The nut products market includes a wide range of products derived from various nuts, such as almonds, walnuts, cashews, peanuts, hazelnuts, and others. These products can be consumed in various forms, including whole nuts, nut butters, nut oils, and processed nut-based snacks.
The global nut products market size is estimated to be valued at USD 6.7 billion in 2022. It is projected to reach USD 8.9 billion by 2027, recording a CAGR of 5.9% in terms of value. The market growth is attributed to the growing snack food industry, the inclusion of health-based ingredients, and awareness related to health claims. There is a global increase in the popularity of nut products with low-calorie, low-sugar, plant-based, and low-fat properties; this increase is due to most of the global population adopting a healthy and high-nutrient diet. Globally, the health benefits of nut products have led to their large-scale adoption in numerous applications.
Market Driver: Rising health awareness leading to evolving dietary patterns
The increasing awareness of nutrition over and above regular dietary habits and an inclination toward healthy lifestyles is projected to drive the global nut market. The changing consumer preferences for convenience products with health and wellness claims have led to high demand for nut products. The increasing health concerns and awareness have led to an evolving consumption pattern. Further, consumers’ nutrition choices are changing to support better well-being. Almonds, walnuts, macadamia nuts, hazelnuts, and pecans have significant omega-3 fatty acids that are required for the upkeep of joints and bone, along with cognitive health.
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Europe accounted for the highest share in the global market by volume in 2021. Demand for healthy yet indulgent snacks that can satisfy consumer’s taste buds without compromising on nutritional values is the biggest trend that drives manufacturers to innovate nut products. Consumers in this region are witnessing a high demand for natural and low-sugar ingredients and food products, resulting in a surge in nut product consumption.
The nut butter segment is projected to account for the second largest market share in the nut products market
Based on product types, the nut butter segment is projected to gain the second largest market share in the nut products market. Almost all nut types, such as almonds, walnuts, pistachios, cashews, peanuts, and hazelnuts, are used to prepare nut butter. These are available in two forms: crunchy or smooth, and manufactured from non-roasted or raw nuts based on the nut type. Many key players in the food & beverage market are introducing new products to the nut butter market. For instance, Pip & Nut (US) launched “Cherry Bakewell Almond Butter,” vegan almond butter in the US market.
The walnuts segment is anticipated to gain the second largest market share in the nut products market
Based on nut types, the walnuts segment is forecasted to account for the second largest market share in the nut products market. The Californian walnut industry has boomed over the years, consisting of over 4,000 growers and more than 90 manufacturers. Nearly 99% of the US walnut production originates from California. Californian walnuts have a massive demand across markets worldwide that have made the walnuts the fourth leading export from the state, with a value of USD 970 million.
Key industry participants presented in the nut market:
Olam International (Singapore), Barry Callebaut (Switzerland), Blue Diamond Growers (US), Kerry Group (Ireland), Zentis GmbH & Co. KG. (Germany), Mount Franklin Foods (US), Mandelin, Inc (US), Besana (Italy), Bazzini (US), and Lubeca (Denmark).
How is the nut market impacted by global economic conditions?
The nut industry is intricately linked to global economic conditions. Consumer purchasing power plays a pivotal role, with economic downturns potentially leading to decreased demand for premium nut products. International trade dynamics, influenced by tariffs and geopolitical factors, can impact the cost and availability of nuts. Currency exchange rates fluctuations also play a role, affecting the competitiveness of nut-exporting countries. Supply chain disruptions resulting from economic instability or natural disasters can lead to shortages. Economic conditions influence investment availability, impacting the industry’s capacity for expansion and innovation. Moreover, health and wellness trends, government policies, and climate change can further shape the landscape, affecting consumer preferences, regulations, and crop yields. Keeping a close eye on these economic factors is vital for stakeholders to navigate challenges and capitalize on opportunities in the dynamic nut market.
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