NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global nuts market value is estimated to reach US$ 64,272.60 million in 2024. The market is projected to reach US$ 104,693.3 million by 2034. The sales of nuts are expected to rise at a CAGR of 5% through 2034.
Consumers are increasingly seeking healthy, nutritious food options and the rising awareness about the health benefits of nuts is driving growth in the market. Patients with cardiovascular disorders and diabetes are also advised to consume nuts for better management of their medical condition.
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The on-the-go snacking trend is further fueling the consumption of nuts as they are considered portable healthy snacks. The use of nuts in different dishes like trail mixes, salads, and baked goods is also stimulating product sales. Nuts are used to enrich the flavor as well as the nutrition profile of these preparations for various applications.
The hectic lifestyles of consumers have made nuts a popular choice. Nuts are rich in minerals, vitamins, antioxidants, etc., and fulfill the dietary requirements of individuals. The increasing discretionary incomes of consumers are positively influencing sales of nuts. This can be attributed to a heightened willingness among consumers to spend money on healthier and premium food options.
The rising availability of nuts across eCommerce channels and offline stores is a vital factor driving market growth. Key players offer nuts in different forms like chopped nuts, whole nuts, nut butter, and ground nuts. The appetite for multiple varieties of nuts is rising on account of the soaring popularity of plant-based diets. Vegans and vegetarians invest in nuts to increase their protein intake.
“Players are focusing on sustainable packaging solutions and processes to lower their carbon footprint. Apart from this, they are focusing on product innovation to launch exciting flavors to lure in more customers. Market leaders are projected to find significant growth in European countries, especially Italy,” - Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Nuts Market Report:
- The Italy nuts market is projected to expand at a CAGR of 5.4% through 2034.
- The markets in Spain and Germany are anticipated to register CAGRs of 4.9% and 4%, respectively, through 2034.
- The United States market is forecasted to rise at a CAGR of 3.6% through 2034.
- The China nuts market is projected to expand at a CAGR of 2.9% over the forecast period.
- Peanuts, as per the latest estimates, is forecasted to acquire a share of 28% in 2024.
- The food processing segment is expected to obtain a share of 32% in 2024.
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Top Tactics Adopted by Market Players to Gain Higher Profits:
Key players are positioning themselves for higher growth by providing high-quality nuts at competitive prices. Additionally, they are working on research and development activities and following strict quality measures to level up their offerings. Additionally, players are focusing on customer service and loyalty programs to retain their present customers.
Marketing campaigns to promote nut offerings are further expected to push market growth. Players are launching new flavor combinations to expand their market reach.
Recent Developments in the Nuts Market:
- In September 2023, John B. Sanfilippo & Son, Inc. acquired snack bar assets from Treehouse Foods for US$ 63 million. Since snacking is projected to dominate American diets, the business is projected to thrive over the next decade.
- In June 2021, The Kraft Heinz Company revealed that it had sold its nuts business to Hormel Foods Corporation for a total of US$ 3.35 billion.
Key Players Operating in the Nuts Market:
- Diamond Foods, Inc.
- John B. Sanfilippo and Son
- Kraft Foods Inc.
- Olam International Ltd
- Borges Agricultural and Industrial Nuts
- Hines Nut Company
- Mariani Nut Company
- WeAreBio
- Germack Pistachio Company
- Hampton Farms, Inc.
- Star Snacks Co., LLC
- Fresh Nuts GmbH
- Tropical Foods
- Durak Findik
- Grower Direct Nut Co. Ltd.
- Others
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Key Segments in the Global Nuts Market:
By Nut Type:
- Peanut
- Almond
- Walnut
- Cashew
- Hazelnut
- Pistachio
- Brazil Nuts
- Chestnut
- Pecan
- Macadamia Nuts
- Pine Nuts
By Product Type:
- Shelled Nut
- Powder
- Splits (Slice or Dice)
- Paste
By End-use/End-use Industry:
- Food Processing
- Bakery and Confectionery
- Breakfast Solutions
- Bars and Snacks
- Butter and Spreads
- Dairy and Desserts
- Beverages Processing
- Food Service/HoReCa (hotels, restaurants, café)
By Distribution Channel:
- Retail Sales
- Supermarkets/Hypermarkets
- Conventional Stores
- Food and Drink Specialty Stores
- Traditional Grocery Stores
- Franchise Outlets
- Online Retail
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions, and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in the Food and Beverage Domain:
Edible Nuts Market: This is expected to reach a market valuation of US$ 87.9 billion in 2023. It is likely to accelerate at a robust CAGR of 7.9% from 2023 to 2033. In 2033, the market is slated to reach a US$ 191.3 billion.
Nut Butters Market: Is projected to achieve a market valuation of US$ 1.20 billion in 2023. Over the next decade, it is expected to witness significant growth, reaching a market value of US$ 2.76 billion by the end of 2033,
Macadamia Market: size was valued at US$ 2.2 billion in 2022. In 2023, the net revenue from total sales of macadamia is estimated to be around US$ 2.37 billion
Almond Butter Market: This is expected to reach a market valuation of US$ 669.0 million by the end of 2023, accelerating with a CAGR of 6.0% from 2023 to 2033 and touching around US$ 1,245 million by 2033.
Vegan Butter Market: Size is expected to top US$ 2,870 million in 2023. The market is projected to register a CAGR of 5% between 2023 and 2033, surpassing US$ 4,784.7 million by 2033.
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