Fox Nuts Market: Overview
Fox Nuts had a market value of USD 34.2 million in 2021, and it is expected to increase at a CAGR of 11.5 percent over the forecast period. The use of packaged, processed foods and beverages and the growing need to keep the products safe from spoiling are driving up demand for Fox Nuts on a global scale. Global warming worries have compelled businesses to prioritize natural refrigerants over hazardous coolants. Moreover, with the low production cost and natural refrigerants' environmental neutrality, the market for real refrigerant-based equipment has recently outgrown itself. The global adoption of upgraded and improved cold chain systems is anticipated to impact the market during the projected period.
The increasing popularity of fox nuts among all age groups, changing lifestyles, and innovative snack product types will drive market expansion in the next years. Lotus seeds are the source of fox nuts. The fox nut production process is divided into four historical stages: seed collecting, cleaning and storage, gradation, and finally, the end product, i.e., white puff fox nuts. These seeds are highly nutritious and edible after processing, according to the Indian Journal of Traditional Knowledge. The health benefits and applications of fox nuts are causing a surge in the global fox nut market. A study found that 50 gms of dry, roasted fox nuts have more than 180 calories and no extra fat. This increase in consumption can be ascribed to people's changing lifestyles and increased health awareness.
Furthermore, fox nuts' high protein and low-fat content are projected to encourage their use as a functional component in the food and beverage industries in the coming years. Furthermore, rapid urbanization and rising per capita income have increased consumer spending on healthful and nutritious food products. Furthermore, the market is predicted to see a growth in fox nuts demand in the next years due to the rising diversity of flavors in roasted fox nuts. Furthermore, the worldwide fox nuts market is predicted to develop in the next years due to the growing range of tastes in roasted fox nuts. On the other hand, increased consumption of fox nuts can induce allergies, gastrointestinal difficulties, and constipation, which are the main variables acting as barriers.
Fox Nuts Market: COVID-19 Impact
Because of the prevalence of lockdowns in several nations worldwide, the COVID-19 outbreak has harmed the growth of the worldwide fox nuts market. The market witnessed supply chain problems due to trade and shutdown limitations, which reduced demand. As a result, COVID-19 has had a negative market impact. However, with the increased penetration of online sales channels and an increase in health-conscious consumers, the market is likely to recover quickly. On the contrary, the increased penetration of internet sales channels benefited the market.
Fox Nuts Market: Drivers
Government Support to Drive Market Growth
The increased government backing and profitability in fox nut cultivation are pushing the development of new fox nut production clusters. For example, 'Swarnavaidehi,' a novel high-yielding fox nut variety developed by the Indian Council of Agricultural Research (ICAR), is being recognized by farmers in India and is projected to fuel the fox nut market expansion in the approaching years. The expanding fox nut cultivation area in the Indian subcontinents and the production of high-quality fox nuts are likely to generate considerable prospects in the global market for Indian fox nut manufacturers.
Expansion of the Internet Driving Market Growth
The expansion of the internet, e-commerce and a surge in online sales platforms are driving the rising demand for fox nuts. Better availability of product specifications and manufacturing details, as well as other essential information about the crop's origin, has resulted in superior product transparency in the fox nuts industry, enabling worldwide market growth. Furthermore, competitive pricing, in conjunction with various discount offers and coupons, as well as schemes made available by online platforms during product purchase, is expected to drive market expansion throughout the projection period. Despite rapidly rising e-commerce and internet sales, offline retail is likely to dominate the fox nuts market worldwide.
Fox Nuts Market: Restraints
Allergies Related to Fux Nuts to Hamper Market Growth
Increased consumption of fox nuts may result in allergies, including digestive difficulties such as constipation, gas, and feeling bloated. In people with diabetes, an increase in insulin levels can significantly drop blood sugar levels. As a result, excessive consumption must be avoided. Some people are allergic to them. An arrhythmia is a health condition that affects the rhythm of the heartbeat. Some folks have faster heartbeats, and people who have slower heartbeats. Other symptoms could include abnormal heartbeats. It can also refer to a speeding heartbeat or fluttering of the heart. While this is often not dangerous, patients with arrhythmia should be cautious about what they consume. This is also another allergy.
