How Is The Global Nuts Market Defined?
Nuts are hard-shelled edible seeds of certain plants, often rich in healthy fats, protein, and essential nutrients. These can be eaten raw, roasted, or as ingredients in various culinary dishes, snacks, desserts, and nut butter, providing a source of protein, healthy fats, and dietary fiber. Nuts offer a versatile and nutrient-rich food option that can be enjoyed in various ways as part of a healthy and balanced diet.
Nuts Global Market Report 2024 provides data on the global nuts market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Nuts market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Nuts Market Size Expected To Change, And What Are The Growth Rate Projections?
The nuts market size has grown strongly in recent years. It will grow from $55.02 billion in 2023 to $58.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased awareness of health benefits associated with nuts consumption, increased demand for plant-based protein sources, rise in popularity of snacking culture, changes in dietary preferences towards natural and wholesome foods, and emergence of nut-based alternatives in food products. The nuts market size is expected to see strong growth in the next few years. It will grow to $74.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to climate change impacting nut production and distribution patterns, shifting consumer preferences towards organic and sustainably sourced nuts, changing demographics and urbanization influencing nut consumption, increasing adoption of nut-based products in the food and beverage industry, and integration of nuts into functional foods and nutraceuticals. Major trends in the forecast period include the emergence of innovative nut snacks and trail mixes, demand for premium and gourmet nut products, development of fortified nut products with added health benefits, integration of nuts into non-food sectors such as cosmetics and personal care, and increasing use of nuts in plant-based meat substitutes and dairy alternatives.
Which Drivers Are Accelerating Growth In The Nuts Market?
The rising popularity of plant-based diets is expected to propel the growth of the nuts market going forward. A plant-based diet consists primarily of foods derived from plants, such as fruits, vegetables, grains, nuts, and seeds, with minimal to no consumption of animal products. The rising popularity of plant-based diets can be attributed to increasing awareness of environmental sustainability, health benefits, and ethical considerations regarding animal welfare. Nuts contribute to the rising popularity of plant-based diets due to their versatility, providing a rich source of protein, healthy fats, and essential nutrients, making them a satisfying and nutritious option for those seeking plant-based alternatives. For instance, in June 2021, according to the report published by Grubhub, a US-based online and mobile food ordering and delivery platform, vegan food delivery orders experienced a 17% overall increase in 2021, with plant-based burger orders rising by 28% and vegetarian orders seeing a notable 55% surge compared to the trends observed in 2020. Therefore, the rising popularity of plant-based diets is driving the growth of the nuts market. The nuts market size is expected to reach $2023 billion in 2023, $2024 billion in 2024, and $2028 billion in 2028.
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What Are The Core Segments Of The Global Nuts Market?
The nuts market covered in this report is segmented –
1) By Products: Almonds, Peanuts, Cashew, Walnuts, Hazelnuts, Pistachios
2) By Distribution Channel: Retail Sales, Supermarkets Or Hypermarkets, Conventional Stores, Food And Drink Specialty Stores, Traditional Grocery Stores, Franchise Outlets, Online Retail
3) By Application: Snack Foods, Bakery And Confectionery, Cereals And Granola Bars, Nutritional And Health Foods, Cooking And Culinary Applications, Nut-Based Milk And Dairy Alternatives, Cosmetics And Personal Care, Industrial Use
Which Emerging Trends Are Reshaping The Nuts Market Size?
Leading companies in the nuts market are developing unique products like flavored snack nuts to differentiate themselves. For example, in April 2024, PLANTERS, a US-based snack food company and Hormel Foods subsidiary, launched PLANTERS Nut Duos Snacks. This product features combinations of two types of nuts with complementary flavors, such as Buffalo Cashews and Ranch Almonds. This launch introduces a novel segment in the market, aligning with evolving consumer preferences and strengthening PLANTERS' market position.
What Is The Largest Region In The Nuts Market?
Europe was the largest region in the nuts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nuts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
