Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Nuts are seed kernels that are widely used in cooking or eaten on their own as a snack. Nuts are regarded as nutrient-rich foods with complex matrices rich in unsaturated fatty and other bioactive compounds like, high-quality vegetable protein, fiber, minerals, tocopherols, phytosterols, and phenolic compounds. In Western countries like the U.S and Canada, nuts are consumed as snacks, desserts or part of a meal, and are eaten whole (fresh or roasted), in spreads (peanut butter, almond paste), as oils or hidden in commercial products, mixed dishes, sauces, pastries, ice creams and baked goods. The growth of the North America Nut Products market is driven by an increasing awareness among people about maintaining a healthy lifestyle along with rise in popularity of veganism and widespread adoption of nut products in numerous applications. Furthermore, rise in demand for ready-to-eat snack foods is expected to positively contribute to the growth of the market.
The growth of the market is driven by an increasing awareness among people to maintain a healthy lifestyle. According to Onepoll, in 2022, U.S. adults aged 30 and above, where just as many said weight loss is a “top health goal” for them over the next year. 64% are motivated to lose weight because they know it has an impact on their immunity. About six in 10 (61%) also now realize that a healthy diet and lifestyle can better protect their long-term health. 59% of respondents are focused on returning to maintaining physical fitness and activity. More than half (52%) of respondents believe things are stabilized to a point where they can get back into a healthy state, and that 2023 will be an improvement on the past two years when it comes to health. Thus, rising awareness among people about maintaining 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. Furthermore, rise in vegan population is expected to positively impact the growth of the market. According to Plant Protein’s sources, 6% of U.S consumers are vegan. U.S. retail sales of plant-based foods have increased 11 percent from 2018 to 2019, hitting a plant-based market value to $4.5 billion.
Health benefits provided by nuts have gained major attention from consumers, due to which more people are consuming nut products in their daily lives. It is expected to provide an ample opportunity for the growth of the market. Furthermore, an increase in research and development activities, 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 growth over the forecast period.
The report provides an in-depth analysis of the North America 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 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 North America Nut Products market comprises of different market segments like product type, nut type, distribution channel, application and country.
By product type, the North America 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 widely used in confectionery preparations such as ice cream, creams, biscuits, chocolates. Marzipan (almond paste) and persipan (apricot or peach kernels) are mainly used in 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 driving 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 North America Nut Products market includes distribution channels like
The offline segment is expected to dominate the market over the forecast period. Easy access of 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 food products by physically checking 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 the internet penetration is a major factor driving the growth of the segment.
The North America 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 nut inclusions. Almonds are widely used in the North American confectionery industry.
Furthermore, 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 North America Nut Products market is studied for the following countries
The United States is expected to dominate the market over the forecast period. The presence of several bakery and confectionery manufacturing companies in the United States is a key factor driving the demand for nut products in the region. Canada is anticipated to witness high growth during the estimated time period. The growth of the market in Canada is driven by key factors like, rising health awareness among consumers along with rise in strategic collaborations by several organizations.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the North America Nut Products market. In addition, a complete analysis of changes on the North America 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 pandemic on North America economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The pandemic had a positive effect on the market due to a rise in health awareness among the general population which has stimulated the demand for nutritional foods like nuts. According to a 2022 poll commissioned by Nutrisystem and conducted by OnePoll, the study asked respondents how their health habits and goals today compare to those in a pre-pandemic world. Prior to March 2020, common health concerns included weight loss (33%), weight gain (33%), stress or burnout (31%) and mental health (27%). Now, stress, burnout (33%) and weight gain (31%) still bother a similar percentage of respondents. More than half of all respondents (52%) said the pandemic has impacted their daily routine. Of those respondents, 58% admit their routine has been severely disrupted. Almost three in five (59%) believe it will be easier to maintain their health and fitness in the next year compared to this year. 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 North America Nut Products market is majorly focused on expanding the growth of nut products industry in North America region with new product innovation, and business expansion. An increasing presence of range of manufacturers operating in nut products sector has led the growing demand for the market. Besides, the market offers 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
June 2020: Diane’s Kitchen LLC, a consumer-packaged food company, launched Daily Crunch Snacks, a signature line of sprouted nuts. Daily Crunch currently offers three product varieties: Just Sprouted Almonds, Coffee-Soaked Sprouted Almonds, and a Nut-Berry Medley.
January 2019: Philadelphia-based meats and cheese manufacturer Dietz and Watson had launched a new day snack, Dietz Nuts. Dietz Nuts are protein-packed, savoury sausage bites.
By product type, the Nut Products market includes key segments like 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 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 North America Nut Products market is studied for countries like United States, Canada, and Mexico. United States is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD million |
| Market
Segment studied: | Product Application End Users |
| Market
Players and its Competitors: | Olam International 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 |
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 North America 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)?
United States is expected to gain a major share of the market during the forecast period (2023-2029).
