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The USA almond market is projected to grow at a CAGR of 5.44% to reach US$2.737 billion by 2027, from US$1.889 billion in 2020.
The 2019 production conditions included but were not limited to the experiencing of unusual weather in the early part of the season with significant rainfall during the bloom that reportedly hindered pollination. Nevertheless, the extended bloom period ensured the opportunity to offset disruptions and allow for more overlap between blooming varieties. Moreover, rainfall during the spring season aided in comparatively cooler temperatures which reportedly minimized instances of diseases and pests. However, there were reported instances of jacket rot and bacterial blast in certain parts of California. Instances of strong winds during the middle of April had reportedly damaged trees. An increase in temperature during the second half of April resulted in the drying of orchards enabling the commencement of fieldwork. Further, during 2019, for all the sample varieties, the average kernel weight was 1.54 grams which was unchanged from the average weight recorded in 2018. The nonpareil average kernel weight was 1.63 grams, down 4.1 % from last year. Out of all the nuts measured, 98.7 % were reportedly healthy.
Further, the production value during 2019 was in the order of $ 6,094,440, an increase from that of $ 5,602,500 in 2018. The year also registered a production volume of 2,550 million pounds which was an increase from 2,280 million pounds registered during 2018. Moreover, U.S. exports by volume during the marketing year 2019/20 were 1,648,779 thousand pounds, a slight decrease from the previous (2018/19) export volume of 1,687,986. Nevertheless, the U.S. exports by unit value for the marketing year 2019/20 were registered at an average of $ 2.67 per pound, which was a slight increase from the previous marketing year's average of $ 2.67 per pound [Source: USDA]. Thus, it can be discerned from the aforementioned that, albeit with inevitable minor disruptions, the USA almond market is poised for healthy growth during the forecasted period.
By application, the snacks segment is anticipated to account for the greatest revenue market share during the forecast period. The popularity of almond-based snacks has increased, resulting in this increase. 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 Development
COVID-19 Impact
In March 2020, the spread of COVID-19 and its remedial responses resulted in a major shift in food consumption behavior and led to an increase in stay-at-home orders which became the new trend. Due to a shortage of purchasing power resulting from reduced income in the United States, the demand for almonds has been affected in the region. However, as people become more health conscious, there is a rise in the use of almond-based food and beverage products.
Segmentation