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Global Walnuts Ingredient Market Overview
The Global Walnuts Ingredient Market size is estimated to reach $2.8 Billion by 2027. Moreover, it is anticipated to grow at a CAGR of 5.7% over the forecast period of 2022-2027. Walnuts are slightly sweet, and nutty. Walnuts are high in protein and vital fatty acids and are widely employed in foods. It is used in a range of baked goods, as a topping and coating, and as a standalone product in a variety of forms. Walnut is used both as human food and animal feed ingredient as walnuts are abundant in omega 3 fats, antioxidants, and vitamins, they make for healthy nut butter. Walnuts come in roasted, salted, sweetened, shelled, candied, unsalted, whole, chopped, crushed, and many other varieties. It is also used as a partial flour replacement. Marcona almonds are imported from Spain and are typically roasted or fried in oil as well as salted in taste. Black walnut is one of the most widely consumed nuts which contains phytochemicals that helps to provide health-promoting properties supporting the global walnuts ingredient industry. With this increased demand combined with consumer demand for more whole foods, consumers continue to be interested in plant-based meat alternatives made from food like walnuts. Walnuts are an example of a plant-based ingredient that is advised for a healthier lifestyle. The Food Safety and Standards Authority of India (FSSAI) recently recommended that such foods be included in one’s regular diet to preserve excellent health and immunity providing global walnuts ingredient industry outlook. Moreover, the rising demand for walnut ingredients in the household and industrial sectors are some of the factors driving the walnuts ingredient industry forward in the projected period of 2022-2027.
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Global Walnuts Ingredient Market Segment Analysis- By Form
The Global Walnuts Ingredient market based on a form is further segmented into Raw and Processed. Raw held a dominant market share in the year 2021. Recently, consumers are adopting a healthy diet in their day-to-day life so, the demand for raw walnut increases as it is pure and provides various benefits. Moreover, The American Heart Association recommends intaking raw walnut in every day’s diet which is further rising the adoption of raw walnut among consumers. This factor helps in increasing the demand of raw walnuts.
However, the processed is estimated to be the fastest-growing, with a CAGR of 6.4% over the forecast period of 2022-2027. The demand for walnut ingredients increases in the food and beverage processing industry as it is used to create menus that incorporate healthy salads, curries, and desserts as well as used for snacks. Recently, consumers are preferring flavored snacks that are rising the adoption of processed walnuts as it is also available in a variety of flavors which attracts consumers to adopt processed walnuts.
Global Walnuts Ingredient Market Segment Analysis- By Product Type
The Global walnuts ingredient market based on product type is further segmented into English walnut and Black walnut. Black walnut held a dominant market share in the year 2021. Black walnut provides various health benefits, so people are using them in cooking as they have great flavor and crunch. Owing to the rising benefits of black walnuts, the demand for black walnut increases. According to black walnut news, in 2020 about 10,000 metric tons of black walnuts, were harvested annually in the United States. This factor increased the sales by 25% and thus accelerating the market growth.
However, English walnut is estimated to be the fastest-growing, with a CAGR of 5.9% over the forecast period of 2022-2027. English walnuts are available in a variety of flavors which increase their use in the food industry as it is used to make party snacks. The crunch of English walnuts and their sweet barnlike taste appeal to most people that increased its sales which gives rise to the adoption of English walnuts.
Global Walnuts Ingredient Market Segment Analysis- By Geography
The Global walnuts ingredient market based on Geography is further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 45% in the year 2021 as compared to its other counterparts. It is owing to the robust demand from the end-use industries and rising awareness of a healthy lifestyle. Various manufacturing pertaining activities are now being transferred to North America as the overall cost is bought significantly down. Furthermore, the region is estimated to offer lucrative growth opportunities to marketers. For example, according to Walnuts Organization, the U.S. has been a leading exporter of walnut ingredients, and the demand within the country is also growing owing to a diverted method of production. Over 63% of the California walnut ingredient was exported in the year 2020. Owing to such reasons, the projected period of 2022-2027 would prove beneficial for North America.
However, Asia-Pacific is estimated to be the fastest-growing over the forecast period of 2022-2027. Walnut consumption in the region is mainly by Chinese consumers. Walnut consumption per capita in China is also increasing year after year, having climbed 10.5 times in the last 21 years. Most of the demand is met by domestic production, with the baking and processed food industries accounting for about half of the walnuts consumed in the country. The snacking industry consumes the bulk of total walnuts, and it is expected to grow even more during the forecast period.
Global Walnuts Ingredient Market Drivers
Increasing awareness regarding a healthy diet has readily aided the market growth
Nowadays, people are more concerned about their health and they are mostly preferring a healthy diet which gives rise to the adoption of walnut among consumers. With the rise of obesity and disease, people are getting more concerned about their health. Owing to the extraordinary health benefits of walnuts, the demand for walnut increases among health-conscious people. The coronavirus outbreak has led to an increase in the consumption of walnut as concerns about health and the need for a stronger immunity increase among consumers in their diet. According to Economic Times, the research found that walnut helps to reduce the 25% risk of dying from cardiovascular diseases which increases the demand for walnut, and recently, about 3 million tonnes of walnut are produced every year worldwide in 2020 helps in driving the market growth.
Growing prevalence of diseases such as cardiovascular and obesity increases the consumption of walnuts and thus driving the market growth
Rising number of diseases such as cardiovascular and obesity gives rise to the adoption of walnut as it helps in reducing the risk of various diseases. According to World Health Organization, about 17.9 million people are suffering from cardiovascular diseases and obesity rates among adults have increased by 27.5% in 2019. So, people are consuming more walnuts to reduce the risk of such types of diseases. Recently, the sales of walnut also increase as manufacturers are offering a variety of flavors in walnuts giving rise to the adoption of walnut among consumers.
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Global Walnuts Ingredient Market Challenges
Rising health issues owing to excessive consumption of walnuts are some of the factors impeding the market growth
Walnut provides various health benefits, but excessive consumption causes various side effects. Excessive consumption of walnuts causes allergic reactions like hives and rashes. In some cases, cause difficulty in breathing, nausea, nasal congestion, itching of the mouth, throat, or eyes. When eating walnuts, people should keep in mind that, while they are a healthy food, they are also high in calories. As a result, it is best to consume it in moderation. This factor further restricts the scope of growth for the walnut ingredients market. Further, Walnut growing suffers from a lack of suitable methods of propagation, inadequate vegetatively propagated plants, lack of standard rootstocks/ cultivars, problems of re-establishment of nursery plants in the orchard, specific climatic requirements, pollination behavior and lack of suitable pollinizers, long juvenile period and harvesting.
Global Walnuts Ingredient Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Global walnuts ingredient top 10 companies include:
Recent Developments
In December 2020, Bonn Group of Industries launched eggless walnut brownies for health-conscious people. This product is also available in online or offline retailers which further rising the sales of this product.
In August 2020, Diamond of California announces the launch of its newest innovation, ready-to-eat Snack Walnuts. For a nutritious, delicious, and economical on-the-go snack, each walnut is organically treated to remove bitterness, roasted, and lightly seasoned before being wrapped in a resealable bag.
In February 2020, California Walnuts launched the “power of 3” campaign in order to educate consumers about how eating walnuts is a simple way to boost overall nutrition. The “Power of 3” campaign raises awareness of the nutritional benefits of walnuts.
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Key Takeaways
Relevant Titles
A. Edible Nuts Market
https://www.industryarc.com/Research/Edible-Nuts-Market-Research-508108
B. Nut Ingredients Market
https://www.industryarc.com/Research/Nut-Ingredients-Market-Research-504904
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