Market Outlook for Almond Protein Market:
Almond protein is the protein content extracted from almonds and is commercially available in the powder form. It is produced by using a pressurization method that removes over half the fat while precipitating out the protein. The use of almond protein is ideal in milkshakes and smoothies, which gives these beverages a protein boost and a flavor variation. Apart from beverages, other common applications of almond protein are in bakery and confectionery. The bakery segment has already witnessed a rise in demand for the gluten-free and vegan category and is one of the fastest growing segments in the health and wellness products category. Almond protein happens to be the exclusive overlap of both these elements- vegan and nutrition, resulting in an exponential growth of the almond protein market.
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Almond Protein Replacement for Meat Expected to Drive the Almond Protein Market Growth
As both vegan and the paleo diet is on the rise, there is a certain class of consumers which want to follow both these healthy diets that are ensuring consumption of protein-rich yet vegetarian food. Hence, almond protein as a meat replacer in the paleo diet is gaining popularity. In the plant-based snacks segment, almond protein occupies a much larger retail shelf space and is one of the commonly available product. Almond flour, a distant cousin of almond protein, is also the second most sought-after ingredient in the gluten-free space after rice-flour. Some consumers are going extreme in their health regimes and cutting out grains completely from their diets, and in the grain-free backdrop, almond protein powder is winning even against strong contenders such as whole grain food. Currently, the demand from gluten-intolerant and celiac demo graph are providing stability to the almond protein market. Consequently, consents from the medical community have also partaken in authenticating the nutrition benefits of almond protein, which has encouraged the consumers for buying almond protein. While consumers in developed regions such as North America, Europe, and Japan are increasingly checking product labels, ingredients incorporated in the products have been playing a major role in influencing consumer buying strategies. Hence, almond protein purchase intent also includes the familiarity of consumers with almonds. The growth of the almond protein market is also guided by the supplier and manufacturers in this market. Some of their developments include diversification of almond ingredients product portfolio and educational marketing. Moreover, almond protein also acts as a suitable ingredient in the down streaming of the processed products as its neutral flavor evades the addition of masking agents.
On the other hand, other plant-based ingredients such as nuts and legumes are having a competitive impact on the growth of the almond protein market. These ingredients are offered at competitive prices and are also slowing down the popularity of almond proteins. Also, the excessive water usage in almond farming have cast doubts over the ethical sourcing of almond proteins and may hinder the growth of the almond protein market.
Global Almond Protein Market: Segmentation:
On the basis of nature, the almond protein market is segmented into-
On the basis of end use, the almond protein market is segmented into-
- Food & Beverages
- Nutrition Bars
- Sauces & Spreads
- Ready Meals
- Smoothies & shakes
- Cosmetic Industry
- Dietary Supplements
- Food & Beverages
On the basis of sales channel, the almond protein market is segmented into-
- Modern Trade
- Convenience Stores
- Specialty Stores
- Online Retailers
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Global Almond Protein Market: Key Participants
Examples of some of the market participants in the global almond protein market identified across the value chain include include InovoBiologic Inc., Marigot Ltd., Celtic Sea Minerals, Maxicrop USA, Inc., Alesco S.r.l., Humates And Seaweeds Pvt Ltd, BioFlora, LLC, Sar Agrochemicals & Fertilizers Pvt. Ltd and HMHS Solutions Limited amongst others.