New york, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global increase in population, coupled with the ongoing trend of urbanization and rising consumer incomes, has resulted in heightened nut consumption, fueling market growth. Additionally, the market is propelled by the demand for convenient food options, including nut-based snacks, particularly in developed regions. The global nuts market is forecast to expand at a CAGR of 5.7% and thereby increase from a value of US$64.4 Bn in 2023, to US$95 Bn by the end of 2030.
The market is primarily propelled by the growing recognition of the nutritional benefits associated with nuts, given their richness in fiber, protein, vitamins, antioxidants, and essential minerals. Furthermore, nuts have garnered increased popularity within the paleo diet trend. The expanding global vegan population is also a significant driver, as nuts are widely regarded as a viable substitute for fish and eggs, providing essential protein, calcium, and vitamin B12. Over the years, almonds, in particular, have earned a stellar reputation as a health-conscious choice due to their diabetes-friendly attributes, such as their relatively low-fat content and healthy omega-3 fats.
Market players have responded by introducing a range of flavored nuts, offering consumers diverse taste experiences. For instance, in November 2022, Blue Diamond Almonds launched limited-edition Snickerdoodle Flavored Almonds and Blue Diamond Peppermint Cocoa Flavored Almonds.
With the growing trend of healthy snacking and the demand for convenient, on-the-go options, flavored nuts and nutmeals have emerged as preferred meal alternatives, given their inherent health benefits. Nuts, known for their contribution to heart and brain health due to their rich source of unsaturated fats, align perfectly with the preferences of health-conscious consumers.
Furthermore, the rising interest in vegan and plant-based diets has spurred an increased demand for nuts and nut-based products. Market players have also ventured into nut milk, such as almond milk, as a wholesome alternative to traditional dairy milk. This market is driven by innovation and the consumer's growing need for healthy convenience foods. As an example, in May 2022, VKC Nuts, a leading fully integrated farm-to-fork Nuts & Dried Fruits company in India, introduced a line of pasteurized nuts and dried fruits under its Nutraj brand.
Nuts and seeds are rich in unsaturated fats and a host of other nutrients, making them a valuable addition to a heart-healthy diet. Furthermore, they have gained popularity as a snack option due to their affordability, easy storage, and convenience in terms of portability. The market offers a variety of nuts, including almonds, hazelnuts, cashews, walnuts, pine nuts, sunflower seeds, and others. Alongside traditional favorites like cashews, peanuts, hazelnuts, and walnuts, numerous manufacturers have introduced innovative products featuring almonds and various other nuts.
The increasing awareness among consumers about the nutritional benefits of nuts, which encompass vitamins, protein, antioxidants, fiber, and essential minerals, is a significant driving force behind market growth. This heightened awareness contributes to the expansion of the market. Furthermore, the growing popularity of nut-based snacks has fueled market expansion, particularly in developing nations like China and India in recent years.
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Nuts Market Report Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$64.4 Bn | |
| Estimated Revenue 2030 | US$95.0 Bn | |
| Growth Rate – CAGR | 5.7% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 152Pages | |
Key Market Segments Covered |
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Regions Covered |
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Key Companies Profiled |
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Market Dynamics
Market Drivers
Nuts and seeds are abundant in unsaturated fats and a plethora of other nutrients, rendering them a valuable inclusion in a heart-healthy dietary regimen. Additionally, they have garnered favor as a convenient snack choice due to their cost-effectiveness, ease of storage, and portability. The market boasts a diverse array of nuts, encompassing almonds, hazelnuts, cashews, walnuts, pine nuts, sunflower seeds, and various others. In tandem with traditional favorites such as cashews, peanuts, hazelnuts, and walnuts, a multitude of manufacturers have introduced inventive products incorporating almonds and an array of other nut varieties.
The growing awareness among consumers regarding the nutritional advantages associated with nuts, spanning vitamins, protein, antioxidants, fiber, and essential minerals, constitutes a noteworthy catalyst propelling market expansion. This heightened awareness is a driving force behind the market's burgeoning growth. Furthermore, the surging popularity of nut-based snacks has stoked market expansion, particularly in emerging economies like China and India in recent times.
Nuts find versatile applications across a range of end-users and are gaining traction in culinary endeavors. The consumption of nuts and seeds yields a multitude of health benefits, including cholesterol reduction, diabetes and gallstone prevention in both men and women, and various medical applications. Moreover, cosmetics now incorporate nuts as a fundamental ingredient. Edible nuts can be transformed into a wide array of consumable products, including nut spreads, gravies, salad dressings, dairy enhancements, toppings, energy bars, confectionery fillings, bakery components, and nutrition for infants and children.
