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 estimated 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 composed of an inedible hard shell and a seed that is generally edible. Most nuts come from the pistils with inferior ovaries. The growing inclination of consumers towards plant-based and gluten-free. Products coupled with increasing health awareness are expected to drive the global nut products market. Moreover, an increase in the demand for convenience 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 nut products market.
Market Dynamics
Intake of nuts is related to reducing the chronic disorder risks and its products such as cashew nut, peanut hull, and coconut shell exhibit anti-bacterial properties as well as food preserving features. Furthermore, the beneficial effects of nut product consumption on human health are attributed to the presence of vegetable protein, fatty acids, minerals, phytosterols, fiber, vitamins, and phenolic in these products.
Nut intake results in the low formation of atherogenic LDL sub-fraction resulting in less occurrence of heart stroke in persons due to cholesterol-reducing effect of nut or its products & presence of low proportion of saturated fats in nut products. As per the NCBI study, intake of nut products provides benefits to the 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 multiple end-users, they can trigger life-threatening allergic reactions in people with a nut allergy. Unlike many other allergies where children seem to grow out of it,’ peanut allergies persist into adulthood. There is no cure for nuts allergy apart from avoiding eating nuts, and food containing them. Thus, this creates an immense impact on the nuts market’s growth in recent times and is expected to persist in the future.
Tree nut allergy is one of the most common food allergies in children and adults. Tree nut allergies tend to be lifelong. (Only ~9% of children with a tree nut allergy outgrow it.)
In the United States, peanut allergy is present in 0.6% of the population. Among children in the Western world, rates are between 1.5% and 3% and have increased over time. It is a common cause of food-related fatal and near-fatal allergic reactions.
COVID-19 Impact:
The global nut products market has been negatively impacted with a CAGR of -2.67% in the year 2020. The negative impact was majorly due to the decline in consumption of nut products in the foodservice industry and also due to supply chain disruptions. Since the overall supply chain has been affected, the availability of nut products is negatively affected. As a result, the market for nut products is also affected.
Lockdowns in different countries have disrupted the demand for nut products due to the lack of purchasing power, resulting from reduced income in most of the countries. The value chain of the nut products market has been affected negatively due to the disrupted distribution channels across the globe.
Global Market Segmentation Overview:
According to the research report the global market is segmented into By Nut Type into Almonds, Walnuts, Cashews, Pistachios, Hazelnuts, Pecans, Brazil Nuts, Pine Nuts, Others. Based on Product Type into Nut Butter, Shelled Nuts, Nut Oil, Others. By Application into Bakery & Confectionery, Dairy products, Snacks, Bars & Cereals, Beverages, Others. By Distribution Channel into Supermarkets and Hypermarkets, Specialty Stores, Convenience Stores, Online Sales, Others.
Segment Analysis
Almonds provide rich nutritional value to consumers. The high presence of minerals and nutrients makes almonds a more versatile and healthy ingredient that is added to the different types of food applications. According to the Food and Agriculture Organization (FAO), the United States is the major producer of almonds, followed by Spain, Iran, and Australia.
With increasing demand from consumers and high health benefits, the Hazelnuts segment is expected to grow over the forecast period. Hazelnut is a rich dietary source of protein, unsaturated fatty acids, and linoleic acid. It contains a higher concentration of alpha-tocopherol (vitamin E) than any other nut.
Geographical Classification:
The market is majorly divided into five regions such as;
- North America
- Latin America
- Europe
- Middle East and Africa
- Asia Pacific
- Rest of the world
North America Nut Products Market
North America holds a leading position in the global market for nut products because of the increased demand and consumption of nutmeals and the region’s high disposable income.
Due to sustained consumer spending in the region, the food and beverage industry in North America is continuing to grow steadily. Consumers in U.S. and Canada are becoming more conscious of the ingredients used by manufacturers as their understanding of the importance of food in people’s well-being grows. Furthermore, due to a preference for healthy meals, North American food and beverage firms have developed new portfolios, which has increased demand for nut products.
The U.S. is the world’s second-largest exporter of tree nuts. Almonds, pistachios, walnuts, pecans, and hazelnuts are among the commercial tree nuts produced in the U.S. California is the only source of almonds, walnuts, and pistachios in the U.S., accounting for 94% of total tree nut production value.
Europe Nut Products Market
Germany is Europe’s largest market for dried fruits and nuts, as well as a major destination for American almonds, walnuts, prunes, and other items, due to its wealthiest consumers. In the European Union, Germany is one of the most important cashew markets. The country’s market accounts for around a quarter of European market demand, which continues to rise due to strong demand from the food and food processing industries. The regional market’s advantageous exchange rates and regular prices are piquing the interest of both packers and consumers.
Asia Pacific Nut Products Market
Due to the rising frequency of health issues 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 items like chocolate-coated edible almonds. In India and China, the demand for processed meals has increased due to Westernization as a cultural movement. In addition, nut spreads are becoming more popular in the region, as bread is convenient and healthful. As a result, during the forecast period, the food spread market in China is expected to gain from this trend.
The rapid increase of tree nut production in Africa has stemmed from the rising demand for healthy food. Africa’s diverse climatic circumstances encourage the production of a wide variety of tree nuts, including pecan nuts, almonds, pistachios, and walnuts.
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Competitive Landscape:
Major players in the global nut products market are focused on launching new products to expand their product portfolio. For instance, in November 2020, La Morella Nuts launched its Mediterranean Nut Craft. With the expansion, the Mediterranean Nut Craft expert taps into the growing need for healthier indulgence and plant-based products around the world.
In May 2020, Mount Franklin Foods expanded its snacks portfolio by launching a new nut-based product named the Nubu Nut Butter Bites. The product combines a variety of nuts with 100% natural peanut butter and comes in an easily consumable design.
Major Players Covered in the 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 S.A.U.
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