven by various factors, including health consciousness, ethical concerns, and environmental sustainability. Consumers are moving away from animal-based products and looking for alternatives that provide similar nutritional benefits without the negative environmental impact. This protein is well-positioned in this market, as it offers a high-quality protein source and other benefits such as fiber and vitamins. Hence, increasing consumer demand for plant-based protein sources propels the market's growth.
Additionally, As health consciousness rises globally, consumers are increasingly focused on the nutritional quality of their food. People are seeking out products that not only provide essential nutrients but also support a healthier lifestyle. This protein, rich in amino acid profile, vitamins, and minerals, fits well into this growing demand for nutrient-dense foods. It is considered a healthier alternative to more conventional protein sources due to its plant-based nature and positive effects on heart health, weight management, and overall wellness. In conclusion, rising health consciousness and demand for nutrient-dense products propel the market's growth.
However, This protein’s availability is closely tied to the almond crop, vulnerable to environmental factors such as drought and climate change. Almond farming is highly water-intensive, and regions that rely on almonds as a primary crop may face challenges related to water scarcity. This dependency on almond crop yields can result in fluctuations in supply, causing potential shortages in this protein production. Therefore, limited raw material availability and dependency on almond crop yield hinder the market's growth.
On the basis of end use, the almond protein market is segmented into B2B and B2C. In 2023, the B2C segment attained 27% revenue share in this market. This segment’s growth can be attributed to the increasing consumer demand for plant-based protein alternatives, particularly as more individuals adopt vegetarian, vegan, and health-conscious lifestyles. Global B2C e-commerce revenue is expected to grow to USD$5.5 trillion by 2027. As awareness of the health benefits of this protein rises, more consumers are seeking direct access to products like protein powders, snack bars, and other food items fortified with this protein.
Based on type, the almond protein market is divided into conventional and organic. The organic segment held 34% revenue share in this market in 2023. Organic almond protein is increasingly sought after by health-conscious consumers, particularly those who prioritize products free from synthetic pesticides, fertilizers, and other chemicals. Consumer awareness of health and sustainability and trends favouring clean-label and ethical sourcing practices influence this demand for organic ingredients. In terms of volume, the segment would register 70,140.1 Tonnes in 2023.
Free Valuable Insights: Global Almond Protein Market size to reach USD 9.4 Billion by 2031
Region-wise, the almond protein market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 25% revenue share in this market. The growth in this region can be attributed to the rising awareness of the health benefits associated with plant-based proteins, such as improved heart health and weight management. Countries like China, India, and Japan are witnessing increased adoption of these protein products, driven by a shift towards healthier dietary choices and the influence of global health trends.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 3.5 Billion |
| Market size forecast in 2031 | USD 9.4 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 14.1% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 279 |
| Number of Tables | 648 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, End Use, Region |
| Country scope |
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| Companies Included | Blue Diamond Growers, Archer Daniels Midland Company, Nut Butter Concepts LLC, Sabinsa Corporation (Sami-Sabinsa Group Ltd.), BASF SE, Nestle S.A. (Orgain Inc.), Mars, Inc., and The Hershey Company |
By Type (Volume, Tonnes, USD Billion, 2020-2031)
By End Use (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
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