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The nut production landscape has undergone significant transformations aimed at augmenting both quantity and quality, incorporating mechanisms such as mechanization and improved planting materials. These advancements have yielded positive outcomes in cropping systems and agroecological management practices. Cultivating premium-quality nuts presents nut growers with competitive advantages, offering opportunities for commercialization, diversification, and integration into the global market. Anticipated market growth is underpinned by the industry's substantial expansion in production extension, value addition, commercialization, sectoral organization, and export processes.
Market Restraints
The ingredients required for nut-based products are agricultural commodities that are susceptible to notable price fluctuations and availability challenges. Obtaining exotic and rare nuts can be particularly challenging due to their inconsistent yields. Manufacturers relying on nuts as a key raw material must establish effective inventory management systems, a task often overlooked, especially by smaller and medium-sized producers. As a result, the conversion of nuts into value-added items like butters, pastes, and fillings becomes a costly endeavor, with these elevated expenses eventually transferred to consumers by processed food and beverage manufacturers.
Market Opportunities
The thriving growth and promising prospects of plant-based dairy alternatives and meat substitutes have opened up a plethora of opportunities for nut product manufacturers. Major players in the industry, such as Olam International and Barry Callebaut, have already intensified their efforts to tap into these lucrative end-use possibilities, aiming to secure a competitive edge in the near future.
Nut-based derivatives such as butter, paste, fillings, and flour are increasingly finding application in various sectors, with bakery and confectionery emerging as the primary areas of utilization. Furthermore, the development of plant-based savory products also incorporates the inclusion of nut flour and paste as essential ingredients. Almonds, hazelnuts, and walnuts are among the pivotal raw materials that undergo transformation into semi-finished products, contributing to this dynamic market landscape.
Regional Analysis
In the year 2021, Europe claimed a significant share, approximately 30 percent, of the global nut market. The region's expanding awareness of the health benefits associated with nut consumption is a driving force behind the market's growth. Moreover, the rapid shifts in consumer lifestyles, characterized by a heightened focus on health and wellness, are poised to further propel the industry in the upcoming years. Notably, the increasing consumption of nut products like almonds, walnuts, and cashews in Germany and the United Kingdom is primarily attributed to their high nutritional value and low carbohydrate content, a trend expected to drive market expansion.
From 2022 to 2030, the Asia-Pacific region is anticipated to experience the most rapid growth in the nut market, boasting a robust CAGR of 5.3%. Countries such as China, India, and Japan exhibit substantial consumer bases for various nuts, including almonds, peanuts, cashews, and walnuts, which will significantly boost regional demand. This growth will be further fueled by the increasing health consciousness among consumers in the years to come. Additionally, the region is poised to lead in terms of market growth within the regional segment, owing to rising disposable incomes and population figures.
A substantial portion of the global market is expected to be dominated by North America, primarily due to the region's elevated disposable income levels, increased investments in health and well-being, and growing demand for nut-based products and nutmeals. Nuts such as almonds and peanuts have gained a stellar reputation in North America as a healthy snacking alternative, owing to their relatively low-fat content and the presence of beneficial omega-3 fats.
Nuts Market Research Segmentation
By Nut Type:
- Peanut
- Almond
- Walnut
- Cashew
- Hazelnut
- Pistachio
- Brazil Nuts
- Chestnut
- Pecan
- Macadamia Nuts
- Pine Nuts
By Product Type:
- Shelled Nut
- Powder
- Splits (Slice or Dice)
- Paste
By End-use/End-use Industry:
- Food Processing
- Bakery and Confectionery
- Breakfast Solutions
- Bars and Snacks
- Butter and Spreads
- Dairy and Desserts
- Beverages Processing
- Food Service/HoReCa (hotels, restaurants, café)
By Distribution Channel:
- Retail Sales
- Supermarkets/Hypermarkets
- Conventional Stores
- Food and Drink Specialty Stores
- Traditional Grocery Stores
- Franchise Outlets
- Online Retail
By Region:
- North America
- Europe
- East Asia
- South Asia & Oceania
- Latin America
- Middle East & Africa
Key Questions Answered in the Report:
How big is the Nuts and Nutmeals Market?
What is the current Nuts and Nutmeals Market size?
Who are the key players in Nuts and Nutmeals Market?
.Which is the fastest growing region in Nuts and Nutmeals Market?
Which region has the biggest share in Nuts and Nutmeals Market?
What years does this Nuts and Nutmeals Market cover, and what was the market size in 2023?
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