The global nut products market is projected to grow from $6.7 billion in 2022 to $8.9 billion in 2027, according to a new report from MarketsandMarkets.
The market is expected to grow at a compound annual growth rate of 5.9 percent during the same period, owing to an increase in product launches that include nuts as a key ingredient.
Based on product types, nut butter is projected to gain market share in the nut products market. Almost all nut types, such as almonds, walnuts, pistachios, cashews, peanuts, and hazelnuts, are used to prepare nut butter. They’re available in crunchy or smooth formats and are manufactured from non-roasted or raw nuts based on the nut type.
Walnuts are also expected to gain market share over the next five years. The Californian walnut industry has boomed over the years, consisting of over 4,000 growers and more than 90 manufacturers. California accounts for nearly 99 percent of all walnut production in the United States. Californian walnuts have significant demand across markets worldwide, making them the fourth leading export from the state, with a value of $970 million.
Europe — particularly Germany, France, Italy, the UK, Spain, Belgium, and Turkey — is projected to account for a major share of the nut products market during the forecast period.
In Germany, nuts are consumed as snacks and are considered vital ingredients in traditional recipes, including cereals, marzipan, bakery items, and chocolates. The per capita consumption of nuts rose from 0.5 kg in 2014 to 1.8 kg in 2019. Additionally, a sizable population of immigrants and ethnic groups from Mediterranean nations reside in Germany. Their diets tend to be richer in dried fruits and nuts than the typical German diet.
The nut market in Asia-Pacific is expected to gain market share in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.3% in the forecast period of 2020 to 2027 and is expected to reach USD 28,179,837.26 thousand by 2027. The increasing technological developments in the coating process of nuts to increase their shelf life are the factors driving the growth of the market.
Japan and China have occupied the highest market share in the Asia-Pacific nuts market due to the technological developments in the coating process of nuts to increase their shelf life, which is driving the growth of the nut market.
The country section of the Asia-Pacific nuts marketreport also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country’s data.