2023-2029 is the forecast period in the market report
Nuts are nutrient dense foods which contains high-quality vegetable protein, fiber, minerals, tocopherols, phytosterols, and phenolic compounds. Nuts are very effective in treating and preventing several types of cancer, while also being very helpful in improving cardiovascular health of a person. Today, nuts are consumed in different forms, included in a variety of cuisines and play a major role in medicine, due to the large number of health benefits to be gained from their consumption. The growth of the Asia-Pacific Nut Products Market is driven by the high consumption of nuts in Asian countries, increasing awareness among people to maintain a healthy lifestyle, and widespread adoption of nut products in different applications. China, India and Japan have a huge consumer base for the consumption of nuts such as almonds, peanuts, cashews and walnuts. This is expected to further stimulate the growth of the market. Furthermore, the rise in launch of innovative products is expected to positively contribute to the growth of the market.
The growth of the market is driven by a high consumption of nuts in Asian countries. According to Statistica, In 2020, approximately 17.8 million metric tons of peanuts were consumed in China, an increase from about 16 million metric tons consumed in the previous year. The average volume of per capita consumption in the nuts market in China is expected to amount to 0.5kg in 2022. Over the past decade, consumption of almonds and walnuts in Japan has gradually increased, and imports reached 35,960 tons (a record high) and 18,796 tons, respectively. In 2020, in Australia, the consumption of Brazil nuts will amount to around 1.1 thousand metric tons. This represents a significant increase from 2016. In the Korean population, per capita daily consumption of seeds and nuts increased from 2.6 g in 2001 to 7.6 g in 2015. Thus, a rise in consumption of nuts in Asian countries is a key factor driving the growth of the market. Also, rising awareness among people to maintain a healthy lifestyle is expected to create a demand for nutritional foods like nuts. This is expected to drive the growth of the market over the forecast period.
The health benefits provided by nuts have gained major attention among consumers, resulting in more people consuming nut products in their daily lives. It is expected to provide ample opportunity for the growth of the market. Furthermore, a rise in preference for plant-based nutritional food products, as well as technological advancements in production and manufacturing activities are key factors that are likely to contribute to the growth of the market.
The raw materials for nut-based products are not available easily. It is likely to hamper the growth of the market. Additionally, price volatility in plant extracts is expected to restrain the growth of the market over the forecast period.
Nuts (processed or unprocessed) are susceptible to contamination throughout the supply chain. It may negatively impact the growth of the market. Also, the high cost associated with nuts is expected to challenge the market’s growth over the forecast period.
The report provides an in-depth analysis of the Asia-Pacific Nut Products market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in health awareness has led to a rise in demand for nut products in various applications, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029
The Asia-Pacific Nut Products market comprises of different market segments like product type, nut type, application, distribution channel and country.
By product type, the Asia-Pacific Nut Products market includes the key segments like
The nut paste segment is expected to dominate the market over the forecast period. Nut paste is a widely-used ingredient for confectionery preparations such as ice cream, creams, biscuits, chocolates. 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 nut butter is expected to grow at the fastest CAGR. Nut butter used to replace butter or margarine on bread or toast. It is high in protein, fiber and essential fatty acids.
By nut type, the Nut Products market is segmented into
The hazelnut segment is expected to lead the market over the forecast period. Hazelnuts are considered as an affordable, nutritious and high-calorie food product. It is easily available to consumers through retail. It is a key factor fuelling the growth of the segment. Furthermore, an increase in demand for nuts due to the presence of a high concentration of antioxidants and healthy fats is expected to drive the growth of the segment.
The peanut segment is projected to witness high growth over the forecast period. The rise in consumer health concerns has increased demand for low-carb foods to protect against health complications. This has fuelled the demand for peanuts.
The Asia-Pacific Nut Products market includes distribution channels like
The offline segment is expected to dominate the market over the forecast period. Easy access to various nut products through retail stores is a key factor that is expected to drive the growth of the segment. Also, consumers prefer to purchase consumer goods, groceries, food products as well as nuts, where they can physically check the quality of the products. This is possible through offline sales channels.
