Nut Products Market: Current Analysis and Forecast (2021-2027)

Nut Products Market: Current Analysis and Forecast (2021-2027)

Global Nut Products Market is anticipated to grow with an elevated CAGR of around 6% over the forecast period (2021-2027). The nut is a type of fruit that consists of a hard or tough nutshell protecting a kernel that is usually edible. The product derived from various nuts is known as nut products that include nut butter, nut paste, nut flour, and others.

A rising prevalence of cardiovascular disease coupled with the surging problem related to the immune system is leading to the growing demand for various nuts and their products as people are becoming more health-conscious and are focusing more on healthy snacking. As per the World Health Organization, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. An estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. Thus, in order to maintain good heart and brain health consumers are consuming nuts more frequently as they are a good source of saturated fats.

Furthermore, whether for health reasons, climate change, or animal welfare, vegan statistics continues to spike around the world. In 2021, the total number of vegans worldwide amounts to about 79 million. Around 9.7 million people follow a vegetarian-based diet in the US. Therefore, there has been growing traction of nuts and their products among vegans as nuts are considered as a good alternative for fish and eggs for fulfilling calcium and vitamin B12 needs. Additionally, the increasing use of raw nuts and nutmeals in cooking and blends in savouries have also attracted a lot of major players in the market along with new product development as strategic approaches by most of the leading companies which in turn is boosting the nut product market globally.

Kerry Group, Olam International, Barry Callebaut, Blue Diamond Growers, Treehouse Almonds, Royal Nut Company, Zentis GmbH & Co. KG, Mount Franklin Foods, Lubeca, Besana, are some of the prominent players operating in the nut products market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new products.

Insights Presented in the Report

“Amongst Product Type, Nut Pastes segment holds the major share”

Based on product type, the nut products market is segmented into nut butters, nut pastes/marzipan pastes, nut fillings with cocoa, nut fillings without cocoa, caramelized nuts, and nut flours. The nut paste segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. The growth of this segment is attributed to the growing use of nut paste as a spreader on bread, biscuits, and cakes. Also, the growing awareness about the nutritive properties of nuts is also driving the consumption of nut paste among consumers.

“Amongst Nut Type, Almonds segment holds the major share”

Based on nut type, the nut products market is divided into almonds, hazelnuts, walnuts, cashew, peanuts, pine nuts, Brazil nuts, pistachios, and others. The almonds segment occupied the major share of the nut products market in 2020 and it is expected to grow with substantial CAGR in the upcoming years. The growth of this segment is attributed to the increasing almond production every year. In 2019/2020 crop added up to over 1.36 million metric tons (kernel basis), 7% up from the previous season and 26% above the previous 10-year average. Also, almonds are one of the most common nuts which are widely consumed and used as almond milk, almond flour, confectioneries, cakes, etc.

“Amongst Application, Industrial Food Manufacturers segment holds the major share”

Based on application, the market is fragmented into industrial food manufacturers and food service & bakeries. In 2020, the industrial food manufacturers segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. A wide range of nut products is manufactured by the food industries including chocolate, confectionery products, bakery products, ice-cream and frozen desserts, cereals & snack bars, beverages, and others. The growth of this segment can be attributed to the growing consumption of these products as they are efficient in daily diet plans and increase in discretionary spending habits by the consumers.

“Europe represents one of the largest markets of nut products market”

For a better understanding of the market dynamics of the nut products market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. Europe constitutes a major market for the nut products market industry and generated revenue of USD XX Million in 2020 owing to the presence of well-established market players in the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry