Nuts Industry Overview
In 2022, the global Nuts Market reached a valuation of $55.90 billion and is forecast to expand at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. This market growth is significantly supported by increasing consumer awareness of the numerous health benefits offered by nuts, as they are a rich source of essential vitamins, protein, antioxidants, fiber, and minerals. Moreover, the expanding nut snacks industry in developing economies such as India and China has further fueled market growth in recent years.
The combination of rising global population, increasing urbanization, and growing consumer disposable income has led to higher nut consumption, thereby driving market expansion. Additionally, the market is propelled by the growing popularity of convenience foods like nut snacks, particularly in developed regions.
Detailed Segmentation:
- Product Insights
The hazelnuts segment is expected to expand at the fastest growth rate of 6.6% from 2023 to 2030. Hazelnuts as convenient nutritious and high in calories food made available for consumers through retail channels is driving the growth of the market. Moreover, the growing popularity and demand for nuts due to the presence of a high concentration of antioxidants, and healthy fats have created significant industry demand.
- Distribution Channel Insights
The online segment of the nuts market is anticipated to grow at the fastest CAGR of 5.6% from 2023 to 2030. Numerous suppliers of these products are offering products on their websites as well as on the e-commerce platforms like Amazon which have projected the market growth over the forecast period. In addition to this, the rising adoption of the e-commerce sector for the shopping of consumer goods and food products due to the internet penetration rate is the major driving factor for the growth of this segment.
- Regional Insights
Asia Pacific is the fastest-growing nuts market and is expected to witness a CAGR of 6.1% from 2023 to 2030. China, India, and Japan have a huge consumer base for the consumption of nuts such as almonds, peanuts, cashew, and walnuts, which will drive the regional demand. The rising concern about health among consumers is boosting the industry's growth over the upcoming years. Moreover, the region is expected to grow with the most accelerated growth rate in the regional segment of the market in the forecast period owing to the growing disposable income of the people and rising population.
Gather more insights about the market drivers, restraints, and growth of the Nuts Market
Key Companies & Market Share Insights
Various manufacturers and suppliers have expected to focus on the logistic development and strengthening of the distribution channel to grow their business. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. The market is further driven by merger, acquisitions, and joint ventures.
- In July 2023, IGA’s Exclusive Brands has launched a new line of snack nut varieties that include cashews, peanuts, almonds and mixed nuts.
- In November 2022, Blue Diamond Almonds has introduced two new limited-edition flavors of almonds: "Blue Diamond Peppermint Cocoa Flavored Almonds” and "Blue Diamond Snickerdoodle Flavored Almonds".
- In June 2022, Blue Diamond Almonds has launched four more new flavors of almonds: Mash Ups, Mash Ups Dark Chocolate and Chili Pepper Almonds, Elote - Mexican-Style Street Corn Almonds, and Korean BBQ Almonds.
Some of the key players operating in the market include:
- Diamond Foods, Inc.
- John B. Sanfilippo & Son
- Kraft Foods Inc.
- Olam International Ltd
- Borges Agricultural & Industrial Nuts
- Hines Nut Company
- Mariani Nut Company
- WeAreBio
- Germack Pistachio Company
- Hampton Farms, Inc.
- Star Snacks Co., LLC
- Fresh Nuts GmbH
- Tropical Foods
- Durak Findik
- Grower Direct Nut Co. Ltd.
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