Nut Ingredients Global Market Report 2024

The global nut ingredients market has grown strongly in recent years. It will grow from $23.43 billion in 2023 to $24.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historical period can be attributed to several factors, including an increasing focus on health consciousness among consumers, the expansion of the snack food industry, heightened awareness regarding nutritional values, innovations in food product development, rising disposable incomes, and a notable shift towards healthier snacking options.

The global nut ingredients market is expected to see strong growth in the next few years. It will grow to $31.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The projected growth in the upcoming period can be linked to several factors, including the rising production of nut-based spreads, heightened demand for gluten-free products, integration into health and wellness trends, innovations in nut-infused beverages, the expanding market for nutritional bars, and a growing emphasis on sustainable and ethical sourcing practices within the nut-based products industry. Anticipated trends in this period encompass the expansion of nut-enhanced product offerings, a focus on clean label and natural ingredients, innovations in nut-based dairy alternatives, the inclusion of nuts in confectionery items, and a continued emphasis on sustainability and ethical sourcing practices.

The escalating prevalence of obesity is anticipated to act as a driving force for the nut ingredients market in the foreseeable future. Obesity, characterized by excessive fat accumulation, poses significant health risks. Nut ingredients like hazelnuts, pine nuts, peanuts, and walnuts have shown potential in lowering both good and bad cholesterol, reducing the risk of obesity. March 2022 data from the World Health Organization revealed staggering figures, with 650 million adults, 340 million teenagers, and 39 million children globally being obese, with a projected increase. This trend forecasts that by 2025, 167 million individuals, both adults, and children, will face health repercussions due to overweight or obesity, further fueling the demand for nut ingredients.

The burgeoning demand for convenience foods is poised to drive growth in the nut ingredients market. Convenience foods, pre-packaged or processed for quick preparation, are increasingly sought after for their time-saving appeal. Nut ingredients, renowned for their nutritional value and ability to enhance flavors and textures, are a fitting choice for various convenience food applications. They align with prevailing trends like plant-based and clean-label ingredients, catering to the growing preference for healthier snacking options worldwide. Notably, U.S. processed food exports to India surged to $259.7 million in 2021, a notable 70% increase from the previous year, signifying the global trend toward convenience foods and subsequently, nut ingredients.

Innovation stands out as a significant trend driving the nut ingredients market, with major industry players emphasizing the introduction of novel products. In January 2023, ProV Foods Private Limited launched ProV Minis, a tailored snack pack for the Indian market. These packs contain flavored dry fruits, nuts, and seeds, catering to on-the-go nutrition needs. The ProV Minis offer a convenient and nutritious breakfast or school lunch option, introducing flavors like Cashew Roasted & Salted, Nut & Seed Mix, Cashew Creamy Cheese, Cashew Cracked Pepper, Almonds Roasted & Salted, and Almonds Piri Piri.

Major players in the nut ingredients market are actively introducing new flavors to maintain their market stance. For instance, in June 2022, Blue Diamond Growers launched four innovative flavors, including Elote Mexican-Style Street Corn Almonds and Korean BBQ Almonds, as part of its snack almonds range. Additionally, their Mash Ups line introduced Cinnamon and Maple Almonds and Dark Chocolate and Chili Pepper Almonds, catering to the sweet and savory flavor preferences. These flavor introductions respond to the increasing consumer demand for diverse and internationally inspired snack options, focusing on sweet and savory blends.

In June 2021, Hormel Foods Corporation, a food processing company based in the United States, acquired Kraft Heinz's nuts business for a significant sum of $3.35 billion. This strategic acquisition signifies a deliberate shift in Hormel's brand portfolio and product offerings, particularly aimed at enhancing its range of snack offerings. Kraft Heinz, another U.S.-based food company, includes a variety of nuts within its portfolio, notably under the Planters brand.

Major companies operating in the nut ingredients market report are Archer-Daniels-Midland Company, Olam International Limited, Barry Callebaut AG, Kanegrade Flavours & Ingredients Pvt. Ltd., The Hershey Company, Bredabest BV, Terri Lynn Inc., Cache Creek Foods, Royal Nut Company, Helios Ingredients Ltd., Bergin Fruit and Nut Company, Western India Cashew Company, Savencia SA, Borges Agricultural and Industrial Nuts SA, John B. Sanfilippo & Son Inc., Blue Diamond Growers, Treehouse Foods Inc., Kanegrade Limited, Olde Tyme Foods Inc., Hampton Farms Inc., Johnvince Foods Company, The Wonderful Company LLC, Mariani Nut Company, SunOpta Inc., Golden Peanut Company LLC, Glanbia Nutritionals Inc., Ingredion Incorporated, Kerry Group PLC, MGP Ingredients Inc., NOW Foods, Prinova Group LLC

North America was the largest region in the nut ingredients market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nut ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nut ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Prominent nut ingredients include cashews, walnuts, almonds, and hazelnuts. Cashews, derived from an evergreen shrub or tree within the Anacardiaceae family, are cultivated for their uniquely curved edible seeds. They come in various forms - roasted, chopped, raw, and powdered - and find application across a spectrum of products like snacks, confectionery, baked goods, dairy items, beverages, and other culinary uses.

This report provides nut ingredients market statistics, including nut ingredients industry global market size, regional shares, competitors with a nut ingredients market share, detailed nut ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the nut ingredients industry. This nut ingredients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nut ingredients market consists of sales of macadamia nuts, pine nuts, pistachios, and butternuts. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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