A Detailed Analysis of the Nuts Market Based on Rising Demand for Healthy and Protein-Rich Snacks, Coupled with Increased Awareness of Their Nutritional Benefits
Industry: Food and Beverages
Published Date: January-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 152
Report ID: PMRREP33777
The global nuts market is forecast to expand at a CAGR of 5.0% and thereby increase from a value of US$64.3 Bn in 2023 to US$90.5 Bn by the end of 2030.
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Attributes |
Key Insights |
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Nuts Market Size (2023E) |
US$64.3 Bn |
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Projected Market Value (2030F) |
US$90.5 Bn |
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Global Market Growth Rate (CAGR 2023 to 2030) |
5.0% |
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Historical Market Growth Rate (CAGR 2018 to 2022) |
4.5% |
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Revenue Share of Top Four Countries (2022E) |
43% |
The nuts market encompasses the worldwide exchange and ingestion of pistachios, almonds, walnuts, and cashews, which are edible seeds encased in a tough shell. These multipurpose and nourishing treats contain an abundance of vital nutrients, such as protein, vitamins, minerals, and healthy fats. The nuts market transcends individual consumption, as they find extensive applicability in the food industry across various products such as baked goods, snacks, and culinary preparations. Consequently, the market comprises an extensive assortment of nut varieties, accommodating a wide spectrum of consumer inclinations and dietary requirements. Climate conditions, agricultural practices, and global demand trends all have an impact on the industry, which renders it an integral and dynamic component of the worldwide food economy.
Numerous elements contribute to the substantial expansion of the worldwide almonds market. To begin with, the growing recognition of the health advantages linked to nut intake has stimulated demand, given that nuts are attributed to a variety of nutritional qualities and heart-healthy lipids. In addition, the market has been further propelled by the increasing demand for plant-based and protein-rich diets among consumers. An increased emphasis on refreshment alternatives and a shift in lifestyles have also contributed significantly. Furthermore, in conjunction with rising disposable incomes, the growing middle class in emerging economies has increased consumers' propensity to invest in premium and healthier food alternatives, thereby stimulating the global nuts market. The expansion of the market is additionally bolstered by technological progressions in packaging, processing, and transportation, which streamline international commerce.
Sustained Rise in Health and Wellness Trends
A significant factor propelling the flourishing international pecans market is the continuous upsurge in health and wellness trends. In recent years, consumer behaviour has undergone a fundamental transformation, as individuals place a greater emphasis on selecting healthier dietary options. Due to their numerous advantageous properties, nuts have become a fundamental component of modern diets, owing to their high nutrient content. Nuts have consistently been associated with improved cardiovascular health, weight management, and overall well-being, according to scientific studies. Nuts are considered a nutritious snack option due to their substantial composition of monounsaturated and polyunsaturated fats, as well as vital vitamins and minerals. This characteristic ideally corresponds with the health-conscious inclinations of contemporary consumers.
The increasing recognition of the health advantages linked to the consumption of nuts has instigated a significant transformation in dietary habits across the globe. With the increasing emphasis on preventive healthcare and the pursuit of improved nutritional status, nuts have emerged as a preferred option among individuals aiming to incorporate a well-rounded and nourishing dietary regimen. The acknowledgment of nuts as a reservoir of plant-derived protein and beneficial lipids has struck a chord with a wide range of demographic segments, including health-conscious individuals, fitness enthusiasts, and those tasked with managing chronic ailments. The increase in demand for nuts is not limited to developed markets; developing economies are also experiencing a surge in this trend due to growing awareness and changing dietary preferences.
Climate Change Impact on Nut Producing Regions
The increased repercussions of climate change on regions that produce nuts are a substantial factor restraining the global almonds market. Climate change gives rise to a multitude of obstacles, encompassing modified patterns of precipitation, extremes in temperature, and a heightened occurrence rate of extreme weather phenomena. These factors collectively pose a threat to the sustainable cultivation of almonds. Nuts, which are grown primarily in particular climatic regions, are exceptionally vulnerable to changes in weather patterns, which have the potential to detrimentally impact crop productivity, quality, and overall well-being.
