What Is The Definition Of The Global Hazelnut Market?
A hazelnut refers to the edible seed of the hazel tree, scientifically named Corylus avellana. This nut is round with a hard outer shell and possesses a rich, mildly sweet taste. It is frequently used in a variety of culinary applications, such as desserts, snacks, and oils. Hazelnuts are rich in beneficial fats, vitamins, and antioxidants, appealing to those who prioritize healthy eating.
Hazelnut Global Market Report 2024 provides data on the global hazelnut market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hazelnut market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Hazelnut Market Size And Growth Rates Projected To Evolve?
The hazelnut market is projected to grow from $13.89 billion in 2023 to $15.11 billion in 2024, with a CAGR of 8.8%. Factors contributing to this growth include the health trend, expansion in the snack food sector, increased hazelnut cultivation, and a shift towards plant-based diets. The market is expected to reach $21.23 billion by 2028 at a CAGR of 8.9%. Future growth will be driven by a rising awareness of sustainable and organic farming practices, the expansion of e-commerce, climate change adaptation, growth in online grocery shopping, and greater use of hazelnuts. Emerging trends include the growth of plant-based products, hazelnut processing advancements, sustainable farming innovations, and the introduction of hazelnut-based beverages.
What Are The Essential Drivers Behind The Growth Of The Hazelnut Market?
The rising popularity of plant-based diets is contributing to the growth of the hazelnut market. Plant-based eating, driven by health awareness, animal welfare, and sustainability concerns, has increased the demand for nutrient-dense ingredients like hazelnuts, which are rich in antioxidants and healthy fats. In 2023, the Plant Based Foods Association reported a 6.6% growth in plant-based food sales, underscoring the hazelnut market's expansion as dietary habits evolve.
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How Is The Global Hazelnut Market Divided Into Key Segments?
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
What Trends Are Reshaping The Future Of The Hazelnut Market?
Leading companies in the hazelnut market are focusing on innovative snacks and spreads to enhance flavors, nutritional value, and meet evolving consumer preferences for healthier and sustainable options. Snacks and spreads are convenient food products designed for quick consumption or as flavorful accompaniments. For instance, in October 2023, Otto's Nuts, a US-based gourmet snack company, introduced a range of Turkish coffee and cocoa-coated hazelnut snacks and innovative spreads. This product line combines the unique taste of hazelnuts with popular beverage flavors, catering to consumers seeking novel flavor experiences. These products balance sweetness and crunch while emphasizing hazelnuts’ nutritional benefits, including healthy fats, fiber, and protein.
What Is The Fastest Growing Region In The Hazelnut Market?
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 regions covered in the hazelnut market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
