Nuts Market (2023 - 2030)

Nuts Market Summary

Moreover, the increasing development in the nut snacks industry in developing economies like India, China, is further propelling the market growth over the last few years. The rising population growth coupled with growing urbanization across the globe, and increasing disposable income of the consumers has led to increased consumption of the nuts, which has anticipated the growth of the market. Furthermore, the market is driven by the trend of convenience food such as nut snacks in developed regions.

Moreover, the manufacturers developing new innovative flavored nut products have projected market growth during the forecast period. Moreover, continuously changing lifestyles and demographics, such as the increasing number of working women have led to significant growth of the market. However, the stringent government rules and regulations and the high cost associated with nuts are hindering market growth.

The lockdown announced during the COVID-19 pandemic had disturbed transportation and suspended the supply of nuts and their products for a short duration as well as significant impacts on export and import of the nuts market across the globe. Meanwhile, a healthily dietary pattern such as the consumption of almonds, peanuts, cashew, and other products has led to keeping the human immune system functions as well, which will create opportunities for the market players after the COVID-19 pandemic. Thus, the market is expected to witness a healthy market growth rate in the upcoming years.

Product Insights

The peanuts segment is contributed to the largest share of the global nuts market revenue in 2022 and expected to expand at a CAGR of 5.2% from 2023 to 2030. The increasing popularity of almonds, walnuts, cashew, and other product has projected market growth in the forecast period. Furthermore, the growing health concerns among the consumers have increased the demand for low carb food to protect themselves from health complications further accelerating the market growth in the forecast period.

The hazelnuts segment is expected to expand at the fastest growth rate of 6.6% from 2023 to 2030. Hazelnuts as convenient nutritious and high in calories food made available for consumers through retail channels is driving the growth of the market. Moreover, the growing popularity and demand for nuts due to the presence of a high concentration of antioxidants, and healthy fats have created significant industry demand.

Distribution Channel Insights

The offline channel accounted for a share of 79.2% in the global nuts market in 2022. Consumers are preferring offline channels for purchasing consumer goods, groceries, food products as well as nuts, where they can physically verify product quality. In addition to this, easy access and searching for various nuts products through stores is likely to drive the segment growth over the last few years. Offline channels are expected to remain dominant in the forecast period due to improved distribution channel networks across the globe.

The online segment of the nuts market is anticipated to grow at the fastest CAGR of 5.6% from 2023 to 2030. Numerous suppliers of these products are offering products on their websites as well as on the e-commerce platforms like Amazon which have projected the market growth over the forecast period. In addition to this, the rising adoption of the e-commerce sector for the shopping of consumer goods and food products due to the internet penetration rate is the major driving factor for the growth of this segment.

Regional Insights

Europe made the largest contribution to the global nuts market share with 31.7% in 2022. The increasing awareness about the health benefits of consuming nuts in this region is propelling the growth of the market. Moreover, rapid changes in the lifestyle of consumers who are more concerned about health and wellness are boosting the industry's growth over the upcoming years. The rising consumption of almonds, walnuts, and cashew products in the Germany and U.K. due to the presence of high nutrition, low carb in nuts products has projected market growth.

Asia Pacific is the fastest-growing nuts market and is expected to witness a CAGR of 6.1% from 2023 to 2030. China, India, and Japan have a huge consumer base for the consumption of nuts such as almonds, peanuts, cashew, and walnuts, which will drive the regional demand. The rising concern about health among consumers is boosting the industry's growth over the upcoming years. Moreover, the region is expected to grow with the most accelerated growth rate in the regional segment of the market in the forecast period owing to the growing disposable income of the people and rising population.

Key Companies & Market Share Insights

Various manufacturers and suppliers have expected to focus on the logistic development and strengthening of the distribution channel to grow their business. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. The market is further driven by merger, acquisitions, and joint ventures.

• In July 2023, IGA’s Exclusive Brands has launched a new line of snack nut varieties that include cashews, peanuts, almonds and mixed nuts.

• In November 2022, Blue Diamond Almonds has introduced two new limited-edition flavors of almonds: "Blue Diamond Peppermint Cocoa Flavored Almonds” and "Blue Diamond Snickerdoodle Flavored Almonds".

• In June 2022, Blue Diamond Almonds has launched four more new flavors of almonds: Mash Ups, Mash Ups Dark Chocolate and Chili Pepper Almonds, Elote - Mexican-Style Street Corn Almonds, and Korean BBQ Almonds.

Some of the key players operating in the market include:

• Diamond Foods, Inc.

• John B. Sanfilippo & Son

• Kraft Foods Inc.

• Olam International Ltd

• Borges Agricultural & Industrial Nuts

• Hines Nut Company

• Mariani Nut Company

• WeAreBio

• Germack Pistachio Company

• Hampton Farms, Inc.

• Star Snacks Co., LLC

• Fresh Nuts GmbH

• Tropical Foods

• Durak Findik

• Grower Direct Nut Co. Ltd.

Nuts Market