Vulnerability of the Global Almonds Market to Trade and Supply Chain Disruptions
The susceptibility of the global almond market to trade and supply chain disruptions is an enormous obstacle. The nuts industry's complex international trade network is vulnerable to a range of disruptions, including geopolitical tensions, trade barriers, and unanticipated occurrences like the global COVID-19 pandemic. Market volatility and economic uncertainty may result from impediments to the free movement of nuts from production hubs to consumer markets, which may be caused by tariff disputes or public health crises.
Growing Inclination Towards Plant-based Diets
An opportunistic factor driving the global market for almonds is the increasing prevalence of plant-based diets. The transition towards plant-centric dietary patterns, which is motivated by health, sustainability, and ethical concerns, has presented the legume industry with a significant opportunity for expansion. Nuts, which contain an abundance of vital nutrients, healthy fats, and plant-based proteins, have become indispensable components of the diets of those who embrace vegetarian, vegan, or flexitarian ways of life. The current dietary trend is not limited to a specific demographic; rather, it signifies a worldwide endeavour toward conscientious and sustainable eating. Nuts are in a distinctive position to fulfill the varied nutritional requirements of individuals who are adopting plant-based diets.
The increasing prevalence of plant-based diets is apparent among various demographic groups, including not only vegetarians and vegans but also an expanding cohort of individuals who are decreasing their meat intake for environmental or health-related motives. Nuts, owing to their multifunctionality and flexibility, effortlessly incorporate themselves into an extensive array of plant-based recipes, encompassing salads, smoothies, plant-based protein substitutes such as nut-based patties, and milk. The increased utilization of nut-based products has resulted from the surge in demand for plant-based alternatives, thereby contributing to the market's expansion.
A convergence of consumer preferences, health consciousness, and the changing dynamics of the food industry characterize the global almonds market, which is anticipated to sustainably expand. Enhanced recognition of the health advantages linked to nut consumption has emerged as a significant factor driving the growth of the market. Nuts are renowned for their exceptionally high nutrient content, which includes proteins, vitamins, minerals, and heart-healthy lipids. With the increasing focus on health and wellness among consumers worldwide, almonds have evolved from being conventional snacks to becoming indispensable constituents of well-balanced diets.
This phenomenon is notably conspicuous in regions such as Europe and North America, where health-conscious consumer populations have embraced almonds as convenient and nourishing substitutes. Furthermore, the correlation between producers and consumers significantly influences the trajectory of sales within the worldwide almond industry. In response to consumer demands for a wider variety of novel nut-based products, manufacturers are expanding the market beyond conventional offerings.
As an illustration of the dynamic character of the producer-consumer relationship, nuts are incorporated into a variety of food categories, including cereals, snacks, plant-based alternatives, and culinary applications. The partnership has yielded an extensive range of nut-enhanced products that accommodate changing consumer tastes and preferences, thereby stimulating continuous market expansion.
Moreover, technological advancements in processing, packaging, and transportation are augmenting the efficacy of international commerce in the nuts industry. This enhances the accessibility of an extensive range of nuts in various geographical areas, thereby augmenting the market's scope. E-commerce platforms are significantly influencing this phenomenon by facilitating consumer access to a wide variety of nut products and thereby enhancing the accessibility and convenience of the market. Nevertheless, obstacles endure, as climate change presents a substantial peril to areas that produce nuts as well as the supply chain. A growing number of producers are embracing resilient and sustainable agricultural methods to alleviate these obstacles and guarantee the market's long-term viability.
Supply-side Dynamics
The global market for almonds is dominated by several entities that have a substantial impact on its dynamics. Archer Daniels Midland Company, Olam International, Blue Diamond Growers, and Wonderful Pistachios & Almonds LLC are prominent leaders in their respective industries. With a significant presence in key nut-producing regions, these entities function on an international level. Nut market utilization is primarily adopted by the US, China, India, and several European countries. The US, for example, is the leader in almond production and consumption, with a thriving market for almond-based products, whereas the growing demand for nutritious treats in China drives the consumption of a wide range of nuts. India is home to a burgeoning cashew market that is expanding both domestically and internationally, displaying a wide range of utilization patterns among various countries.
