The global market for Tree Nuts has witnessed continued demand during the last few years and is projected to reach 15,856.49 kilo tons by 2024, at a CAGR of 3.46% by 2024. Diverse application of tree nuts across the food industries particularly in bakery and confectionery industry is likely to drive the Global Tree Nuts market.
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Major Key Players
Prominent players of Tree Nuts Market are Archer Daniels Midland (U.S.), Blue Diamond Growers (U.S.), Olam International (Singapore), Select Harvests (Australia), Diamond Foods, Inc. (U.S.), Mariani Nut Company (U.S.), GNC Global Nut Company AG (Switzerland), and WaterFord Nut Company (U.S.) and others.
The Growing Application Expanse Owing To Industrial Use Is Accounting For The significant Market Growth
The by-products of nuts are of industrial and agricultural uses such as animal feed, as a stock for the production of paint and varnish, textile fibers, plastics, and lubricating oil. Thus application expanse is expected to drive the market.
Growing Snacks and Packaged Food Market and Rising Nutrition Awareness Is Expected To Result In A Significant Demand
Psychographic factors such as increasing awareness about supplementary nutrition and creative advertisement coupled with attractive packaging have resulted in market growth.
Allergies, contamination by fungus and increasing stringency of regulatory standards represents the prime market restraint
A small proportion of population experience allergic reactions to certain nuts. For example, almost 0.5 % of the United States population is allergic to peanuts. Contamination by the mold Aspergillus flavus is another firm restraint.
Global Industry Segments
To generate a detailed understanding of the global tree nuts market market, the report is segmented by product type, form, application, end users, and regions.
Based on product type, the market is segmented into almonds, hazelnuts, cashew nuts, pistachios, walnuts, peanuts, macadamia, Brazil nuts and others. The peanuts dominate the global tree nuts market by product type with a comfortable margin followed by cashew nuts and almonds. The growing demand for almonds, macadamia nuts Brazil nuts, hazelnuts, and dried prunes are accounting for a significant part of the growth rate for global tree nuts market.
Cashew Nuts is expected to generate the fastest growth rate of 5.52% with a potential to grow to more than 4,500-kilo tons by the end of review period.
Based on form, the Tree Nuts Market is segmented into a whole, roasted, powder, splits, and others. The whole and roasted segment dominate the global tree nuts market by form.
Based on applications, the market is segmented into direct consumption/culinary purpose, bakery and confectionery, breakfast cereals, snacks, flavored drinks, butter and spread, dairy products, and others. The snacks segment dominate the global tree nuts market by applications followed by breakfast cereals. The bakery and confectionery segment is expected to dominate with a market share of 32.08 %. Flavored drinks segment is expected to drive the fastest growth at 3.96% while direct consumption/culinary is projected to grow at a CAGR of 3.83% during the forecast period.
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Asia-Pacific region led by China, Japan and India are expected to account for the most significant share of the nuts tree market on account of traditional popularity, absolute geographical advantage, and large population. Asia Pacific accounts for more than 55 % of the market share which is projected to reach more than 8,000-kilotons at a CAGR of 3.45 % by 2024. Europe led by Netherlands, Germany, France and the UK account for almost 45 % of total world imports of tree nuts which are expected to grow at a rate of 8.9 %. The growing confectionary industry of Europe is a leading cause of the growth in this market.
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