2023-2029 is the forecast period in the market report.
A nut is a fruit that consists of a hard non -edible shell and a generally edible seed. Most nuts come from heels with lower ovaries. The growing inclination of consumers to plant gluten -free and gluten -free products that are associated with increasing health awareness should lead the world market for nuts. In addition, the increase in food demand, the increase in the popularity of nuts as a food additive and the increase in product introductions are some of the factors that promote the growth of the global Nut Products market. There has been a worldwide increase in the popularity of nut products with low calorie, low sugar, vegetable and low-fat properties; this increase is due to the fact that the majority of the world’s population follows a healthy and nutritious diet. Around the world, the health benefits of nut products have led to their widespread adoption in numerous applications. This factor is anticipated to provide ample new growth opportunities for the market over the upcoming years.
The growing awareness of health benefits among consumers, as they are the richest source of vitamins, proteins, antioxidants, fiber and other essential minerals, is driving market growth. In addition, the growing development of the nut-based snack industry in developing economies such as India and China are further driving the market’s growth in recent years. Growing populations, coupled with increasing urbanization around the world and rising consumer disposable income, have led to an increase in nut consumption, which anticipated market growth. Additionally, the market is driven by the trend towards convenience foods such as nut snacks in developed regions. Additionally, manufacturers developing innovative new flavoured nut products have predicted market growth during the forecast period. In addition, constantly changing lifestyles and demographics, such as the increasing number of working women, have led to significant growth in the market. On the other side, rapid urbanization in developing countries is expected to give the market new opportunities for growth during the estimated time period.
The robust growth and promising potential of plant-based dairy substitutes and meat analogues have created significant opportunities for manufacturers of nut products. Key players such as Olam International and Barry Callebaut have already stepped up to address these attractive end-use pathways to gain an innovative edge for the foreseeable future. Apart from the food industry, non-food applications can also be a potential source of revenue for companies – nut ingredients are used in various industries such as cosmetics and pharmaceuticals. The cosmetics market encompasses a diverse population, among which the aging population constitutes a significant segment. Besides, the health benefits provided by nuts have gained major attention from consumers and this factor is expected to create new growth opportunities for the market over the forecast period.
The raw materials for nut-based products are agro-commodities which testify to great uncertainties in their prices and availability. Exotic and unusual nuts are harder to find, given their varying yields. Ingredient producers using nuts as a raw material need a carefully planned inventory management system, which is usually not the case, especially for small and medium-sized producers. Therefore, converting nuts into value-added products such as butter, pastes and fillings is becoming expensive. These high costs are passed on to producers of processed food and beverages, who ultimately pass them on to end users. It is one of the main limiting factors for the growth of the Nut Products market.
One of the critical challenges for the growth of the market is quality and safety issues as the product travels through various supply chain crossings. Gaps in handling, distribution, transport and intermediate storage can have serious consequences for the overall quality of nut products. The nut supply chain consists of purchasing, processing, packaging and storage. Nuts (processed or unprocessed) are susceptible to contamination throughout the supply chain. Also, the stringent government rules and regulations and the high cost associated with nuts are essential challenges for the market’s growth.
The report provides an in-depth analysis of the global Nut Products market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for various nut products in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2023-2029.
The global Nut Products market comprises different market segments like product type, nut type, application, distribution channel and geography.
By product type, the Nut Products market includes the key segments of
The nut paste segment is expected to dominate the market over the forecast period. Nut pastes are a rich source of energy, made with raw or roasted natural or blanched nuts. It is produced using a significant amount of sugar and vegetable fats to form a thick, pasty consistency. These pastes are made from different nuts and are intended for different food industries. Marzipan (almond paste) and persipan (apricot or peach kernels) are mainly used by the food industry in several traditional recipes, including croissants and Danish pastries.
The demand for the nut butter segment is rising as nut butters are high in protein, fiber and essential fatty acids and can be used to replace butter or margarine on bread or toast. Nut butters can also be used as dips for apples and bananas, as toppings for oatmeal or smoothie bowls, and as ingredients in Asian sauces.
By nut type, the Nut Products market is segmented into
The peanut segment is projected to grow at a high CAGR over the forecast period. The growing popularity of almonds, walnuts, cashews and other products has predicted market growth exceeding the forecast period. Additionally, growing consumer health concerns have increased demand for low-carb foods to protect against health complications, further accelerating market growth over the forecast period.
The hazelnut segment is expected to grow at the fastest growth rate over the forecast period. Hazelnuts as an affordable, nutritious and high-calorie food made available to consumers through retail are fuelling market growth. Furthermore, the growing popularity and demand for nuts due to the presence of a high concentration of antioxidants and healthy fats has led to significant demand in the industry.
The Nut Products market has major applications in
The industrial food manufacturers segment is expected to dominate market during the forecast period. Nuts are widely used in the chocolate confectionary industry because they offer a crisp texture, taste and health benefits. About a third of the confectionery contains nuts such as almond flakes, walnut halves or Pénany pieces. Chocolate conflicts work hard to innovate chocolates with nuts to improve the sensory experience. Hazelnuts, nuts and almonds are the most popular nut inclusions. Almonds are used in the conflict in North America in the confectionery industry, while hazelnuts are popular in the European chocolate industry. To meet specific consumer needs such as gluten-free or dairy-free, manufacturers develop profiles by adding nut paste or flavoured butter to various formulations.
