Nuts and Nutmeals - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Nuts and Nutmeals - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Nuts and Nutmeals Market size is estimated at USD 57.01 billion in 2024, and is expected to reach USD 75.93 billion by 2029, growing at a CAGR of 5.90% during the forecast period (2024-2029).

The market is mainly driven by the growing awareness of the nuts health benefits as they are rich sources of fiber, protein, vitamins, antioxidants, and other essential minerals. They are also increasingly getting their popularity in the paleo diet. The market is also heavily driven by the growing vegan population worldwide as they are broadly considered a good alternative for fish and eggs for fulfilling protein, calcium, and vitamin B12 needs. In recent decades, almonds gained an excellent reputation for being a health nut, with their diabetic-friendly attributes, such as their comparatively low-fat content and healthy omega-3 fats. Market players have been introducing various flavored nuts with multiple tastes and flavors. For instance, in November 2022, Blue Diamond Almonds launched new limited-edition Snickerdoodle Flavored Almonds and Blue Diamond Peppermint Cocoa Flavored Almonds.

Due to the trend of healthy snacking, consumers are opting for on-the-go snacks. Flavored nuts and nutmeals are the best meal alternatives because of their health benefits. Nuts are a good source of saturated fats and help support a healthy heart and brain. Consumers are opting for vegan and plant-based food these days. Due to this, the demand for nuts and nut meals is increasing. Market players are also introducing nut milk, like almond milk, as an alternative to whole dairy milk. Innovation and the requirement for healthy convenience food are driving the market. In May 2022, VKC Nuts, India's leading fully integrated farm-to-fork Nuts & Dried Fruits company, launched a range of pasteurized nuts and dried fruits under its brand Nutraj.

Nuts & Nutmeals Market Trends

Rising Health Awareness Led to Healthy Snacking Patterns

The increasing consumers' health awareness and the rising disposable income across regions are the factors that have encouraged people to opt for high-quality nut and nutmeal products. Healthy snacking and convenience and taste are raising consumers' demand for nut and nutmeal ranges. Apart from healthy snacking, the plant-based diet followed by the ongoing trend of veganism is actively supporting the market's growth and will continue to do so during the forecast period. For instance, in November 2021, Blue Diamond Almonds launched Almond Breez Extra Creamy Almon Milk as a plant-based alternative to whole dairy milk. The product uses almond oil made from quality California-grown Blue Diamond almonds to give the product an extra creamy texture. Also, the clean-label trend and availability of nut mixes and seasoned nuts with clean-label claims such as organic, better-for-you, and others are further accelerating the growth of the market studied.

North America Holds a Prominent Share

The growing popularity of healthier snacking and eating habits among American consumers continue to encourage nuts consumption, tree nuts, and groundnuts. The fight against cardiovascular diseases, the desire for better health and well-being, and the publication of scientific studies highlighting the benefits of nut consumption are likely to continue fueling demand for these products. Nuts and nutmeals are widely regarded as nutritional dynamite among American consumers. Nuts for snacking, like roasted, coated, and salted, will have a high penetration rate over the medium term. According to USDA data from 2022, the United States is the highest producer of Almonds and Pistachios and 2nd largest producer of Walnuts. Due to this, the market players are innovating new nut meals and flavored nuts for easy on-the-go snacking. For instance, in June 2022, Daily crunch launched two new flavored almond products, Cinnamon Java Sprouted Nut Medley and Nashville Hot Sprouted Almonds.

Nuts & Nutmeals Industry Overview

Global nuts and nutmeals include leading players such as Bob's Red Mill, Inc, Blue Diamond Almonds, Royal Nut Company, Sun Organic Farm, Kluth GmbH & Co. KG, Tierra Farms, and Mandelin Inc., among others. These major players in this market focus on increasing their presence through expansions, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia-Pacific, and Europe. They also have manufacturing facilities and strong distribution networks across these regions.

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