North America holds a leading position in the global nut products market owing to the increased demand and consumption of nut flours and the region’s high disposable income. Germany is Europe’s largest market for dried fruits and nuts, as well as a major destination for almonds, walnuts, prunes and other American products, due to its wealthiest consumers.
Nut Products Market Overview Analysis:
According to the research study conducted by DataM Intelligence, the nut products market is valued at USD 21,745.15 million in 2020 and is projected to reach USD 34,851.15 million by 2029, growing at a CAGR of 5.97% during the forecast period 2022-2029.
A nut is a fruit consisting of an inedible hard shell and a generally edible seed. Most nuts come from pistils with lower ovaries. The growing inclination of consumers towards plant-based and gluten-free products. Products associated with rising health awareness are expected to drive the global nut products market. Additionally, an increase in the demand for prepared foods, an increase in the popularity of nuts as a food additive, and an increase in product launches are some of the factors driving the growth of the global herbal products market. of nuts.
Nut consumption is linked to reduced risk of chronic disorders and its products such as cashew, peanut shell and coconut shell exhibit antibacterial properties as well as food preservation characteristics. In addition, the beneficial effects of consuming nut products on human health are attributed to the presence of vegetable proteins, fatty acids, minerals, phytosterols, fibers, vitamins and phenolic compounds in these products.
The consumption of nuts leads to the low formation of atherogenic subfraction of LDL, which reduces the frequency of strokes in people due to the cholesterol-lowering effect of nuts or its products and the presence of a low proportion of saturated fat in nut products. According to the NCBI study, the consumption of nut products provides benefits to consumers against oxidative stress, vascular reactivity, inflammation, hypertension, metabolic syndrome and visceral adiposity.
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Although various health-related benefits are associated with nuts in several end users, they can trigger life-threatening allergic reactions in people with nut allergies. Unlike many other allergies where children seem to cope, peanut allergies persist into adulthood. There is no cure for nut allergy other than avoiding eating nuts and foods that contain them. Thus, this is creating an immense impact on the growth of the nuts market lately and is expected to persist in the future.
Nut allergy is one of the most common food allergies in children and adults. Nut allergies tend to be lifelong. (Only ~9% of children with nut allergies outgrow it.)
In the United States, peanut allergy is present in 0.6% of the population. In children in the Western world, rates are between 1.5% and 3% and have increased over time. It is a common cause of life-threatening and near-fatal food-related allergic reactions.
Impact of COVID-19:
The global nut products market was negatively affected with a CAGR of -2.67% in 2020. The negative impact was mainly due to the decline in the consumption of nut products in the catering and also to supply chain disruptions. Since the global supply chain has been affected, the availability of nut products is negatively affected. As a result, the nut products market is also affected.
The shutdowns in different countries have disrupted demand for nut products due to lack of purchasing power, resulting from declining incomes in most countries. The nut products market value chain has been negatively affected due to disrupted distribution channels across the globe.
Global Market Segmentation Overview:
According to the research report, the global market is segmented by Nut Type into Almonds, Walnuts, Cashews, Pistachios, Hazelnuts, Pecans, Brazil Nuts, Pine Nuts, Others. Based on product type in nut butter, shelled nuts, nut oil, other. By application in bakery and confectionery, dairy products, snacks, bars and cereals, beverages, others. By distribution channel in supermarkets and hypermarkets, specialty stores, convenience stores, online sales, others.
Almonds offer rich nutritional value to consumers. The high presence of minerals and nutrients makes almonds a more versatile and healthy ingredient that is added to different types of food applications. According to the Food and Agriculture Organization of the United Nations (FAO), the United States is the main producer of almonds, followed by Spain, Iran and Australia.
With increasing consumer demand and high health benefits, the hazelnut segment is expected to grow over the forecast period. Hazelnut is a rich food source of protein, unsaturated fatty acids and linoleic acid. It contains a higher concentration of alpha-tocopherol (vitamin E) than any other nut.
The market is mainly divided into five regions such as;
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
- Rest of the world
North America nut products market
North America holds a leading position in the global nut products market owing to the increased demand and consumption of nut flours and the region’s high disposable income.
Due to sustained consumer spending in the region, the food and beverage industry in North America continues to grow steadily. Consumers in the United States and Canada are becoming more aware of the ingredients used by manufacturers as they better understand the importance of diet to people’s well-being. Additionally, due to a preference for healthy meals, North American food and beverage companies have developed new portfolios, which has increased the demand for nut products.
The United States is the world’s second largest exporter of tree nuts. Almonds, pistachios, walnuts, pecans, and hazelnuts are some of the commercial nuts produced in the United States. California is the only source of almonds, walnuts and pistachios in the United States, accounting for 94% of the total value of nut production.
Nut products market in Europe
Germany is Europe’s largest market for dried fruits and nuts, as well as a major destination for almonds, walnuts, prunes and other American products, due to its wealthiest consumers. In the European Union, Germany is one of the most important markets for cashew nuts. The country’s market accounts for about a quarter of the demand from the European market, which continues to grow due to strong demand from the food and food processing industries. Favorable exchange rates and regular regional market prices attract the interest of packers and consumers.
Asia Pacific nut products market
Due to the increasing frequency of health problems such as obesity in China, it is one of the most important markets in Asia-Pacific. This is due to changing consumer habits, with customers preferring more plant-based products like edible chocolate covered almonds. In India and China, the demand for ready meals has increased due to Westernization as a cultural movement. Additionally, nut spreads are becoming increasingly popular in the region, as the bread is convenient and healthy. As a result, during the forecast period, the spreads market in China is expected to benefit from this trend.
The rapid increase in nut production in Africa is driven by the growing demand for healthy foods. Africa’s diverse climatic circumstances encourage the production of a wide variety of tree nuts, including pecans, almonds, pistachios and walnuts.
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Major players in the global nut products market are focusing on new product launches to expand their product portfolio. For example, in November 2020, La Morella Nuts launched its Mediterranean Nut Craft. With the expansion, the Mediterranean Nut Craft expert is responding to the growing need for healthier pleasures and plant-based products worldwide.
In May 2020, Mount Franklin Foods expanded its snack portfolio by launching a new nut-based product named Nubu Nut Butter Bites. The product combines a variety of nuts with 100% natural peanut butter and comes in an easily consumable form.
Key Players Covered in Global Market:
Some of the major players covered in the global market are Olam International, Barry Callebaut, Blue Diamond Growers, Kerry Group, Zentis GmbH & Co. KG, Mount Franklin Foods, Mandelin Almonds, Lubeca, Puratos, and LMENDRAS LLOPIS SAU.
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