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Almond Oil Market Overview
The Almond Oil Market size is estimated to reach $1,052 million by 2027. Furthermore, it is poised to grow at a CAGR of 4.7% over the forecast period of 2022-2027. Almond has been gaining immense market traction over the last five years. Predominantly owing to the rising “veganism” trend and the tendency of people to adopt vegan diets which can provide them with the needed protein and energy for the entire day. Additionally, almond oil has been extensively used in cosmetic products owing to its excellent chemical properties making the skin smooth and nutritively healthy. As the practices for food adulteration are growing, various practices have been adopted such as the use of isotope ratio mass spectrometry. Almond Oil has also known for having monosaturated oleic acid or monosaturated fats which are contributed to increasing HDL or good cholesterol. The sweet almond oil also contains around 30% of linoleic acid, which makes up for its application in skin-care products. Moreover, the cinnamic aldehyde is added to various almond oil preparation to enhance the overall taste of the product. Owing to the recent trends governing that consumers wish to have vegan and non-GMO products along with the health consciousnessm the Almond Oil Industry is positioned favorably in the projected period of 2022-2027.
Report Coverage
The report: “Almond
Oil Market Forecast (2022-2027)", by Industry ARC covers an in-depth
analysis of the following segments of the Almond Oil Market.
By Type- Sweet Almond Oil and Bitter Almond Oil.
By Application- Food Processors and Manufacturers, Cosmeceuticals,
Nutraceuticals, and Others.
By Distribution
Channel- Offline and
Online.
By
Geography- North America (U.S., Canada, Mexico), Europe (Germany,
United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia
Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest
of Asia Pacific), South America (Brazil, Argentina, and Rest of South America),
and Rest of the World (the Middle East, and Africa).
Key Takeaways
- Geographically, North America held the dominant market share in the year 2021. It is owing to the predominant position of the region in supplying the raw material almond. Additionally, the established pharmaceutical-nutraceutical and cosmeceutical industries propel the usage of almond oil in making end-products. However, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers owing to heightened demand from the application industry fuelled by new product launches and brands focussing on using and publicizing almonds as the health beneficiary factor.
- The medicinal benefits offered by the almond oil, which aids all age groups has been a key market driver. However, owing to huge inclination and supply focus to small regions impeded the overall market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Almond Oil Market.
Almond Oil Market- Geography (%) for 2021.
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Almond Oil Market Segmentation Analysis- By Type
The Almond Oil market based on type can be further segmented
into Sweet Almond Oil and Bitter Almond Oil. Sweet Almond Oil held a dominant
market share in the year 2021. The sweet almond tree is a deciduous tree,
which stands 30ft tall from the ground. Additionally, almonds are not tree
nuts but are drupes. Drupes refer to an outer hull surrounding a hard shell
that contains the seed as we know them inside. It is from the said drupes- the
sweet almond oil is extracted. Sweet Almond Oil has been of prevalent use owing
to its cross-applicative nature. Sweet Oil has now been also given as a mild
laxative and a remedy for cancer. Since almond oil has extreme levels of
omega-3 fatty acids, it helps in lowering the cases of cancer particularly
cancers of breast-colon-spleen-uterus- and mouth. Within the US, the average
risk of developing breast cancer is 13%, which roughly translates into 1 in
every 8 women.
Moreover, Sweet Almond Oil is estimated to be the
fastest-growing with a CAGR of 5.4% over the forecast period of 2022-2027. It is
owing to its use in the cosmeceutical industry as it is milk on the skin and is
extremely beneficial in removing make-up, acting as a skin-friendly exfoliator,
and primarily follows no-cruelty as a label mark.
Almond Oil Market Segmentation Analysis- By Distribution Channel
The Almond Oil Market based on distribution channels can be
further segmented into offline and online. Offline held a dominant market share
in the year 2021 owing to the vast application usage in food products and beverages.
Plant-based milk; especially almond milk is thickening its bases as users complained
that “plant-based milk is thinner than dairy-milk.” Plant-based milk products
are growing continually, and offline distribution channels are the major way
through which such products reach the end-user, as they come under the tag of “convenience.”
As per the data released by the Plant-Based Milk Association, milk grew 20.4% from
2019 to 2020 and had a maximum revenue share of $2.5 billion in 2020. Moreover,
almond milk creamers, which use almond milk grew by 32.5% from 2019.
However, the Online segment is estimated to be the
fastest-growing, with a CAGR of 5.5% over the forecast period of 2022-2027. It
is owing to the strategies being adopted by the brands to eliminate the middlemen
and introduce various cashback and coupons directly to the end-users. Owing to
the new strategies- digital marketing, and other incentivization, the segment
would outpace the former.