Strategic initiatives and product innovations are reshaping the industry landscape in the global almonds market, which is dominated by key players. To introduce novel nut-based products and capitalize on emerging consumer trends, such as plant-based diets and functional foods, these companies are making substantial investments in R&D. Moreover, acquisitions and strategic partnerships are widely employed tactics by market leaders to expand their global presence and fortify their supply chains. The sway of dominant entities transcends mere product offerings; they also establish industry benchmarks through their emphasis on sustainable and ethical procurement practices. By persisting in their investments in sustainable practices and technological advancements, these participants significantly influence the future course of the worldwide pecans industry.
Which Nut Type is the Primary Market Segment?
Sales of Almonds Dominant, Widespread Demand Expected from Dairy, Bakery, and Snacking
Among the diverse seed segments, almonds are anticipated to hold the most substantial portion of the market. Almonds have garnered significant international acclaim on account of their multifunctionality within the food sector, acknowledged health advantages, and general consumer inclination. A variety of products, including snacking, dairy substitutes, and baked goods, have experienced an increase in almond demand, which has contributed to their dominance in the global nuts market. It is expected that the cashew segment will witness the most rapid expansion within the worldwide almond market.
The growing popularity of cashews can be attributed to their opulent flavor, high nutritional value, and adaptability in both sweet and savoury preparations. It is anticipated that the demand for cashews will increase significantly as consumers desire exotic and health-conscious flavors. In addition, the cashew industry has been at the forefront of developing value-added products through innovation, which will contribute even more to its anticipated accelerated expansion in the coming years.
Which is the Top-selling Product Type?
Shelled Nuts Dominate Global Demand
It is anticipated that the shelled nut segment will dominate the market and hold the largest proportion. Shelled nuts, such as pistachios, almonds, and walnuts, are in great demand due to their adaptability and practicality. Pre-packaged shelled nuts are favoured by consumers due to their versatility in catering to a wide range of culinary needs and snacking needs; this contributes significantly to their substantial market share within the worldwide almonds industry.
The quickest growth is however anticipated in the paste segment of the global nuts market. Nut pastes, which are obtained through the processing of shelled nuts, are becoming increasingly well-liked in the food industry due to their versatile uses, specifically in the formulation of spreads, sauces, and products containing nuts. In addition to the expanding use of nut butter in a variety of culinary preparations, consumer preferences for natural and minimally processed foods also stimulate the demand for nut pastes. The rising trend of incorporating plant-based alternatives into diets provides additional impetus for the paste segment's rapid market expansion.
Which is the Leading End-use Industry Consuming Nuts?
The Bars and Snacks Segment Spearheads, Breakfast Solutions Emerging Lucrative
In the nuts industry, the bars and snacks segment is anticipated to hold the highest market share. In response to the growing consumer preference for portable and convenient snacks, nuts are widely employed in the formulation of bars, trail mixes, and other refreshment products. The broad consumer base that the bars and snacks category serves, which includes individuals in search of healthful alternatives, significantly contributes to its market dominance in the global nuts industry. It is expected that the breakfast solutions sector will witness the most rapid expansion within the almonds industry.
As breakfast preferences shift toward healthier options, there has been a noticeable rise in the inclusion of almonds in cereals, granolas, and various other breakfast products. Nuts' dual functionality as a source of nutritional value and texture establishes them as a pivotal component within the breakfast solutions sector, propelling its exponential growth in tandem with consumers' quest for nutritious and gratifying alternatives to commence their morning. Additional factors contributing to the expansion of this market segment are consumers' persistent pursuit of convenient and wholesome brunch options.
Which Distribution Channel Contributes the Largest Revenue Share?
Retail Dominance Prevails Through Hypermarkets and Supermarkets
It is anticipated that supermarkets and hypermarkets will hold the greatest market share and exercise dominance in the distribution and retail sector of the nuts industry. These expansive retail establishments provide a wide variety of nut products to appeal to a diverse clientele. The widespread availability, variety, and convenience offered by supermarkets and hypermarkets all contribute to their significant role in facilitating the worldwide trade of almonds. Online retail is anticipated to witness the most rapid expansion among the distribution channels for almonds.
