Nuts Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The nuts market size has grown strongly in recent years. It will grow from $55.02 billion in 2023 to $58.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased awareness of health benefits associated with nuts consumption, increased demand for plant-based protein sources, rise in popularity of snacking culture, changes in dietary preferences towards natural and wholesome foods, and emergence of nut-based alternatives in food products.
The nuts market size is expected to see strong growth in the next few years. It will grow to $74.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to climate change impacting nut production and distribution patterns, shifting consumer preferences towards organic and sustainably sourced nuts, changing demographics and urbanization influencing nut consumption, increasing adoption of nut-based products in the food and beverage industry, and integration of nuts into functional foods and nutraceuticals. Major trends in the forecast period include the emergence of innovative nut snacks and trail mixes, demand for premium and gourmet nut products, development of fortified nut products with added health benefits, integration of nuts into non-food sectors such as cosmetics and personal care, and increasing use of nuts in plant-based meat substitutes and dairy alternatives.
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Scope Of Nuts MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Nuts Market Overview
Market Drivers -The rising popularity of plant-based diets is expected to propel the growth of the nuts market going forward. A plant-based diet consists primarily of foods derived from plants, such as fruits, vegetables, grains, nuts, and seeds, with minimal to no consumption of animal products. The rising popularity of plant-based diets can be attributed to increasing awareness of environmental sustainability, health benefits, and ethical considerations regarding animal welfare. Nuts contribute to the rising popularity of plant-based diets due to their versatility, providing a rich source of protein, healthy fats, and essential nutrients, making them a satisfying and nutritious option for those seeking plant-based alternatives. For instance, in June 2021, according to the report published by Grubhub, a US-based online and mobile food ordering and delivery platform, vegan food delivery orders experienced a 17% overall increase in 2021, with plant-based burger orders rising by 28% and vegetarian orders seeing a notable 55% surge compared to the trends observed in 2020. Therefore, the rising popularity of plant-based diets is driving the growth of the nuts market.
Market Trends – Major companies operating in the nuts market are increasing their focus on developing innovative products, such as flavored snack nuts, to gain a competitive edge in the market. Flavored snack nuts refer to nuts that have been seasoned, coated, or infused with various flavorings to enhance their taste and appeal as a snack. For instance, in April 2024, PLANTERS, a US-based snack food company and a subsidiary brand of Hormel Foods Corporation, launched PLANTERS Nut Duos Snacks. This product offers unique combinations of two nut types and flavors, providing a diverse and enticing snacking experience. Each variety is uniquely crafted for the optimal snacking experience, with two complimentary flavors on two types of nuts—the ideal snack for any occasion. The three attractive alternatives include Buffalo Cashews and Ranch Almonds, Cocoa Cashews and Espresso Hazelnuts, and Parmesan Cheese Cashews and Peppercorn Pistachios. This innovative product launch represents a significant advancement in the nuts market, introducing a novel segment that caters to evolving consumer preferences and strengthens the PLANTERS brand’s leadership position.
The nuts market covered in this report is segmented –
1) By Products: Almonds, Peanuts, Cashew, Walnuts, Hazelnuts, Pistachios
2) By Distribution Channel: Retail Sales, Supermarkets Or Hypermarkets, Conventional Stores, Food And Drink Specialty Stores, Traditional Grocery Stores, Franchise Outlets, Online Retail
3) By Application: Snack Foods, Bakery And Confectionery, Cereals And Granola Bars, Nutritional And Health Foods, Cooking And Culinary Applications, Nut-Based Milk And Dairy Alternatives, Cosmetics And Personal Care, Industrial Use
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Regional Insights – Europe was the largest region in the nuts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nuts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the nuts market are Cargill Incorporated, Nestle S.A., Archer Daniels Midland Company, BASF SE, PepsiCo Inc., Olam International Ltd, Mondelez International, Kraft Heinz Company, Dupont danisco , The J.M. Smucker Company, Nutreco, Novozymes AS, Blue Diamond Growers, Chr. Hansen Holding AS, John B. Sanfilippo & Son Inc., Diamond Foods Inc., Hampton Farms Inc., Novus International Inc., Borges Agricultural & Industrial Nuts, Tropical Foods Company Inc., Nutiva, Mariani Nut Company, Tierra Farm Inc., Star Snacks, Hines Nut Company, Royal Nut Company, Waterford Nut Company, WeAreBio, Germack Pistachio Company
Table of Contents
1. Executive Summary
2. Nuts Market Report Structure
3. Nuts Market Trends And Strategies
4. Nuts Market – Macro Economic Scenario
5. Nuts Market Size And Growth
…..
27. Nuts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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