Almond Oil Market Segmentation Analysis- By Geography
The Almond Oil Market based on Geography can be further
segmented into North America, Europe, Asia-Pacific, South America, and the Rest of
the World. North America held a dominant market share of 36% as compared to the
other counterparts in the year 2021. It is owing to the region’s preferential
right over the basic raw material-almond. Additionally, the raw material cost
holds a significant aspect on the almond oil, and hence region’s high output
directly translates into high market share. California’s 2020 almond acreage is
estimated at 1,600,000 acres, 5.3% higher than the 2019 acreage of 1,520,000.
Owing to such factors, the region held a dominant share.
However, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers owing to the rising food processing industries, which in turn helps in churning out products using almond oil as an ingredient. Moreover, India’s nutraceutical space is growing at a rapid pace supplemented by high internet penetration, thereby sales pertaining to natural-clean label products are bound to grow in the projected period of 2022-2027.
Almond Oil Market Drivers
The usage of almond oil owing to its medicinal benefits has immensely accredited the market growth.
Almond oil has seen growing market traction owing to the peculiar
health benefits it offers over the other common edible oil available in the
market. If a nutritive breakdown of 1TBSP of almond oil is considered, then a
total of 119 calories is gained, with 13.5 grams of total fats, with a
predominant weightage of 11.7 grams as poly and monounsaturated fats. Additionally,
it contains 26% RDI of Vitamin E. An overall rich diet of unsaturated fats has
been linked to various health benefits such as the reduced risk of heart disease
and obesity. Additionally, healthy fats can help in lowering high blood
pressure. Moreover, within the US – 116 million Americans have hypertension,
which is roughly 47% of the adults. High levels of HDL are associated with
healthy liver and heart. Moreover, researchers have contributed the use of
almond oil in controlling blood sugar. As per WHO, 422 million people
globally have diabetes and has been the 9th leading cause of fatality.
The growing concern regarding the use of non-GMO products and the practice of healthy labels have replicated a multi-applicative use of almond oil.
Adverse effects created using chemicals such as parabens and
phthalates have shown negative effects on one’s skin. Almond Oil, as an ingredient, is widely used across the cosmetic
industry owing to its beneficial properties such as exfoliator for skin,
promoting a chemical-free makeup remover, and is additionally used in creating hair
strengthening products. Moreover, due to the uprising of “clean label” products
within the cosmetic industry, the usage of almond oil has grown multi-fold. As
almond production mostly follows non-toxic, green, and all-natural practices-
the consumers are widely drawn to such product offerings, and manufacturers are
observing increased sales in the following segment. Among most consumers
which are 63%, the products made of 100% natural ingredients are more popular
nowadays.
Almond Oil Market Challenges
A strong dependence of raw material on one region poses itself as a significant risk.
Almond’s production and supply are coupled in the hands of the USA. California almonds supply up to 80% of raw almonds to various end-users
and producers. Hence, according to economics- if the supply is reliant on one’s
region produce- the price anomalies would rarely favor the end-users. As per
our analysis, whenever the overall “export” value globally has gone down, the USA
exports also took a deep hit. The vice-versa also stands true. For example, in
2017, the export tons value was-> 328,756 of which the US provided 219,615 tons.
In the year 2018, the exports shrunk -> 309,399 tons and the US also had a lower
export output of 204,411 tons. Owing to such high correlation, the end-user industry
such as almond oil would experience extreme price differences thereby hampering
consumer sentiments and buying behavior.
Almond Oil Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures,
and geographical expansions are key strategies adopted by players in the Almond
Oil Market. The top 10- Almond Oil Market companies are-
- AAK
- Frontier Natural Products
- Flora
- Proteco
- Bajaj
- Caloy
- Dabur
- ESI
- GrupoPilimon
- HuilesBertin
Recent Developments
- In November 2021, Blue Diamond- the world’s leading almond marketer and processor has announced the launch of Almond Breeze Extra Creamy Almond Milk. It contains the same texture as that of the dairy milk and uses Almond Oil to ensure the said taste. Many people find plant-based milk to be too thin compared to dairy and opt for alternative products in the plant-based milk category. The product contains 80 calories per serving. It is low in saturated fat, and it has an excellent source of calcium and vitamins D and E, and a good source of vitamin A.
- In September 2020, California Based Grower or Processor- Harris Wolf Almonds have launched single source sweet almond oil to the cosmetics and personal care ingredient marketplace. The product is a stalwart for raising transparency and quality. An ingredient such as almond oil provides the user the required health- quality- conscious who wish to have a good balance usage of plant-based derivative. The oil is made from 100% food-grade almonds.
- In April 2019, Pip and Nuts launched their vegan almond butter under the name of “Cherry Bakewell” within the UK. The product is free from palm oil, and instead, have almond oil within the jar. Additionally, it has a combination of Californian Almonds which takes 59% of the content value, coconut, agave syrup, dried cherries, Natural Almond Extract or Oil, and Sea Salt. The said product is high in fiber, mono-unsaturated fats, vegan friendly, and gluten-free.
Relevant Titles
Almond
Flour Market- Forecast (2022-2027)
Report Code- FBR 21105
Almond
Ingredients Market- Forecast (2022-2027)
Report Code- FBR 85371
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