The Chestnut Market size is forecast to reach $893.6 million by 2025, growing at a CAGR of 3.78% during the forecast period 2020-2025. The chestnuts are a group of eight or nine species of deciduous trees and shrubs in the genus Castanea, in the beech family Fagaceae. They are very low in fat and higher in starch than other nuts making them less calorie. Increasing application of the chestnut for the preparation of the bakery products, and the growing number of people suffering from gluten intolerance & digestive problem are the major factors driving the growth of the market. The increased use of chestnuts in confectionary along with their health benefits is set to further enhance the overall market demand for the Chestnut Market during the forecast period 2020-2025.
Chestnut Market Segment Analysis – By Type
The American chestnut segment held the largest share in the Chestnut Market in 2019 and is estimated to grow at a CAGR of 4.17% during the forecast period 2020-2025. The American chestnut is a large, monoecious deciduous tree of the beech family native to eastern North America. The American chestnut was once considered one of the most important forest trees throughout its range and was considered the finest chestnut tree in the world. Chestnuts are edible raw or roasted, though typically preferred roasted. Nuts of the European sweet chestnut are now sold instead in many stores. The nuts were commonly fed on by various types of wildlife and were also in such a high abundance that they were commonly used to feed livestock by farmers, by allowing that livestock to roam freely into the forests that were predominantly filled with American chestnut trees. The American chestnut tree was also important to native Americans as it acted as a food source for both the native Americans and the Wildlife. American Chestnut is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
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Chestnut Market Segment Analysis – By Product
The Horse Chestnut segment held the largest share in the Chestnut Market in 2019. Horse chestnut trees belong to the same tree family as buckeyes. Horse chestnut leaves are large and obovate (teardrop-shaped with the point at the stem end), with coarse teeth and seven leaflets. Highly prized as ornamental trees, horse chestnuts produce magnificent, upright clusters of white flowers with yellow and red touches that can grow to almost a foot high. The horse chestnut has sticky buds that distinguish it from buckeyes and other trees. Its fruits appear less spiny than buckeye fruits. The husks contain one or two seeds. Extracts made from the leaves and fruits of the horse chestnut are used as herbal remedies, after the extraction of a poisonous compound called esculin. The extract has been used for chronic venous insufficiency; however, humans must not eat horse chestnuts, as they are poisonous. The Horse chestnut is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
Chestnut Market Segment Analysis – By Geography
Asia Pacific dominated the Chestnut Market in 2019 with a share of more than 37.61%, followed by North America owing to the excellent of several nutrients such as vitamins C, B1, B2, & B6. Growing demand for baked goods and increased use of chestnuts in confectionary along with their health benefits is increasing the growth of the chestnut market in this region.
However, North America is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the increasing number of people suffering from gluten intolerance.
Chestnut Market Drivers
An increasing demographic of people suffering from gluten intolerance
An Increasing demographic of people suffering from gluten intolerance is increasing the chestnut market. Gluten intolerance is a fairly common problem. It is characterized by adverse reactions to gluten, a protein found in wheat, barley, and rye. Celiac disease is the most severe form of gluten intolerance. It is an autoimmune disease that affects about 1% of the population and lead to damage in the digestive system. Both forms of gluten intolerance can cause widespread symptoms, many of which have nothing to do with digestion. The chestnut peel can help neutralize the effects of free radicals in the body. People who are gluten intolerant can ditch their wheat sources for a very nutritious singhara flour. Thus, increasing the chestnut market during the forecast period 2020-2025.
The increased use of chestnuts in confectionary along with their health benefits
The increased use of chestnuts in confectionary along with their health benefits is increasing the chestnut market. Chestnuts are a unique fruit of the Castanea species of deciduous trees. They are appreciated for their characteristic taste and for the ductility with which they can be consumed: boiled, roasted, and dried, or in the form of jam or flour. They are also excellent sources of vitamins and minerals (such as manganese, molybdenum, copper, and magnesium). It reduces cholesterol levels and stabilize blood sugar levels, and also reduce the risk of constipation and intestinal complications such as diverticulosis. Chestnuts contain fat-soluble B vitamins that promote healthy skin, produce red blood cells, and improve brain function. It contains manganese, which is a trace mineral that fights off free radicals in the body and reduces the risk of heart disease and cancer. It also plays a key role in the aging process and helps prevent blood clotting. Thus, increasing the chestnut market during the forecast period 2020-2025.
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Chestnut Market Challenges
Higher costs of chestnuts
Some of the factors that is set to impede the growth of the Chestnut Market are higher costs of chestnuts.
Chestnut Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Chestnut Market. In 2019, the Chestnut Market share is consolidated by the top ten players present in the market. Chestnut Market, the top 10 companies are Roland Foods LLC, SupHerb Farms, M’Lord Excellent, Swapna Flour Mills Limited, ConAgra Foods Inc., JFC International Inc., Windmill Organics Ltd., Treeborn, Royal Nut Company, and Bakery Bills Ltd. among others.
In January 2019, Roland Foods LLC acquired AUI Fine Foods which is a food & beverages company offering dessert, savory, and beverage products.
The Asia Pacific dominated the Chestnut Market in 2019 owing to the excellent of several nutrients such as vitamins C, B1, B2, & B6. The Chestnut Market scope for different regions will be provided in the final report.
The increasing demographic of people suffering from gluten intolerance and low investment cost is likely to aid in the market growth of the Chestnut Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Chestnut Market report.
Higher costs of chestnuts is poised to create hurdles for the Chestnut Market.
Related Reports :
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B. Packaged Nuts & Seeds Market
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