The Nut Products Market size is estimated to be valued at USD 6.7 billion in 2022. It is projected to reach USD 8.9 billion by 2027, recording a CAGR of 5.9% in terms of value from 2022 to 2027, according to a new report by MarketsandMarkets™. An increasing number of new product launches consisting of nuts as key ingredients to drive the nut products market.
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The nut butter segment is projected to account for the second largest market share in the nut products market
Based on product types, the nut butter segment is projected to gain the second largest 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. These are available in two forms: crunchy or smooth, and manufactured from non-roasted or raw nuts based on the nut type. Many key players in the food & beverage market are introducing new products to the nut butter market. For instance, Pip & Nut (US) launched “Cherry Bakewell Almond Butter,” vegan almond butter in the US market.
The walnuts segment is anticipated to gain the second largest market share in the nut products market
Based on nut types, the walnuts segment is forecasted to account for the second largest market share in the nut products market. The Californian walnut industry has boomed over the years, consisting of over 4,000 growers and more than 90 manufacturers. Nearly 99% of the US walnut production originates from California. Californian walnuts have a massive demand across markets worldwide that have made the walnuts the fourth leading export from the state, with a value of USD 970 million.
The industrial food manufacturers segment is anticipated to dominate the nut products market
By application, the industrial food manufacturers segment is projected to gain a major share in the nut products market. Consumer’s preference for nut-based products is driven to assist with weight management, improve muscle mass, and inclination toward clean label products. Nut ingredients are considered the most desired, as they make bakery and confectionery products crunchier in texture and provide nutrients while also improving the taste.
The premium/specialty products segment is forecasted to grow at a higher CAGR in the nut products market
Based on quality, the premium/specialty products segment is projected to grow at a higher CAGR in the nut products market during the review period. Various mechanisms and better planting materials have been used to improve and support the number and quality of nuts produced throughout recent times. These changes have reassuring effects on cropping systems and related agro-ecological management systems.
The organic segment is anticipated to grow at a higher CAGR in the nut products market during the forecast period
The organic segment is projected to gain a major share in the nut products market by category. The absence of chemicals in organic nuts makes them different from conventionally grown nuts. Pesticides have been associated with a higher chance of conditions like ADHD, autism, cancer, and other reproductive and cognitive problems. Due to this, the demand for organic nuts is growing rapidly.
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The European region is projected to account for a major share in the nut products market during the forecast period
The European countries are Germany, France, Italy, the UK, Spain, Belgium, and Turkey. According to the Federal Association of the German Confectionery Industry (BDSI), the current trend in Germany is inclined toward healthy nuts and nut-fruit mixes. In Germany, nuts are majorly consumed as snacks and are considered vital ingredients in numerous 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.
Key players operating in this market include Barry Callebaut (Switzerland), Blue Diamond Growers (US), Kerry Group (Ireland), Zentis GmbH & Co. KG. (Germany), Olam International (Singapore), Mount Franklin Foods (US), Mandelin, Inc (US), Besana (Italy), Bazzini (US), and Lubeca (Denmark).
Related Reports:
Almond Ingredients Market by Type (Whole Almonds, Almond Pieces, Almond Flour, Almond Paste, and Almond Milk), Application (Snacks, Bars, Bakery, Confectionery, Milk Substitutes & Ice Creams, Nut & Seed Buttress, RTE Cereals), Region – Global Forecast to 2025
Baking Ingredients Market by Type (Emulsifiers, Leavening Agents, Enzymes, Baking Powders & Mixes, Oil, Fats & Shortenings, Starch, Colors & Flavors, Preservatives, Fibers), Application (Bread and Sweet Bakery), and Region – Forecast to 2026
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SOURCE: MarketsandMarkets