Also, the bakery products segment is expected to grow at a high rate over the forecast period. Nuts in their various powder and flour formats can provide many features to baked food products. When it comes to cookies, thin slices, and even rice crackers, the unique functional properties of cashew protein powder allow manufacturers to incorporate high-quality protein without sacrificing taste or texture.
The Nut Products market has distribution channels like
The offline channel is expected to dominate the market over the forecast period. Consumers prefer offline channels to purchase consumer goods, groceries, food products and nuts, where they can physically check the quality of the products. In addition to this, easy access to various nut products in stores is expected to drive the growth of the segment in recent years. Offline channels are expected to remain dominant over the forecast period owing to improved distribution channel networks across the globe.
The online segment is expected to register the fastest growth over the forecast period. Many vendors of these products are offering the products on their websites as well as on e-commerce platforms like Amazon which have forecast the market’s growth over the forecast period. Also, the growing acceptance of the e-commerce industry for purchasing consumer goods and groceries owing to the internet penetration rate is the major driver for the growth of this segment.
The global Nut Products market is studied for the following region
Europe is expected to dominate the market over the forecast period. Growing awareness of the health benefits of nut consumption in this region is driving market growth. Furthermore, the rapid lifestyle changes of consumers most concerned about health and well-being will fuel the growth of the industry in the coming years. The increasing consumption of almond, walnut and cashew products in Germany and the UK, due to the presence of high nutritional value and low carbohydrate content in nut products, has predicted a growth in the market.
Asia Pacific is expected to grow at the fastest rate over the forecast period. China, India and Japan have a huge consumer base for the consumption of nuts such as almonds, peanuts, cashews and walnuts, which will increase regional demand. Growing health concerns among consumers will fuel the industry's growth in the coming years. In addition, the region is expected to grow with the fastest growth in the regional market segment over the forecast period due to the growing disposable income of the people and the increasing population.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Nut Products market. In addition, complete analysis of changes on the global Nut Products market expenditure, economic and international policies on supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The lockdowns announced by governments all around the world during the COVID-19 pandemic have disrupted transportation and suspended supplies of nuts and their products for a short period of time, as well as having a significant impact on the export and import of the nut market worldwide. Meanwhile, a healthy diet, such as the consumption of almonds, peanuts, cashews and other products, has also led to the functioning of the human immune system, which is expected to create opportunities for market players after the COVID-19 pandemic. Therefore, the market is expected to experience healthy growth in the coming years.
The competitive landscape analysis of Nut Products market is primarily focused on expanding the global growth of nut products with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the nut products industry, which has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required consumer demand which is further contributing to healthy growth in the market.
The key players studied in market are
June 2029: Blue Diamond Growers ad launched new flavors – Elote – Mexican-style street Corn Almonds, Korean BBQ Almonds, Mash-Ups Cinnamon and Maple Almonds, and Mash-Ups Dark chocolate and chili pepper almonds.
October 2020: Takis had introduced three new varieties of Takis Hot Nuts: Fuego, Flare, and Smokin' Lime. A unique snack with double crunch technology that adds Takis' distinctive spicy intensity to each peanut-filled bite, providing customers with new snacking options.
By product type, the Nut Products market includes the key segments of nut butter, nut pastes/ marzipan paste/ persipan paste, nut fillings with cocoa, nut fillings without cocoa, caramelized nuts and nut flour. The nut paste segment is expected to dominate the market over the forecast period. By nut type, the Nut Products market is segmented into almonds, hazelnuts, walnuts, cashews, peanuts, pistachios, macadamias, pecans, pine nuts and Brazil nuts. The almonds segment is expected to maintain its dominance over the estimated time period. The Nut Products market has major applications in industrial food manufacturers, chocolate confectionery products, bakery products, ice cream and frozen desserts, cereals and snack bars, beverages, savoury products, foodservice and bakeries and others. The industrial food manufacturers segment is expected to dominate market during the forecast period. The Nut Products market has different distribution channels, like offline and online. The offline segment is expected to find increasing demand in the market over the forecast period. The global Nut Products market is studied for the following regions: North America, Europe, Asia-Pacific and Rest of the World (RoW). Europe is expected to dominate the market over the forecast period.
|Market Sizing for Year:||2019-2029|
|Market Segment studied:|
|Market Players and its Competitors:|
Borges Agricultural & Industrial Nuts
Hines Nut Company
Mariani Nut Company
John B. Sanfilippo & Son
Kraft Foods Inc.
Germack Pistachio Company
Hampton Farms, Inc.
Star Snacks Co., LLC
Fresh Nuts GmbH
Georg Lemke Gmbh & Co. Kg
Almendras Llopis S.A.U.
Stelliferi & Itavex S.P.A.
Royal Nut Company
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for Nut Products market?
The industrial food manufacturers segment has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2023-2029)?
Europe is expected to gain major market share during the forecast period (2023-2029).