UK almond market is projected to grow at a CAGR of 5.89% to reach US$172.192 million by 2027, from US$115.380 million in 2020.
The increasing demand for plant-based alternatives facilitated by growing health consciousness and a nationally cognizable inclination to integrate an immunity-boosting diet is expected to substantiate the aforementioned estimates adequately.
Besides, during the last few decades, the appetite of consumers of the UK has been increasingly geared towards convenient, healthy, and ethnic food. Further products estimated to have good sales potential include but are not limited to dried and processed fruit like cranberries, dried cherries, prunes, raisins wild berries, among others. Nuts consisting of almonds, among others, are included in this estimation, too. Also, processed products like healthy snacks, as well as mainstream groceries, are expected to gain a healthy market share. On the other hand, according to the Office for National Statistics, the total household spending was £585.60 per week between April 2018 to March 2019. Among these, food accounts for £ 56.60 per week. Further total UK Manufacturers' Product Sales of food products were in the order of £ 2,224 million in 2019, a slight decrease from £ 2,317 million registered in 2018. However, the sales of sugar confectionery paste in immediate packings of a net content of 1kg or more that was inclusive of marzipan, fondant, nougat, and almond pastes, was to the tune of £ 83,810 thousand in 2019, which is an increase from the 2018 sales that was registered at £ 73,321 thousand. Moreover, the sales of sugar-coated (panned) goods that included sugar almonds amounted to £ 28,498 thousand in 2019, an increase from the 2018 sales, registered at £ 22,839 thousand [Source: Office for National Statistics, UK]. Thus, from the aforesaid developments, it can be conclusively delineated that the UK almond market is expected to experience healthy growth during the forecast period.
By application, the snacks segment is anticipated to account for the greatest revenue market share during the forecast period. This rise is due to an increase in the consumption of almond-based snacks. Cracker demand rises steadily during the epidemic, owing to growing snack consumption and people's desire for healthier snacking. As a result, producers are incorporating almonds into crackers, which provide a delicious flavour as well as health advantages, resulting in increased cracker sales. Consumer preferences for healthier savory snacks are forcing snack manufacturers to get creative with novel snack mixes, which is fueling the snack mix industry's growth. As a result, there is a huge need for healthy snacks.
Recent Developments
COVID-19 Impact
In the United Kingdom, the COVID-19 epidemic had a mixed effect on the almond market. Due to a lack of purchasing power in the UK as a result of the lockdowns, demand for almonds has been impacted. However, the rising consumption of almonds as snacks as a result of the health benefits is fuelled the market demand amid the pandemic.
Segmentation