Global Fox Nut Market - 2022-2029

Global Fox Nut Market - 2022-2029

Market Overview

Fox nut market valued USD xx million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of 8.5% during the forecast period (2022-2029)

Fox nut is derived from the plant known as Euryale Fox, which grows in the Eastern Asia region. Fox nuts are largely produced in the state of Bihar in India. They are used in a few Indian sweets, and savories like kheer, raita or makhana curry and are also eaten as an evening snack. They are rich in protein and fiber and low in calories. It is also a rich source of vitamin B1, which plays a key role in nerve, muscle and heart function. Fox nuts have a low glycemic index, which helps maintain energy throughout the day. Daily consumption of fox nuts helps manage blood sugar levels by ensuring a controlled release of sugar in the body. Fox nuts have cardio protective properties that help reduce the risk of heart disease. It also helps in blood sugar management and weight loss. These health benefits of fox nuts help to grow market demand.

Market Dynamics:

Increasing demand for healthy food from a health-conscious consumer base

Fox nut is a rich source of several important nutrients like calcium, magnesium, iron and phosphorous. Calcium helps to support bone health and helps to reduce blood pressure and decrease cholesterol levels. Magnesium is essential for many metabolic reactions and is involved in protein synthesis, muscle contractions, and nerve function. Fox nut also contains antioxidants like gallic acid, chlorogenic acid, and epicatechin, which help neutralize harmful free radicals and prevent oxidative stress. Antioxidant plays a key role in several aspects of health and help to protect against chronic conditions like heart disease, cancer and diabetes. Fox nuts also help to stabilize blood sugar levels. Protein in the fox nut reduces food cravings and helps regulate appetite. Fox nut contains several amino acids known for their anti-aging properties, including glutamine, cystine, arginine, and methionine. Those suffering from wheat allergy replace wheat with fox nut, as they are gluten-free but still high in protein and carbohydrate content. Daily consumption of fox nuts helps with mental health conditions such as anxiety, depression and insomnia which are quite common due to stress and lifestyle changes. These health benefits divert consumers towards nuts and help to grow market demand.

Market Segmentation:

Inorganic segment held highest market revenue share of XX% in the year 2021

Inorganic fox nuts are gluten-free and have a low glycemic index. Inorganic fox nuts give high yield compared to organic nuts. They are neutral in taste and can add various species to make them more tasty snacks. Fox nuts are available in different forms according to the customer's taste and preferences, such as baked, roasted, popped and fried fox nuts. Inorganic fox nuts are rich source of vitamins minerals and irons which is very beneficial for health.

Based on distribution channel segment, supermarkets and hypermarkets segment held highest market revenue share of XX% in the year 2021. People buy fox seeds from the nearest supermarket or hypermarket more frequently. Increase in the number of supermarkets and hypermarket chains and increase promotional and marketing activity such as offering lucrative discounts on fox nuts is expected to drive the segment growth. Moreover, availability of wide variety of products in supermarkets and hypermarket attract consumers towards this distribution channel.

Geographical Penetration:

Asia Pacific is expected to dominate the global fox nut market in the year 2021

Major countries like China and India indicated the highest market share in the Asia Pacific region due to most of the sales and production of the fox nuts. Consumers' rising inclination to follow a healthy lifestyle and rising government support for healthy product helps to grow the market. Moreover, 90% production of fox nuts comes from Bihar, India. As per the National Research Center for Makhana, Darbhanga (ICAR) estimates, the total area under fox nut cultivation in India is estimated to be 15000 Ha. It yields 1,20,000 MT of fox nut, which yields 40,000 MT of fix nut after processing. Moreover, in China, fox nut has been cultivated in the Hainan and Taiwan islands for 3 – 4 millennia and is widely used in Chinese medicine. Raw fox nut seed powder is an essential ingredient in baby foods in China. That powder distribution also includes the islands of Taiwan and Kyusyu, Shikoku and Honshu in Japan. The most common use of the fox nut seed is in the form of lotus seed paste, which is used extensively in Chinese pastries and Japanese desserts. Hence, key countries like Japan, China, India helps to increase demand of the fox nut which helps to grow market.

Moreover, North America is expected to hold a significant CAGR of XX% in the year 2021, due to increasing awareness regarding the benefits of fox nuts, such as reducing high blood pressure, diabetes, chronic inflammation, and body stress and the rising inclination of consumers to follow a healthy lifestyle in this region.

Competitive Landscape:

The fox nut market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Some of the major key players include S M Enterprises, Manju Sattviko, Maruti Makhana and Hindustan Foreign Traders, among others. Key players in the market are focusing on adopting various strategies such as mergers and acquisitions. Some companies were launching new flavors of fox nuts. In June 2022, The Indian Foxnut Company, manufacturer and supplier of makhana (fox nut), planned to expand its footprint across India. In September 2021, Madhubani-based Manish Anand, a farmer, researcher and manufacturer, is getting ready to launch fox nuts in different forms. He had earlier launched popped makhanas in different flavours including cheese, jalapeno, tomato and mint.

COVID-19 Impact:

Negative impact on the global fox nut market

Due to Covid 19 pandemic, there was a complete lockdown overall the world. Due to the government's strict regulation on transport, there was a disturbance in the supply chain of raw material. As fox nuts are not considered essential goods, manufacturing companies of fox nuts were completely closed during a pandemic. Supermarkets and hypermarkets were completely closed during pandemic, so there was a shortage of availability of fox nuts. Moreover, import and export of raw materials were hampered due to the closing of the border of various nations. This resulted in an increase in the prices in countries that were dependent on the imports of nuts. The strict lockdown measures worldwide had shut down the production of all agricultural industries for several weeks in March and April, which led to the negative growth of the market during the pandemic.

The global fox nut market report would provide an access to approximately 61 market data tables, 49 figures and 180 pages