In 2023, the edible nut market is projected to be valued at US$ 87.9 billion worldwide. From 2023 to 2033, it is probably going to accelerate at a strong CAGR of 7.9%. The market is expected to reach US$ 191.3 billion in 2033.
Globally, people are growing increasingly aware of their lifestyle choices and health. They are thus altering their eating patterns. Because nuts are a high-energy and high-nutrient food source, they are incorporating nuts into their diet on a daily basis. Because nuts are high in antioxidants, the World Health Organization (WHO) advises adults to include them in their diets. Frequent nut eating can help control numerous metabolic syndromes, Type 2 diabetes, and cholesterol.
One of the most often consumed kind of nuts is cashew. Brazil is home to the cashew trees that yield cashews. However, cashew tree farming currently takes place in a number of nations with primarily warm climates. The two countries that produce the most cashews are Vietnam and India.
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Market Analysis and Projections
The edible nuts market, with a CAGR of 7.9%, is poised for substantial growth. Retail sales channels, especially supermarkets and hypermarkets, are crucial for reaching upper and middle-income earners. Developed economies like the United States and Germany, along with developing nations like Brazil and India, present lucrative opportunities.
Key Market Dynamics:
- Fitness Conscious Consumers: Regular gym-goers and fitness enthusiasts are increasingly embracing nuts for their nutritional benefits, driving demand across various applications.
- Food Service Sector Integration: The food service sector is incorporating nuts into menus to cater to the rising demand for nut-based preparations, expanding the application landscape.
- Digital Transformation: The global shift towards digital platforms has facilitated the rapid expansion of industries. Edible nut manufacturers are leveraging online sales channels, meeting consumer preferences for convenient online purchases.
Sustainable Farming and Market Impact
As the global focus on sustainable agriculture intensifies, the International Nut & Dried Fruit Council (INC) and major players like Blue Diamond Growers are adopting sustainable practices. The rise of organic nut production aligns with consumer preferences for healthier, environmentally friendly options.
Online Sales Channel Trend:
- Digital Promotion: Manufacturers are increasingly promoting and selling edible nuts through online channels, capitalizing on the convenience preferred by consumers.
- Consumer Shift: Growing internet usage has fueled consumer preference for online nut purchases, encouraging manufacturers to strengthen their positions in online sales channels.
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Key Takeaways:
- Nutritional Appeal: Edible nuts are sought after for their nutritional richness, comprising antioxidants, proteins, and essential vitamins.
- Fitness & Wellness: Fitness-conscious consumers are turning to nuts as a healthy snack, aligning with their fitness and wellness goals.
- Culinary Integration: Nuts have become integral across bakery, confectionery, and dessert products, contributing to their widespread culinary application.
Key Takeaways for Investors
The edible nuts market presents a compelling investment opportunity. With a projected CAGR of 7.9% and an estimated market value of US$ 191.3 billion by 2033, the industry promises sustained growth. Investors should focus on key players, sustainable farming practices, and the increasing demand for diverse nut forms.
Archer Daniels Midland Company, Diamond Foods, Inc., Olam International Ltd, Blue Diamond Growers, Mariani Nut Company, Select Harvests Limited, Durak Findik, Grower Direct Nut Co. Ltd, Sun-Maid Growers of California, Hines Nut Company, John B. Sanfilippo & Son, Borges Agricultural & Industrial Nuts, The Wonderful Company LLC, Germack Pistachio Company, Nichols Farms and Setton Pistachio of Terra Bella are among the leading companies in the worldwide market for edible nuts.
Edible Nuts Market by Category
By Product Type:
- Cashews
- Almonds
- Pistachios
- Peanuts
- Chestnuts
By Nature:
- Organic
- Conventional
By Form:
- Whole
- Plain
- Roasted
- Salted
- Powder
- Splits
By End-Use:
- Food service industry
- Household
By Distribution Channel:
- Store-Based Retailing
- Hypermarkets /Supermarket
- Convenience Stores
- Specialty Stores
- Online Retail
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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