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Almonds market report transcript
Almonds Global Market Outlook:
The global edible nuts market accounted for $88.8 billion in 2020 and is expected to reach around $103.1 billion by 2027 at a CAGR of around 2.2 percent between 2020 and 2027
Almonds Market Drivers and Constraints
Rising health & wellness awareness
Increasing per capita consumption of various nuts is an indicator of the increasing demand
Significant promotions by the industry is also helping the consumers to understand the health benefits and various applications
Increasing disposable income and convenience factor also favor the industry growth
Increasing application in the food and beverage industry
Increasing adherence toward traceability and food safety of the nuts sourced are encouraging, especially for the products sourced from developing countries
Sustainability and focus on carbon footprint are seen, as the supply assurance strategies by consumers
Development of new varieties with high-yield potential and drought/disease/pest resistance are the key factors in the growth of the edible nuts market
Climate change and weather volatility
Unpredictable weather and the evolving climate are the major factors that decide the supply availability each year, irrespective of the increasing demand
Limitation on arable land
Rapid urbanization is restricting the availability of land for cultivation and various government policies, in terms of land utilization, are magnifying this trend
High cost of production
The processing of nuts is a complex process, which influences the net cost of the products. Thereby, the high costs of nuts could prevail as an hindrance to the growth of global market
Almonds: Pricing Analysis
Difficult growing conditions, caused by persistent drought and supply chain issues, coupled with uncertain crop in the upcoming season are expected to keep price movement sideways.
Almond growers are facing challenges, due to stagnating price and high input costs, coupled with rising food inflation, affecting the overall demand internationally and domestically.
Almonds Cost Structure Analysis
Companies are investing substantially in R&D to develop varieties that are drought/pest/disease resistant and can self- pollinate. All these efforts will have a considerable impact on the cultural cost, which forms 45 percent of the total production cost.
Cultural cost is the major cost contributor, which includes the pollination cost, insect & gophers check, fertilizer, irrigation, pruning, weed management, disease irradiation, pick up & ATV, etc.
Pollination cost accounts for 16–20 percent of the cultural cost, as the grower has to hire bees for pollinating the trees. Recently, new varieties are developed for self-pollination to reduce this cost. This is not possible in the matured trees/trees under cultivation, which need bees for pollination
Porter's Analysis on Almonds
Farmers and co-operatives are the suppliers to the edible nut industry
Large companies, like Olam, ADM, etc., have control over nuts, like almonds and peanuts, whereas the rest of the edible nuts are fragmented across the respective producing belts
Barriers to New Entrants
Moderate to large capital investment is required to process and store, depending on the edible nut supplied
Trade barriers are being laid to protect the domestic processing industry in several producing countries, such as interstate ban on the transport of RCN through the border posts of Ivory Coast and the recent ban in the Goan interstate sale of cashew nuts in India
Intensity of Rivalry
Highly fragmented industry and the competition mainly occurs while procuring the raw material for processing
In an undersupplied condition, established suppliers, like ADM, Olam, etc., will have an upper hand.
Threat of Substitutes
There is no substitute for edible nuts
Nuts (except peanuts, which is used in oil extraction) are not essential ingredients in many of the commercial food products. Therefore, if there is high volatility in terms of price or supply, the manufacturing of food products containing nuts will go down
Less than 40 percent of the nuts are bought by confectionery and other FMCG companies
Buyer will have more bargaining power on the easily available nuts, like peanuts and almonds
Buyer power is combatively low for limited high-value nuts, like hazelnut, cashew, etc.
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