NEWARK, Del, June 25, 2024 (GLOBE NEWSWIRE) -- The tiger nut market value is estimated to total USD 275.3 million in 2024. By the time 2034 rolls along, the value of the industry is expected to have more than doubled to USD 580 million. This means the market is forecast to progress at a CAGR of 7.7% over the next decade.
One of the pillars the tiger nut market stands on is the healthy nature of the product. Benefits such as helping digestion and improving blood sugar levels, in addition to perceived effects like improving immunity and sexual drive, help along the market’s progress. With the youth transfixed with healthy products, tiger nut adoption is on the up.
It is not just the food and beverage industry that is helping the progress of the market. The nut is also being used in cosmetics due to its skin-improving qualities. Dietary supplements are making enhanced use of the product.
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Both raw and cooked versions of tiger nuts have a rich history. With importance being given to making snacks healthier, tiger nuts are emerging as a viable option. Tiger nut demand is also increasing through its use in making alcoholic, mainly beer, and non-alcoholic beverages, such as horchata de chufa and kunu, drinks.
Key Takeaways from the Tiger Nut Market:
- The tiger nut market value is expected to total USD 275.3 million in 2024.
- Based on type, powder segment accounted for a value share of 57% in 2023.
- By application, food and oil industry accounted for 45% of the market share in 2023.
- South Korea is expected to record a CAGR of 10.0% from 2024 to 2034.
- Japan and the United Kingdom are poised to register CAGRs of 9.4% and 9.0% respectively.
“A common strategy for market players is to improve demand through the oil and milk products. Tiger nut oil is emerging as a healthy substitute for traditional oil while tiger nut milk is becoming popular among the vegan population,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Who is Winning?
The tiger nut market is seeing significant partnerships emerge and acquisitions being made. Several players are
focusing on launching new products in eco-friendly packaging to expand their customer base. Recent Developments in the Tiger Nut Market
- In February 2023, Sweet Aya Bites introduced three new tiger nut products comprising the flavors sea salt, smokey BBQ, and dark chocolate.
Key Industrial Developments
- In May 2023, WNWN Food Labs launched a vegan milk chocolate that makes use of tiger nuts.
- In February 2023, United States-based Sweet Aya Bites unveiled tiger nut products in three flavors: sea salt, smokey BBQ, and dark chocolate. With the new products, the company is aiming to strengthen its presence in the region and boost revenue.
Key Companies in the Tiger Nut Market:
- Tiger Nuts USA
- Tigernuts Traders, S.L.
- Ecoideas
- Henry Lamotte Services GmbH
- KCB International
- Others
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Tiger Nut Market Key Segments of Market Report:
By Type:
Based on the type, the tiger nut market is divided into powder, granules, and others.
By Distribution Channel:
Based on the distribution channel, the sector is segmented into business to business and business to consumer. In addition, the business to consumer segment has been subdivided into hypermarkets/supermarkets, convenience stores, online retail, and others.
By Application:
Based on the application, the tiger nut sector is categorized into food and oil industry, cosmetic industry, pharmaceutical industry, and others.
By Region:
North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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