Preliminary research of Fairfield Market Research indicates a promising growth outlook for global nut products market during the course of next few years.
Nut Products Market Rises High in the Light of Ascending Demand from Healthcare, Pharma, and Cosmetics Industries
Consumers' rising health consciousness is anticipated to fuel the growth of nut products. To keep active and lower their chance of contracting ailments, consumers select wholesome foods and goods high in nutrients. As a result, they have started to choose snacks with a lot of nutrition, like edible nuts. Sales of products containing nuts surged as a result of shifting preferences. The nut products market is predicted to rise due to rising consumer demand for ready-to-eat snack meals. Bakeries and confectioneries also frequently use nut-based butter, paste, fillings, and flour. Some of the most popular raw materials used to create various nut items include almonds, walnuts, and hazelnuts. Furthermore, market value growth will be fueled by rising urbanization and disposable income levels. Additionally, the market will see slower development due to peoples' constantly changing lifestyles. More applications in end-use industries will open up new market potential throughout the projected period.
The growing demand for nut products in the pharmaceutical, cosmetic, and healthcare industries is predicted to drive the global nut products market. Furthermore, due to the rapid expansion and exciting possibilities of plant-based dairy and meat alternatives, manufacturers of nuts today have a wide range of options. To gain a competitive edge in the foreseeable future, top businesses like Olam International and Barry Callebaut have already stepped up their efforts to cater to these desirable end-use paths. Nut paste and flour are also used to make savory plant-based foods. Among the most often utilized raw materials for semi-finished derivatives are almonds, hazelnuts, and walnuts, resulting in market expansion.
Nut Products Market: COVID-19 Impact
The COVID-19 shutdown period caused the nut products market to see multiple ups and downs. On the other side, restaurant and other dining establishment closures significantly impacted the food and beverage industry. As governments all over the world imposed stringent restrictions on the movement of goods and people on a predetermined timeline, the early stages of the pandemic saw an unpredictably high demand for goods like snacks, dairy, bakery, and confectionary-based products, which had a detrimental effect on the operations of the supply chain processes involved. In virtually every location, COVID-19 substantially impacted the food and beverage industry.
Increasing Range of Applications for Nuts and Derivatives to Propel Nut Products Market Revenue
Manufacturing of nut products has benefited greatly from the brisk expansion and promising future of plant-based dairy substitutes and meat substitutes. Olam International and Barry Callebaut, two significant players, have already stepped up their efforts to cater to these alluring end-use opportunities to obtain a competitive edge soon. In addition to the food industry, non-food application sectors can also represent a potential source of revenue for businesses. For instance, nut ingredients are used in several sectors, including the cosmetics and pharmaceutical industries. In the diverse population that makes up the cosmetics industry, the elderly represent a sizeable portion. Additionally, an increase in strategic alliances and the emergence of new investment pockets in nut products market for manufacturing nuts derivatives will act as growth drivers, and increase favorable prospects for the industry's growth rate. For instance, Fuego, Flare, and Smokin' Lime are the names of three new flavors from Takis Hot Nuts in 2020. A distinctive snack that offers customers additional snacking options by using double crunch technology to infuse each mouthful of peanut-filled candy with Takis' renowned spicy intensity.
Growing Health Consciousness Underpins Changes in Dietary Trends, in Turn Driving Nut Products Market
The global nut products market is expected to be driven by rising interest in healthy lifestyles and nutrition knowledge above and beyond routine dietary practices. High demand for nut goods results from shifting customer expectations for quick-fix items with wellness and health claims. There has been a change in consumer behavior due to rising health concerns and awareness. Additionally, people are modifying their nutritional preferences to encourage greater well-being. The omega-3 fatty acids found in almonds, walnuts, macadamia nuts, hazelnuts, and pecans are important for maintaining healthy joints and bones as well as cognitive function.
Limited Nuts Supply, and Fluctuating Price Point Restrict Nut Products Market Size
The agri-commodities that serve as the basis for nut products have significant availability and price uncertainty. Given their variable yields, rare and exotic nuts are more difficult to find. Firms of ingredients that use nuts as a raw materials must have a thoroughly thought-out inventory management system, which is typically not the case, especially for small and medium-sized manufacturers. As a result, processing nuts into goods with added value like butter, pastes, and fillings, are expensive. Manufacturers of processed foods and beverages bear the brunt of this high cost before passing it on to final customers. It is one of the main things preventing market expansion. Furthermore, the quality and safety concerns that arise as the product passes through various points in the supply chain are another significant barrier to the nut products market expansion. A lack of precision in the handling, distribution, transportation, and intermediate storage of nuts can significantly impact the quality of the finished products. The nuts' supply chain steps are sourcing, preparation, packaging, and storage. Both processed and uncooked nuts are susceptible to contamination throughout the supply chain.
