Almond Protein Market Size, Share & Trends Analysis Report By Application (Beverages, Bakery & Confectionery, Personal Care), By Distribution Channel, By Region, And Segment Forecasts, 2019 - 2025

Report Overview

The global almond protein market size was value at USD 332.0 million in 2018 and is expected to register a CAGR of 5.8% from 2019 to 2025. The growth is driven by the change in consumption of consumers from animal-based protein to plant-based protein. An increase in health awareness across the globe and a rise in demand for vegan and gluten-free products are anticipated to further propel the demand.

Almond protein finds the majority of applications in beverages like smoothies and milkshakes to give them a protein boost. The protein is made from the process of pressurization which removes more than half of the fat, making it ideal for use in health and wellness products like protein bars and shakes. Moreover, the fats found in almond protein are not as harmful as those sourced from animals, which has gluten, higher levels of cholesterol, and saturated fats that increase the risk of heart diseases, Trimethylamine N-oxide (TMAO), and cancer.

The increase in demand for organic and natural skincare products is driving the demand for almond protein owing to its benefits for improving skin texture and providing moisture to the skin. For instance, hydrolysed sweet almond protein improves skin tolerability and reduces skin irritation. The wide range of application of the product in health and wellness products is a prime factor responsible for accelerating the growth of the market over the forecast period.

Moreover, increasing usage of smartphones and penetration of e-commerce is reducing cost of setting up businesses, thus increasing the market growth. The market generates its majority of revenue through online distribution channel which is anticipated to remain uniform over the forecasted period.

Application Insights

The almond protein market is segmented by application into beverages, bakery and confectionery, and personal care. Beverages held the largest market share owing to the rising use of the product in healthy and ready to make smoothies and milkshakes. Protein is mainly consumed by people who workout and need protein in their diet for muscle repair. With more number of people inclining towards workout, the beverages segments is expected to witness growth.

Bakery and confectionery is expected to grow with a good CAGR of 5.7% from 2019 to 2025. The segment is gaining popularity as protein bars and protein balls are replacing normal food items and expanding its market share. Moreover, most of the bakery products like waffles, pancakes, and cookies are now using almond protein due to its benefits over other animal and plant-based proteins

Distribution Channel Insights

The online distribution channel segment held the largest market share of over 60% in 2018. An increase in the number of internet users, fast-paced lifestyle, easy internet access, and penetration of e-commerce are some of the major factors contributing to the growth of this segment. Moreover, discounts and user reviews on online platforms are anticipated to fuel online sales over the forecast period.

Hypermarket and supermarket is the second largest segment with a market share of 27.14% in 2018. The segment is expected to grow its share in the market owing to its benefits of offering the customers with real-time purchase decisions, different brands to choose from, and guidance from sales executive on choosing the best product. 

Regional Insights

North America held the largest market share of more than 30% in 2018. The U.S. was the largest consumer with a consumption of 315,736 MT of almonds in 2018. This region is also the largest producer of almond, thus reducing the product cost by eliminating the cost of import associated with almond. Moreover, the U.S. has the largest number of fitness-oriented people which is further increasing the demand.

Asia Pacific is forecasted to be the fastest-growing region with a CAGR of 6.0% from 2019 to 2025. Increasing demand for organic and protein-rich cosmetics products and increasing demand for almond protein powder in countries like Japan and China are the prime reasons propelling the regional demand.

Key Companies & Market Share Insights

The market is dominated by leading players such as InovoBiologic Inc.; Celtic Sea Minerals; Marigot Ltd.; Maxicrop USA; BioFlora, LLC; Alesco S.r.l.; Humates And Seaweeds Pvt Ltd; HMHS Solutions Limited; and Sar Agrochemicals & Fertilizers Pvt. Ltd amongst others.

Almond Protein Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global almond protein market report on the basis of application, distribution channel, and region:

• Application Outlook (Revenue, USD Million, 2015 - 2025)

  • Beverages

  • Confectionery & Bakery

  • Personal Care

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

  • Online

  • Hypermarket & Supermarket

  • Convenience Store

• Regional Outlook (Revenue, USD Million, 2015 - 2025)

  • North America

    • The U.S.

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • India

    • China

  • Central & South America

  • Middle East & Africa