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.
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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 regions preferential right over the basic raw material-almond. Additionally, the raw material cost holds a significant aspect on the almond oil, and hence regions high output directly translates into high market share. Californias 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, Indias 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 ones 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.
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Almond Oil Market Challenges
A strong dependence of raw material on one region poses itself as a significant risk
Almonds 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 ones 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-
Frontier Natural Products
In November 2021, Blue Diamond- the worlds 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.
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.
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