Westford, USA, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The North America region is predicted to gain the highest share in the nut ingredients market during the forecast period. The expanding snacking and confectionery industries, as well as consumer demand for quick and convenient snack foods. Over the course of the forecast period, these factors are anticipated to significantly boost the market's revenue contribution. Moreover, the growing sales and export-import of nuts in the region are anticipated to boost the market growth.
SkyQuest’s latest insights show that the value of American nut exports to the world was USD 8.4 billion in 2020. The international markets for almonds, pistachios, and walnuts are still dominated by American exporters. In terms of nut exports in 2020, almonds made up 55% of total sales (USD 4.7 billion), followed by pistachios at 20% (USD 1.7 billion), walnuts at 15% (USD 1.2 billion), and the rest accommodated by other variety of nuts.
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A nut is a fruit made up of a typically edible kernel that is protected by a thick or hard nutshell. Numerous dry seeds are referred to as nuts in common language and in the culinary sense, but in a botanical sense, the term "nut" implies that the seed's casing doesn't really break to expel the seed.
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Prominent Players in Nut Ingredients Market
- Olam International (Singapore)
- Barry Callebaut (Switzerland)
- Blue Diamond Growers (US)
- Zentis GmbH & Co. KG (Germany)
- Mount Franklin Foods (US)
- Kerry Group (Ireland)
- Mandelin Inc (US)
- Bazzini (US)
- Besana (Italy)
- Lubeca (Denmark)
- The Hershey Company
- Archer Daniels Midland Company
- Terri Lynn, Inc.
- Royal Nut Company
- H.B.S. Foods Limited
- Bergin Fruits and Nut Company
Almonds Segment to Dominate the Market Growth Owing to Its Increasing Usage
The market for nut ingredients has been ruled by almonds in 2021 and it is predicted to gather the highest market share during the forecast period too. Almonds are a versatile and healthy food that can be utilized in a range of culinary applications due to their high mineral and vitamin content. Further, the growth of the segment can be ascribed to the increasing usage of almonds and as more well-known food and beverage firms introduce products that contain almonds. SkyQuest found that Blue Diamond introduced its new range of hot Blue Diamond XTREMESTM almonds in June 2021. These are the company's hottest flavor lines and provide heat-seekers a mouth-burning enjoyment that they won't find anywhere else.
The nut ingredient market in the North America region is predicted to gain the biggest market share by growing at a notable CAGR during the forecast period. The regional market is expected to be accelerated by the advent of healthier products, an increasing focus on preventative health care, technological advancements in food and beverages, and cold chain logistics. Further, the growing prevalence of serious health diseases and the increasing recommendation by health professionals and doctors to eat healthy including nuts is predicted to boost the market growth.
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Bakery and Confectionery Segment to Gain Largest Market Share Thanks to Increasing Usage of Nuts in Bakery Items
The bakery and confectionery segment of the nut ingredients to gain the largest market share during the forecast period. The growth of the segment can be ascribed to the increasing usage of various types of nuts in bakery items so as to retain the protein content in these items post it’s heating. Also, with the rising inclination of people toward healthy bakery options and growing sales and manufacturing of sugar-free nut-based products are predicted to boost the segment growth.
Furthermore, the nut ingredient market in the Asia Pacific region is predicted to gain a significant market share over the forecast period. Since ancient times, Asian cuisine has valued nuts as a valuable ingredient that improves texture and gives some of the region's most popular dishes a distinctive flavor. The primary sources of protein in the traditional Asian diet are nuts and legumes. They also include healthy amounts of fiber, vitamins, and minerals. SkyQuest found that India saw a 9.1% growth in its cashew export volume from 70.51 million kg in 2020–21 to 76.9 million kg in 2021–22 and the volume of cashew exports from April to August 2022 was 18.1 million kg.
The nut ingredients market research provides market participants with insightful information to help them get a competitive edge and assist organizations in making wise choices and maximizing revenues. The research looks deeply into the value chain and also highlights significant market developments, such as collaborations, product portfolios, product pipelines, mergers and acquisitions, and corporate strategies.
Key Developments in the Nut Ingredients Market
- Under the brand name Nutraj, VKC Nuts introduces pasteurized dried fruits in May 2022. Due to developments in space science and technology, Nutraj Bactopure states that its products are 99.99% free of germs and other diseases.
- Aavin a company in Chennai, India has started making chocolate bars in an effort to utilize extra milk and broaden its product line. The "Nutty" and "Milky and Nutty" chocolates will be sold in Aavin's 76 parlors throughout the city and shortly in other regions of the State. The 45 g pack of chocolates costs Rs. 30, which is a reasonable price compared to a similar item from a well-known brand costs Rs. 38.
- The new More line of chocolate blocks from Cadbury clearly lives up to its name. There are three new flavors in the lineup, and they're all double-sized chunks that are packed with fruit, toffee, and nuts. Two of the new blocks have creamy Dairy Milk chocolate; one is packed with a combination of three roast nuts (almonds, cashews, and peanuts), and the other is loaded with salted toffee, peanuts, and hazelnuts. The third fruit and nut flavor have whole almonds, sultanas, and dark Old Gold chocolate.
- The all-new Good Day Harmony was introduced by Britannia Good Day, the leading cookie brand in India. Each cookie contains four nuts: hazelnut, cashew, pistachio, and almond. Additionally, the business debuted the Good Day Harmony with a McCann-designed campaign. In the TVC, Good Day Harmony's crunch-filled experience is highlighted, making one "Go Nuts" with every bite.
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Key Questions Answered in the Nut Ingredients Market Research Report
- What is the anticipated growth rate for the nut ingredients market over the next few years?
- Which market sector and sub-segment are anticipated to increase significantly over the upcoming years?
- What growth opportunities and restraining factors influence the global market?
- What key elements are influencing the global nut ingredients market?
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