Visiongain has published a new report on Almond Protein Market Report: Forecasts by Form (Powdered, Liquid), by Application (Bakery Products, Beverage Products, Cosmetics, Confectionery Products, Others), by Distribution Channel ((Online Channels, Offline Channels (Organised Retail (Supermarkets & Hypermarkets, Convenience Stores, Departmental Stores, Others), Unorganised Retail)) PLUS Profiles of Leading Almond Protein Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios
Global almond protein market was valued at US$ xx million in 2020 and is projected to reach at a market value of US$ xx million by 2031. Growing demand of plant protein is a key factor augmenting market growth of almond protein, especially in developed nations such as the U.S., Canada, Germany and U.K. among others.
COVID-19 Impact on Almond Protein Market
The impact of COVID-19 has bought along a severe economic recession along with it, which has affected every country in the world. This has negatively affected several industries including automotive, media & entertainment, hospitality, and travel and tourism among others. However, industries such as healthcare, and the food & beverages industry haven’t been devastated by the recession, as products in these industries fall under the ‘essential products’ category. The growth of the almond protein market is and will be pushed by the vegan population, throughout the recession phase, although the almond protein market has witnessed a drop in annual growth and is expected to display a similar trend in the first quarter of 2021.
Growing Vegan Population
Growing vegan population is one of the major factors supporting market growth of almond protein. The trend of vegan diet is on the rise in the developed nation such as the U.S. People in the U.S. are shifting their focus towards a more healthy diet that includes the consumption of plant based protein such as almond protein. 2019 along witnessed 10 million Americans switch to a vegan diet, displaying a significant jump over the past 15 years. Obesity in the U.S. is a key reason behind the transition towards a vegan diet. According to the Centers for Disease Control & Prevention (CDC), obesity in the country increased from 30% during 1999-2000 to nearly 43% in 2017-2018. The sharp rise in the number of people suffering from obesity in the country has urged them to shift to a healthier diet that includes the consumption almond protein enriched products. Due to these factors, the almond protein market in the U.S. is expected to display a steady growth till 2031.
Growing Population Base for Organic Food
Going organic has become a trend for some time now, and its mainly visible among a cluster of population in select countries such as the U.S. Canada, and Germany among others. India on the other hand is ranked among the top production markets for organic food. The organic food industry in India is a witnessing a dramatic growth, and the country exported organic food products worth US$ 500 million during the period from 2017 to 2018, marking a 40% growth from the previous year. Further, the country is also supporting more than 10 million farmers, which is among the largest across the globe. India. However, consumption of organic food in the county is still at a nascent stage, but that scenario is expected to change in a couple years, and when it does, the market for almond protein in the country is expected receive a tremendous boost. A certain chunk of the Indian population, the affluent class, have already made their transition to organic food products. However, mass adoption will take another few more years
Growing Demand for Meat Alternatives
Consumers in the developed world are showing an increased interest towards meat alternative products. Consumption of red meat is heavily linked to health complications such as diabetes, cardiovascular diseases and certain type of cancers. Further, consumption of red meat is also linked with higher rates of mortality. Beef consumption in the U.S. was measured at 12.4 kilograms in 2019, up from 12.1 kilograms in the previous year. Intake of red and processed meat is directly linked with the risk of obesity, and a greater body mass index (BMI). Owing to these concerns, a certain part of the U.S. populace have shown a growing interest towards alternative sources of protein such plant protein. Almond protein infused products are gradually becoming favourites as a viable source of protein among the U.S. population. The consumption of meat alternative products in other high growth nations such as Germany, U.K., France, and Spain among others is expected to witness a dramatic growth in the coming years, which is expected to work in favour of the almond protein market.
Some of the companies profiled in the report include BASF SE, Alesco srl, Sar Agrochemicals, HMHS Solutions, and Maxicrop USA among others. These companies are involved in several organic and inorganic strategies in order to ensure long term sustenance in the almond protein market. For instance, in January 2020, Sabinsa Corporation unveiled a new Active Pharmaceutical Manufacturing Unit in Karnataka, India. The facility worth US$ 30 million is aimed at expanding the existing ingredient growth of the company, with a special focus on innovative new products.
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