Processed Walnuts Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Processed Walnuts Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Processed Walnuts Market is projected to register a CAGR of 4.2 % during the forecast period, 2022-2027.

Growing consumer preference for a nutrition-rich diet and inclination towards convenience food is driving the demand for nut-based snacks such as processed walnuts. Additionally, health-conscious millennials are increasingly utilizing nuts and seeds in household cooking to enhance the nutritional value of their meals. Also, the growing trend of baking at home and the widespread use of walnuts in the traditional cuisine of different regions is anticipated to drive the consumption of plain processed walnuts.

Additionally, dietary guidelines by government authorities of different countries such as Australia, the U.S., and European nations are promoting the consumption of walnuts. For instance, in July 2021, The California Walnut Board launched Snacking Retail Campaign to bring more attention to the benefits of walnuts as a nutritious snack. The new campaign includes walnut displays and promotions in more than 7,400 food retailers across the United States. Further, ongoing developments in walnut processing technologies are expected to foster market expansion during the forecast period. Many patents have been developed for the walnut mechanical cracking and kernel fetching, kernel shell separation, and walnut classification techniques that can significantly improve the walnut shell cracking rate and decrease the walnut kernel breaking rate which results in the growth of the processed walnuts market.

Key Market TrendsIncreased Demand For Healthy Snacking

Consumers are looking for food alternatives that are packed with essential vitamins as a result of changes in their nutrition needs and dietary patterns. They have turned to superfoods such as nuts, seeds, and cereals for healthy snacking. Due to their robust content of minerals and nutrients, walnuts are perceived as extremely healthy nuts. For instance, According to the United States Department of Agriculture, walnuts have a high content of polyunsaturated fats, fiber, thiamine, vitamin B6 and minerals such as phosphorous, magnesium, zinc, copper, and manganese. Moreover, walnuts are a source of iron, potassium, and other nutrients which is boosting the demand for processed walnuts market.

Furthermore, a range of flavor innovations offered by key brands is influencing the consumption patterns of target consumer groups. For instance, brands, like Crazy Go Nuts, The Nutty Gourmet, and Diamond, expanded their offerings in the past year to include delightfully seasoned walnut snacks in flavors, like chocolate espresso, buffalo, rosemary, teriyaki, and wasabi.

Asia-Pacific is the Fastest Growing Regional Market

Prevalent production of walnuts in the region and widespread use of walnuts in home cooking along with the rising inclination towards on-the-go healthy snacks are the key factors driving the growth of the Asia Pacific processed walnuts market. For instance, according to International Nut and Fruit Council, China is the largest producer of walnuts and also has the highest consumption rate globally with a consumption of 433,742 Metric Tonns in 2020. In India, over 29 thousand metric tons of walnuts were consumed in 2020, an increase over the previous year's consumption of over 19 thousand metric tons.

Processed walnut brands that feature light kernel varieties, food safety certification, and follow sustainable packaging and manufacturing standards are highly favored by Asian consumers. The use of walnuts in pies, cakes, and other homemade dishes is further boosting the sales of processed walnuts in the Asia Pacific.

Competitive Landscape

The Processed Walnut Market is fragmented with many industrial players including private labels, unorganized local players, and international packaged snacks brands. Some of the major players identified in the global processed walnut market include Future Group (Future Consumer Limited), Diamond Foods, LLC, and Happilo International Pvt Ltd among others. These companies are embarking on business strategies including product innovations, partnerships, strengthening their hold over online and offline distribution channels, and mergers & acquisitions to expand their visibility and portfolio of offerings, thus, augmenting the growth of the market.

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