Peanut Category Dominant in Nut Products Market
The peanut category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. The nut products market is expected to grow during the forecast period due to the rising popularity of products, including cashews, walnuts, and almonds. Additionally, as consumer health concerns rise, there is a greater need for low-carb foods to prevent consumers from health difficulties, which will further fuel market expansion throughout the projection period. In addition, it is anticipated that the market will increase at the quickest rate. The availability of hazelnuts to customers through retail channels as a handy, calorie-dense meal is fueling the market's expansion. Additionally, a sizable industrial need has been generated by the rising popularity and demand for nuts due to their abundance in antioxidants and good fats.
Nut Pastes/Marzipan Paste/Persipan Paste Leads Nut Products Market
The nut pastes/marzipan paste/persipan paste category held the largest nut products market share. It is anticipated that it will continue to rule the market during the forecast period as it demonstrates its growing use in numerous food industries. Raw, roasted, natural, or blanched nuts are used to make nut paste, a great energy source. It has a thick, pasty consistency and is created with sugar and vegetable fat. Marzipan pastes are added to ice cream and veggie drinks and used as a filling for cakes and pastries. Additionally, chocolate preparation employs its deeper hue. The main benefit of this paste is that it is regarded as the most adaptable and decorative masking cake material. Marzipan paste is more expensive than persipan paste, prepared from apricot kernels, peanuts, and a very small amount of almonds. Acute malnutrition is treated with plump nut pastes. It encourages quick weight increase brought on by food intake overall, which can protect a malnourished youngster from looming disease or death.
Europe to Dominate Nut Products Market as Consumers Become More Aware of Health Advantages
Over the forecast period, it is anticipated that the Europe nut products market will account for the largest revenue share. The market is expanding as consumers in this region become more aware of the health advantages of eating nuts. Furthermore, the industry's growth over the future years will be aided by quick changes in consumer lifestyles as they become more concerned with their health and wellness. Due to the excellent nutritional value and low-carb content of nut products, the market for almond, walnut, and cashew products is expected to rise in Germany and the United Kingdom. Additionally, due to increased consumption of almond, walnut, and cashew goods, market growth is anticipated to rise as a result of the availability of nutrient-dense low-carb nut products.
Asia Pacific nut products market is anticipated to experience stable revenue growth throughout the forecast period due to the region's rising level of disposable income and growing demand for processed food products. The market growth rate is also expected to be boosted by expanding urbanization and knowledge of the health advantages of nuts. The region's demand for nuts, including almonds, peanuts, cashews, and walnuts, will be driven by the large consumer bases in China, India, and Japan. The market will develop in the next years due to customers' growing concern about their health. Additionally, due to an increase in population and disposable income, the region is anticipated to develop at the most rapid rate in the regional sector of the market during the projection period.
Global Nut Products Market: Competitive Landscape
In June 2022, New varieties from Blue Diamond Growers include Korean BBQ Almonds, Mash-Ups Cinnamon and Maple Almonds, Elote - Mexican-style street corn almonds, and Mash-Ups Dark chocolate and chilli pepper almonds. Similarly, in May 2022, Konfekture, a producer of jam and fruit fillings in Denmark, was purchased by Puratos. In order to create jams and fillings made with nuts, this acquisition will strengthen the company's position in the global market for nut products.
Few of the players in the nut products market Olam Group (Singapore), Barry Callebaut (Switzerland), Blue Diamond Growers (US), Kerry Group plc (Ireland), Zentis GmbH & Co. KG (Germany), Mount Franklin Foods (US), Mandelin (US), Bazzini (US), Besana (Italy), Lubeca (Denmark), PURATOS (Belgium), Lemke (Germany), ALMENDRAS LLOPIS S.A.U. (Spain), Kanegrade (UK), Moll Marzipan GmBH (Germany), Kondima Engelhardt GmbH & Co. KG (Germany), CSM Group, Inc. (US), TREEHOUSE ALMONDS (US), Royal Nut Company (Australia), and Stelliferi & Itavex S.p.A (Italy).
Global Nut Products Market is Segmented as Below:
By Product Type
By Nut Type
Key Elements Included In The Study: Global Nut Products Market
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