The global Tree Nuts Market 2020, according to MRFR, is poised to mature at a CAGR of 8.63% to reach USD 62.2 billion by 2024.
Global market growth can be due to increasing customer demand for balanced, nutritious foods. The growing acceptance of veganism also leads to the growth of the global tree nuts market. The widespread use of tree nuts in the food industry is expected to further fuel market growth in bakery and confectionery products, breakfast cereals, and snacks. In recent years there has been a rise in market willingness to use healthier snacks. Consumers tend to buy extremely nutritious goods without sacrificing the flavor of the food, so tree nuts are an ideal choice as a balanced snack. In addition, the use of tree nuts is growing in the cosmetics and personal care industries, especially in body washes and face washings, which is boosting the market growth. For example, almonds help to stabilize the body’s cholesterol levels while aiding in weight loss. Similarly, walnuts are another antioxidant-rich tree nut variety, producing plant-based omega-3 fatty acids that help minimize the risk of cardiovascular diseases. Thus, the market for tree nuts is expected to grow considerably in the coming years due to the many health benefits.
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Factors such as the availability of antioxidants and other good fats will play an important role in maintaining its market share in the almond sector. The global tree nuts industry is also looking at factors such as an uptick in tree nuts intake, health benefits associated with tree nuts, and a growth in a number of tree-based snack releases.
A significant segment of the population, however, is allergic to some tree nut types, such as walnuts, almonds, hazelnuts, and Brazil nuts, which acts as a restriction to business growth. In addition, the possible cause of allergens, tight food safety legislation, and high production costs linked to tree nuts may hamper the growth of the tree nuts industry over the forecast period.
The global Tree Nuts Market has been divided into form, type, application, and region.
Based on type, the market has been segmented into cashew nuts, walnuts, almonds, chestnuts, pistachios, hazelnuts, brazil nuts, others
Based on form, the market has been segmented into whole, roasted, powder, splits, others
based on application, the market has been segmented into direct consumption/culinary purpose, bakery and confectionery, breakfast cereals, snacks, flavored drinks, butter and spread, dairy products, and others
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Asia-Pacific accounted for the largest market share of 30.18 percent in 2018, with the geographic demand predicted to show the highest CAGR of 9.31 percent over the projected period. China is one of the region’s leading economies, accounting for the highest market share expected for the forecast period. The growth of the Asia-Pacific tree nuts market can be due to rapid urbanization and the rising middle-income population boosting demand for healthier food & beverages.
It’s predicted that the European economy would hit USD 14.66 billion by 2024. In 2018 Germany represented the largest share of the regional market. The widespread acceptance of veganism in the country fuels business growth, as key food and beverage companies, are launching new and groundbreaking goods using tree nuts.
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The major players in the Global Tree Nuts Market are Diamond Foods, Inc. (US), Mariani Nut Company Inc. (US), Select Harvests Limited (Australia), Archer Daniels Midland Company (US), Tree Nuts International (India), Waterford Nut Co. Inc. (US), Blue Diamond Growers (US), Lone Tree Nut Company, Inc. (US), Olam International Ltd (Singapore), and Sun Valley Nut, LLC (US).
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