The Global Nut Product Market- Growth, COVID-19 impact and Forecast (2021-2025)
Global nut products market is segmented based on nut type as almonds, walnuts, peanuts, hazelnuts, cashew, pistachios and others; based on application as chocolate confectionery products, bakery products, ice cream & frozen desserts, cereals and snack bars and beverages ;based on geography as North America, Europe, APAC and ROW.
Introduction
Nuts are type of oily kernels which is present within a shell of the fruit and is used in various food products worldwide. Mostly seeds are taken from various fruits that are not present in the shell of the fruit such as hazelnuts, chestnuts, and others, that has hard shell walls and are originated from compound ovary of the fruit.
Nut ingredients are comprised of nuts such as hazelnut, almond, cashew, walnuts, pecans, peanuts,Pine nuts, soy nuts, sunflower nuts, and others. The global nut ingredients market is expected to raise at a CAGR of 5.3%.
Nuts ingredients are very useful in product formulations, and hence they are considered a preferred choice for food manufacturers. Nut ingredients provides an important source of nutrients to consumers as they offer both taste and impart health benefits to consumers.
Many manufacturers are offering new product innovations with almonds along with all other food introductions with nuts such as cashew nut, peanuts, hazelnuts, and walnuts. .
Table of Contents
Market Overview
The Global nut products market is expected to grow to $2 billion by 2025
Growth momentum is expected to accelerate during the forecast period with 5.9% CAGR
Post COVID-19, the market is expected to recover from 2021 onwards with industrial and transportation activities getting back on track and functioning with full capacities.
North America accounts for the significant share in the global market for nuts, owing to the rising demand and consumption of nutmeals and high disposable income of the consumers in the region.
Key Trends
Innovation of processed food products, rapid urbanization globally, consumer awareness for nutritional food, manufacturers focusing on preventive healthcare product are major factors expected to fuel growth to the global nut ingredients market over the forecast period.
Opportunities can be seen in the form of use of nuts and nut meals in various new application industries, as a result of the changing taste of the consumers due to globalization and urbanization, especially in the developing countries.
Key Market Players
Some of the key players in the market are Olam International, Barry Callebaut, Blue Diamond Growers, Zentis, Mount Franklin Foods and Kerry Group.
The market for nuts is fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers.
The companies are expected to expand their business by enhancing their product portfolio in global nut ingredients market.
Growth Drivers and Challenges
The increasing consumer health awareness and the rising disposable income across regions are factors that have encouraged people to opt for high-quality nut products. The changing consumer preferences for convenience products with health and wellness claims have led to high demand for nut products.
Increasing consumption of convenience food products is fuelling the market growth.
The consumer demand for healthy, innovative and convenient food products is driving the growth of the industry.
High cost of various types of nuts and changing consumer preferences are key factors restraining growth of the global nut ingredients market.
Expensive research and development activities for nut ingredients is also a major factor expected to hamper growth of the global nut ingredients market over the forecast period.