The online segment is expected to witness high growth over the forecast period. The rise in acceptance of the e-commerce industry for purchasing consumer goods and groceries owing to high internet penetration in Asian nations is a major factor driving the growth of the segment.
The Asia-Pacific Nut Products market finds key applications in
The industrial food manufacturers are expected to dominate the market over the forecast period. Nuts are widely used in the chocolate confectionary industry as they offer a crisp texture, taste along with key health benefits. Hazelnuts, nuts and almonds are the most popular varieties of nut inclusions. Hazelnuts are widely used in the chocolate industry.
The bakery products are expected to witness high growth over the forecast period. Nuts in their various powder forms can provide many features to baked food products.
The Asia-Pacific Nut Products market is studied for the following countries
China is expected to dominate the market over the forecast period. A rise in urbanization, along with high consumption of nuts are key factors driving the demand for nut products in the region. The Chinese Nutrition Society's Chinese Dietary Guidelines suggest eating up to 10 grams of tree nuts per day for a healthy diet. This has led to a rise in consumption of nuts in the country.
Japan is anticipated to witness high growth during the estimated time period. The growth of the market in the region can be attributed to key factors like, rising health awareness among consumers along with technological developments in the coating process of nuts and rise in launch of innovative products.
Axiom MRC provides a comprehensive 360-degree analysis of micro and macro-economic factors on the Asia-Pacific Nut Products market. In addition, a complete analysis of changes in the Asia-Pacific Nut Products market expenditure, economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on Asia-Pacific economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The outbreak of the COVID-19 virus has become a global healthcare emergency, where the impact of COVID-19 has significantly affected the health, economy, and society. It has changed the global economic situation. The pandemic has affected severely vulnerable groups, including older people with disabilities, ethnic minorities, and those living in deprived areas. According to 2022 EY India's report titled 'The Sunrise Consumer Health and Nutrition Sector, 40 per cent of Indian respondents stated that they will pay a premium for products promoting health and wellness, which is higher than their global counterparts at 29 per cent. Also, according to the survey, the demand for herbal supplements and vitamins and minerals have witnessed a growth of over 25 per cent. Thus, the rise in health awareness is expected to contribute to the growth of the market in the upcoming years.
The competitive landscape analysis of the Asia-Pacific Nut Products Market is primarily focused on expanding the growth of the nut products industry in Asia-Pacific region with new product innovation, and business expansion. An increasing presence of range of manufacturers operating in the nut products sector has led the growing demand for the market. Besides, the market offer a range of products in different applications to fulfil the required demand of consumers which further contributes healthy growth in the market.
The key players studied in market are
January 2023: ProV Foods, an integrated commodities company with a presence in the dry fruits, nuts, seeds and berries segment, announced the launch of a new line of products called ProV Minis. It is designed specifically for the Indian market, ProV Minis are mini snack-packs of flavoured dry fruits, nuts and seeds that are ideal for healthy on-the-go nutrition.
October 2020: The Takis brand introduced three new Takis Hot Nuts flavours: Flare, Smokin' Lime and Fuego. Takis' spicy intensity is added by using double crunch technology to each peanut-filled bite and giving new snacking options to customers.
ASIA-PACIFIC NUT PRODUCTS MARKET SUMMARY
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 lead the market over the estimated time period. The Nut Products Market has distribution channel like offline and online. The offline segment is expected to dominate the market over the forecast period. The Nut Products Market finds 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 Asia-Pacific Nut Products market is studied for countries like China, Japan, India, and Rest of Asia-Pacific. China is expected to dominate the market over the forecast period.
SCOPE OF THE REPORT:
Sizing for Year:||2019-2029|
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
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 Asia-Pacific Nut Products market?
The industrial food manufacturers segment is expected to lead the market during the forecast period
Which country is gaining majority of market share during the forecast period (2023-2029)?
China is expected to gain a major share of the market over the forecast period (2023-2029).