Recipe Pecan Global Market Report 2024

The recipe pecan market has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to several factors, including the expansion of the food and beverage industry, increased awareness of health and nutrition, regional and cultural preferences influencing consumption patterns, effective marketing and promotional efforts, and considerations related to the availability and harvesting practices of food products. These combined factors played a significant role in shaping the growth trajectory during the specified historical period.

The recipe pecan market is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to several key factors, including the increasing demand for healthy snacks, a growing interest in gourmet and specialty cuisine, a shift towards plant-based diets, and the influence of culinary influencers and celebrity endorsements. Notable trends expected in the forecast period encompass diversification in culinary usage, a rising popularity of plant-based ingredients, continuous innovation in recipe development, culinary fusion, and experimentation, as well as a heightened emphasis on health-conscious consumer choices. These trends collectively contribute to the projected growth and evolution of the culinary landscape in the coming years.

The anticipated growth of the recipe pecan market is expected to be propelled by the rising demand for plant-based products. Plant-based products, derived from plant ingredients, encompass items such as plant-based meat alternatives, dairy-free milk and cheese alternatives, and vegan desserts. With consumers becoming increasingly aware of the benefits associated with plant-based products, there has been a notable uptick in demand. Pecans, being a plant-based product rich in calcium, magnesium, and potassium, which contribute to lowering blood pressure, are well-positioned to benefit from this trend. In 2021, the Plant Based Foods Association reported a 6.2% increase in plant-based retail sales in the United States, bringing the overall market value to $7.4 billion. The shift towards plant-based diets is reflected in the growth of plant-based product purchases, reaching 62% in 2021, up from 61% in the previous year. Consequently, the rising demand for plant-based products is a significant driver for the growth of the recipe pecan market.

The expanding foodservice industry is expected to contribute to the growth of the recipe pecan market. The foodservice industry, encompassing businesses and institutions that prepare and serve meals outside the home, offers opportunities for incorporating pecans into diverse recipes. Pecans, with their distinctive taste, nutritional value, and versatility, can cater to evolving consumer preferences and culinary trends. According to the National Restaurant Association, the foodservice sector was projected to generate $997 billion in revenue in 2023, with an anticipated addition of 500,000 jobs, reaching pre-pandemic levels of employment with 15.5 million. The growth in the foodservice industry is a driving force for the recipe pecan market.

New-generation plant-based coffee creamers are emerging as key trends gaining popularity in the recipe pecan market. Companies in the recipe pecan market are actively developing and launching innovative products to maintain their competitive position. A notable example is THIS PKN, a US-based dairy-free brand owned by the sustainable foods company Livestock. In September 2021, THIS PKN introduced a new generation of plant-based coffee creamers made from pecan milk. Boasting a rich, buttery flavor reminiscent of classic delicacies such as pecan pie and pralines, each 80-calorie serving contains Omega-3 fatty acids, antioxidants, calcium, zInc., and vitamins A, B, and E. THIS PKN can be enjoyed with coffee or espresso and can enhance basic cereals or morning oats. This disruptive category product is available in two flavors original and 100-calorie chocolate.

Major companies operating in the recipe pecan market are actively pursuing product innovation to drive revenues. The launch of Caramel White Chocolate & Texan Pecan ice cream by Nuii exemplifies the company's commitment to innovation and creating unique, delicious flavors aligned with consumer preferences. In March 2021, Nuii, a UK-based ice cream company, introduced a new product called Caramel White Chocolate & Texan Pecan. This ice cream is a collaboration between the flavors of caramel and white chocolate, combined with the renowned Texas pecan, known for its buttery taste. Featuring a white chocolate coating mixed with caramel, giving it a distinctive blonde color and caramel taste, the ice cream's interior contains creamy ice cream swirled with a dark, malty caramel sauce, creating a perfect blend of salty and sweet flavors.

In October 2021, National Pecan Company, a leading agro-enterprise focused on pecan cultivation and processing, successfully completed the acquisition of New Aces Pecan Company for an undisclosed sum. This transaction includes the integration of New Aces Pecan Company's advanced processing facility and is perceived as a strategic initiative aligning with National Pecan Company's robust expansion objectives. New Aces Pecan Company, a prominent US-based pecan producer and processor.

Major companies operating in the recipe pecan market report are Archer Daniels Midland Company, Green Valley Pecan Company, Hudson Pecan Company Inc., John B. Sanfilippo & Son Inc., La Nogalera Group SA de CV, Lamar Pecan Company, Maco Pecan SA de CV, National Pecan Company, Navarro Pecan Company, Oliver Pecan Company Inc., San Saba Pecan LP, South Georgia Pecan Company, Sun City Nut Company Inc., Whaley Pecan Company Inc., Atwell Pecan Company, Durham-Ellis Pecan Company, Golden Kernel Pecan Company, Greenbrier Pecan Company, Hill Country Pecan Company, Indianola Pecan House, Koinonia Farm Pecans, Lenny's Pecans, Millican Pecan Company, Missouri Northern Pecan Growers, Pearson Farm, Pecan Deluxe Candy Company, Pecan Grove Farms, Royalty Pecan Farms, Valley Pecans Products Inc., J & W Pecan Company, New Mexico Pecan Company, Pecan House, Pecan Ridge Plantation, Pecan Shoppe, Pecan Valley Pecans.

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

There are two main types of pecans used in recipes in-shelled and shelled pecans. In-shelled pecans refer to pecan nuts that are still encased in their hard outer shell or husk. This outer shell serves to protect the nut from moisture and oxidation. In-shelled pecans are available through various distribution channels, both online and offline. These pecans find applications in various culinary endeavors, including direct consumption, confectionery, and bakery creations.

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

The recipe pecan market consists of sales of recipes of pecan such as savory dishes, pecan pie, pecan bars, pecan pralines, and other products. 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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