Fox Nuts Market: Segment Overview
Online Retailers to Dominate Market due to Offering Heavy Discounts
Online portals have various advantages over traditional channels, including convenience, discounts and special offers, and product selection in one location. Amazon and Flipkart are two major e-commerce portals that sell fox nuts. These channels are important selling media because buyers can physically check and verify product specs before making purchases. Lotus seeds are eaten in place of unhealthy foods such as popcorn or fried chips. The growing popularity of these items among children and adults in nations such as India, China, Japan, South Korea, Singapore, and Thailand is projected to continue to drive growth. This increase in consumption can be ascribed to people's changing lifestyles and increased health awareness. Furthermore, fox nuts' high protein and low-fat content are projected to enhance their use as a functional component in the food and beverage industries in the coming years.
With Increased Demand for Fox Nuts, Processed Dominated Market
In the forecast period, the processed segment held the largest market share. Because of the inclusion of nutritional elements such as ascorbic acid, proteins, and phenolic compounds, organic and inorganic fox nuts are considered superior nut meal ingredients compared to other dry fruit products such as walnut, almonds, and cashew. Because of their health benefits, these goods are regarded as excellent ingredients for the composition of everyday soups and cereals. Although the flavor is neutral when consumed raw, adding spices and condiments transforms it into an ideal and delightful snack. The former also produces more with superior quality than the latter.
Fox Nuts Market: Regional Landscape
Asia Pacific to Dominate Market due to Major Product Manufacturing
Over the forecast period, it is anticipated that the Asia Pacific market will account for the largest revenue share. Most of the product's manufacturing and sales may be credited to India, South Korea, Japan, China, and Thailand. The regional market will likely benefit from a strong client base and closeness to lotus seed farming farms in emerging economies. Fox nuts are generated from lotus cultivation, and lotus is a flowering plant native to Asia.
India, Japan, South Korea, and Russia are the biggest fox nut-producing clusters. Among them, India is the world's leading market and exporter of fox nuts. Due to rising fox nut production clusters in Uttar Pradesh and Bihar and government incentives for fox nut farmers, India is likely to remain a major market for fox nuts. The National Research Center for Makhana, Darbhanga (ICAR) estimates that the total area under makhana cultivation in India is 15000 Ha. It produces 1,20,000 MT of makhana seeds, which are processed to produce 40,000 MT of makhana 5 pop. The projected production value at the farmer level is Rs 250 crore, while it generates Rs 550 crore in revenue at the trader level. They're a fantastic snack for diabetics and heart patients because they're high in healthy and low in saturated fat. Another substantial boost to fox nut demand was apparent when two Indian players, Makhanawala's and Too Yum, introduced packed fox nut snacks with chatpata masala and classic homestyle flavors, which surely changed fox nut consumption in the region. Increasing demand for healthful food from a more health-conscious consumer base. Demand for Gluten-Free Protein Foods is increasing.
Global Fox Nuts Market: Competitive Landscape
In February 2021, To Yumm, India's favorite brand from Guiltfree Industries, the FMCG Division of the RP-Sanjiv Goenka Group, has given Kinnect its digital media mandate. The account was won through a multi-agency pitch. Too Yumm plans to leverage digital to expand and enhance its brand presence through this relationship. Kinnect will oversee the brand's social media marketing, influencer outreach, and online reputation management to accelerate growth and increase consumer affinity.
Few of the Fox Nuts Market players include Shaktisudha Makhana, K.K. Products, Maruti Makhana, Manju Makhana, Sattviko, Edible Desires Pvt Ltd, Indulge Foods Private Limited, MoonLite Foods Inc, Mahaveer Udhyog, Aravali Agri Products, Bar Italia Srl.
Global Fox Nuts Market is Segmented as Below:
Key Elements Included In The Study: Global Fox Nuts Market
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