The hazelnut market has shown strong growth, projected to rise from $13.89 billion in 2023 to $15.11 billion in 2024, representing a CAGR of 8.8%. The growth can be attributed to increasing health awareness, the rise of the snack food sector, the expansion of hazelnut cultivation, growing consumer demand for hazelnuts, and shifts in consumer preferences towards plant-based diets.
The hazelnut market is expected to grow steadily, reaching $21.23 billion by 2028 with a CAGR of 8.9%. The growth is driven by the increasing awareness of sustainable farming practices, the expansion of e-commerce, climate change adaptation, online grocery shopping, and higher hazelnut consumption. Key trends include advancements in farming techniques, increased demand for organic products, and the growth of sustainable sourcing.
Major Driver In The Hazelnut Market
The growing popularity of plant-based diets is expected to facilitate the growth of the hazelnut market. A plant-based diet primarily consists of foods derived from plants, including fruits, vegetables, grains, nuts, and seeds. This dietary trend is gaining momentum due to heightened awareness of health benefits, concerns over climate change, and animal welfare issues. Hazelnuts are known for their rich antioxidant content and healthy fats, which can potentially reduce oxidative stress and inflammation, supporting brain health in individuals affected by Parkinson’s disease. According to the Plant-Based Foods Association, sales of plant-based foods grew by 6.6% in 2022, up from 5.9% in 2021, with 70% of the U.S. population consuming plant-based foods, an increase from 66% the previous year. As the popularity of plant-based diets rises, the hazelnut market, valued at $2.7 billion in 2023, is projected to reach $3.1 billion by 2024 and grow to $5.1 billion by 2028.
Request A Free Sample Of The Hazelnut Market Report
Hazelnut Market Competitive Landscape
Cargill Inc., Nestlé S.A., Ferrero International S.A., Barry Callebaut AG, J.M. Smucker Company, McCormick and Co. Inc., Hain Celestial Group Inc., Diamond Foods LLC, Nutiva Inc., Tropicana Products Inc., Weber Flavors, GEONUTS, Amedei Toscana, Chelmer Foods Ltd., Baker's Choice, Azerstar LLC, Northwest Hazelnut Company, Hazelnut Growers of Oregon Inc., Hazelz New Zealand, Apex Flavors Inc., Pascha Chocolate, Arslanturk S.A., Boxon Food, BATA FOOD Inc.
Key Hazelnut Market Trend
Companies in the hazelnut market are focused on developing innovative snacks and spreads to enhance flavor profiles, improve nutritional value, and cater to consumer demand for healthier, sustainable options. Snacks and spreads are convenient food items, with snacks being bite-sized treats and spreads used to enhance other foods. For example, in October 2023, Otto's Nuts, a US-based snack company, launched Turkish coffee and cocoa-coated hazelnut snacks and spreads. These products combine the taste of hazelnuts with popular beverages, aiming to provide consumers with unique flavor experiences while offering the nutritional benefits of hazelnuts, such as healthy fats, fiber, and protein.
Purchase The Global Hazelnut Market Report Directly And Get A Swift Delivery
Global Hazelnut Market Segmentation
The hazelnut market covered in this report is segmented –
1) By Type: Whole Hazelnut, Hazelnut Oil, Hazelnut Flour, Hazelnut Paste, Other Types
2) By Form: Roasted, Unroasted
3) By Distribution Channel: Online, Offline
4) By Application: Personal Care And Cosmetics, Pharmaceutical Industry, Food And Beverages, Other Applications
By Geography:The regions covered in the hazelnut market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the hazelnut market in 2023 and it is expected to be the fastest-growing region in the forecast period.
The Hazelnut Global Market Report 2024 furnishes information about the global hazelnut market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
