Nut Products Global Market Report 2024

The global nut products market has grown strongly in recent years. It will grow from $3.96 billion in 2023 to $4.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period can be attributed to several factors, including the influence of health and nutrition trends, the versatile culinary uses of certain food items, heightened health awareness and effective marketing strategies, shifts in dietary preferences among consumers, and ongoing research highlighting the health benefits associated with specific food choices.

The global nut products market is expected to see strong growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forthcoming period can be linked to several factors, such as the culinary versatility influenced by diverse cultures, increased demand for functional foods and ingredients, a focus on sustainability and ethical consumption, innovations in nut-based products, and the globalization of nut varieties. Key trends expected in this period encompass the influence of digital and social media on consumer choices, the popularity of convenient on-the-go snack options, the fusion of global culinary styles, strategic collaborations within the industry, and an increased emphasis on sustainability and ethical sourcing practices.

The burgeoning population of health-conscious individuals is projected to drive the expansion of the nut products market. This increased consciousness involves an understanding of healthcare, diseases, preventive measures, and overall well-being. As consumer preferences shift towards health-oriented choices, there's a heightened demand for nut products due to their rich nutrient content, antioxidants, and triglycerides. Notably, the International Food Information Council's (IFIC) food and health survey in May 2022 indicated that 52% of Americans adopted a specific diet or eating pattern in the preceding year, marking a noticeable uptick. Consequently, the surging number of health-conscious individuals is fueling the growth of the nut products market.

The escalating demand for ready-to-eat (RTE) foods is poised to propel the nut products market's expansion. RTE foods, requiring no additional preparation, have seen an increased incorporation of nut products due to their nutrient density, weight management properties, antioxidant benefits, blood sugar control, and satiating qualities. For instance, projections from the Food Export Association of the Midwest USA suggest that packaged food retail sales in Japan are anticipated to surge to $235.9 billion by 2026, a significant 9.1% increase from 2022, amounting to $19.6 billion. This trend underscores the rising demand for RTE foods as a driver for the growth of the nut products market.

Innovation emerges as a prevailing trend shaping the nut products market, with companies emphasizing the introduction of innovative offerings. In August 2022, Beech-Nut Nutrition Company introduced Crispeas, a novel snack aimed at toddlers and older children. This innovative snack transforms peas into puffed pea mini sticks, boasting a crunchy texture and savory flavor. It addresses parents' concerns by simplifying the inclusion of fruits and vegetables in children's diets while being non-GMO, gluten-free, and grain-free. Crispeas join Beech-Nut’s lineup of innovative snacks, which includes melties, veggie-infused mini-waffles, and fruity oat bars.

Key players in the nut products market are prioritizing the development of innovative products like compact snack packs to drive revenues. These snack packs, compact and pre-portioned for on-the-go consumption, serve as a focus for major companies. For instance, in January 2023, ProV Foods Pvt Ltd launched ProV Minis, small snack packs comprising flavored dried fruits, nuts, and seeds specifically tailored for the Indian market. These ProV Minis serve as convenient, wholesome options for on-the-go nutrition, catering to scenarios where time constraints hinder the preparation of a healthy breakfast or the selection of nutritious items for children's lunchboxes. The ProV Minis offer a tasty and convenient snack choice containing nuts, seeds, and dry fruits.

In August 2021, SunTree Snack Foods, a U.S.-based company specializing in snack nuts, baking nuts, trail mixes, dried fruit, and healthy snacks, completed the acquisition of Carolina Nut for an undisclosed sum. This strategic acquisition enables SunTree Snack Foods to expand its presence in the east coast market and diversify its portfolio of food and snack products. Carolina Nut, also based in the U.S., is known for producing branded and private-label nut products, offering a range of unique flavored nuts, flavored peanuts, spicy nuts, and candied nuts.

Major companies operating in the nut products market report are Olam International Limited, Barry Callebaut AG, Blue Diamond Growers, Kerry Group PLC, Zentis GmbH & Co. KG, Mount Franklin Foods LLC, Mandelin Inc., Besana Group S.p.A., Lubeca GmbH, Puratos Group NV, Almendras Llopis S.A.U., Kanegrade Limited, Moll Marzipan GmbH, Kondima Engelhardt GmbH & Co. KG, Treehouse Almonds, Royal Nut Company, CSM Bakery Solutions LLC, Waterford Nut Company, Tierra Farm Inc., Hormel Foods Corporation, Honeyville Inc., Braden Farms Inc., Sun Organic Farms, HBS Natural Choice LLC, South Valley Farms, Ludlow Nut Co Ltd., Kar Nut Products Co., Lotte Corporation, Dori Alimentos S.A., Georgia Nut Company

Europe was the largest region in the nut products market in 2023. The regions covered in the nut products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nut products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of nut products include nut butter, nut paste (such as marzipan and persipan paste), cocoa and non-cocoa nut fillings, caramelized nuts, and nut flour. Nut butter, a spreadable fatty product derived from pulverized nuts, features varieties like almonds, hazelnuts, walnuts, cashews, peanuts, and pistachios, available in roasted and unroasted forms. It spans different categories - organic and conventional - and finds applications across industrial food manufacturing, chocolate confectionery, bakery goods, frozen desserts, cereals, snack bars, beverages, savory items, foodservice, bakeries, and confectionery shops.

This report provides nut products market statistics, including nut products industry global market size, regional shares, competitors with a nut products market share, detailed nut products market segments, market trends and opportunities, and any further data you may need to thrive in the nut products industry. This nut products 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 products market consists of sales of macadamia nuts, brazil nuts, pecans, peanuts, and other types. 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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