The proliferation of online purchasing and the added benefit of doorstep delivery have significantly contributed to the expansion of the online retail industry for nut products. Changing consumer preferences, particularly the desire for a convenient purchasing experience, an extensive selection of products, and the convenience of accessing them from one's residence, are the primary catalysts for the transition to e-commerce. With the ongoing optimization of logistics and the provision of a wide range of nut products, online retail is positioned to experience substantial growth within the almond market.
North America Maintains a Dominant Position with Greater Inclination Towards Healthful Alternatives
It is expected that North America will hold the largest market share in the worldwide almond industry. Numerous elements contribute to the dominance of the region. To commence, a strong consumer consciousness and desire for nourishing and healthful food alternatives exist in North America. Nuts, due to their substantial nutrient content and widespread inclusion in diverse dietary regimens, are following the health-conscious inclinations of the populace. Moreover, nuts are integrated into a diverse selection of products, including cereals, munchies, and plant-based substitutes, by the innovative and firmly established food industry in North America. Due to the region's robust economy, prevalent nibbling culture, and high demand for nut-enhanced products, North America currently holds a leading position in the global nuts market.
South Asia, and the Pacific
The global nuts market is anticipated to expand at the quickest rate in South Asia, and the Pacific. Dietary preferences are transforming due to the region's burgeoning economy, expanding population, and high disposable income. As the health consciousness of consumers in South Asia, and the Pacific increases, a discernible trend emerges in the integration of almonds into daily dietary regimens, motivated by the perceived health advantages they offer. Moreover, the cultural importance attributed to almonds in traditional gastronomy serves to augment their consumption. The South Asia, and the Pacific region comprises nations characterized by varied climatic conditions, which facilitates the production of an extensive array of nuts, such as almonds, cashews, and pistachios. The surge in vegetarianism and the growing prevalence of plant-based diets in nations such as India are factors that contribute to the augmented consumption of almonds.
Prominent entities in the worldwide nuts industry, including Archer Daniels Midland Company, Olam International, Blue Diamond Growers, and Wonderful Pistachios & Almonds LLC maintain and increase their market presence through the implementation of diverse and complex strategies. Vertical integration is a critical tactic. Vertical integration has been adopted by several dominant actors to source raw nuts, and process, manufacture, and distribute an extensive array of nut-based products. By ensuring control over the entire supply chain, this integration improves cost-effectiveness, efficiency, and quality control. One example of a company that has implemented vertical integration is Wonderful Pistachios & Almonds LLC, which manages the entire almond and pistachio production process, from orchards to shelves.
Product diversification is an additional critical strategy. Dominant companies consistently broaden their range of products to accommodate the changing preferences of consumers. They allocate resources towards research and development endeavours to introduce ground-breaking nut-based products, such as snacking, dairy substitutes, and food industry ingredients. Blue Diamond Growers, renowned for its Almond Breeze almond milk, implements this approach by capitalizing on the expanding market for plant-based alternatives and extending the use of almonds beyond the refreshment category. Expanding internationally is a crucial component in attaining the greatest possible market share. Prominent entities enter and fortify their market presence in high-potential sectors through strategic manoeuvres. Archer Daniels Midland Company, a multinational agribusiness corporation, operates strategically across various regions to access a wide range of consumers. Their market dominance is a result of their ability to leverage regional trends, preferences, and demands due to their extensive international presence.
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Attribute |
Details |
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Forecast Period |
2023 to 2030 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Nut Type:
By Product Type:
By By End-use/End-use Industry:
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The nuts market was valued at USD 64,372.6 million in 2023.
The UK held the largest market share in 2023.
The prominent players in the market are Diamond Foods, Inc., Olam International Ltd, Kraft Foods Inc., Borges Agricultural and Industrial Nuts, Germack Pistachio Company, and others.
The online retail segment is expected to grow at the fastest growth during the forecast period.
