Edible Nuts Market size was valued at $ 65.9 Million by 2019, and is anticipated to grow at a CAGR of 5.65% during the forecast period 2020-2025. The Edible Nuts Market growth rate is attributed to the growing demand for edible nuts as an ingredient owing to their excellent properties longer shelf life, crunchiness, and high nutritional value is anticipated to bring new opportunities. Thus, the growing use of edible nuts as an ingredient in various food products is projected to foster market growth in the near future. Edible nuts are consumed worldwide for their nutritional value. They have attracted the attention among consumers and the food industry because of their dietary macro and micronutrients. Advances in harvesting, storage, and processing have propelled strides in the edible nuts market further. The long-shelf life has allowed producers to retain the sensory properties of edible nuts, prolonging the spectrum of opportunities that they can reap over the past several years.
Apart from this, the rising popularity of western snacks such as Scroggins and trail mixes in parts of Asia has led to significant consumption of edible nuts. Edible nuts are also used in a number of traditional cuisines across the world. For instance, cashew nuts are widely used in preparing rice dishes such as pilaf in the Middle East. While edible nuts such as almonds, walnuts, pistachios, apricots, and cashew nuts are increasingly used in preparing traditional sweets in a number of South Asian countries. The burgeoning demand for edible nuts in household cooking and culinary applications is anticipated to spur the demand for edible nuts in the forecast period 2020-2025. Other end-use industries such as chocolate and ice cream manufacturers are also substantially large consumers of edible nuts and are projected to augment the demand for edible nuts.
Edible Nuts Market Segment Analysis – By Usage
On the basis of usage, bakery & confectionery segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 5.50%. This can be attributed to the fact that the manufacturers are launching new energy bars using edible nuts. Their long-lasting crunchiness, coupled with their associated health benefits, is factors driving demand for bakery and confectionery products containing edible nuts.
Apart from this, snacks segment is poised to show a significant growth during the forecast period 2020-2025 owing to the trend of gifting nuts products is growing across various regions especially in India during festivals is anticipated to propel the market growth of edible nuts. In addition to this high consumption of nuts as after meals which are further expected to boost demand for edible nuts. Growing preferences for sweet snacks are also expected to foster the market growth of the edible nuts over the forecast period 2020-2025.
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Edible Nuts Market Segment Analysis – By Geography
Europe dominated the Edible Nuts Market with a share of 38.65% in 2019. Europe emerged as the dominant regional market owing to increasing demand for organic, low-sugar and safe food items. The market for edible nuts in Asia-Pacific is poised to be the fastest-growing in the forecast period 2020-2025, attributing to the increasing demand of health-conscious consumers in the area for nutritious food ingredients.
However, the North America market is poised to grow steadily during the forecast period 2020-2025 owing to the widespread use of nuts such as acorns and American beech for their starch and fat content.
Edible Nuts Market Drivers
Increasing adoption of a healthy lifestyle
The Edible Nuts market is poised to receive upswing with increasing adoption of a healthy lifestyle among consumers has increased the consumption of edible nuts. Moreover, consumers have become more conscious about their intake and diet due to which there has been a significant rise in the consumption of nuts such as walnuts, almond, pistachios, hazelnuts, and cashew nuts. Thus, the rising adoption of a healthy lifestyle is primarily fuelling the market growth of the edible nuts.
Edible Nuts Market Challenges
High price of processing techniques
Despite several drivers, the high price of processing techniques as edible nuts such as cashew undergoes various stages of processing before commercialization such as extraction, clarifying, and packaging. All these processes are quite intensive and this factor is expected to hamper the market growth of the edible nuts.
Edible Nuts Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Edible Nuts Market. In 2019, Edible Nuts Market share is fragmented by the top ten players present in the market. Edible Nuts Market top 10 companies are Diamond Foods, Inc., Archer Daniels Midland Company, Olam International, Blue Diamond Growers, Mariani Nut Company, Select Harvests, GNC Global Nut Company AG, Waterford Nut Company, Farm Breeze International LLC. and others.
In September 2019, Nestlé introduced new KitKat and Yorkie chocolate bars in the UK and Ireland as a part of a new range called More. Both bars contain fruit, nuts, and cereal contains more protein, fiber, and 30% less sugar than comparable chocolate bars.
In August 2019, Kellogg’s Nutri Grain has launched its first savory snack product, Nuts & Bolts Trail Mix. The new snack is a mix of Nutri-Grain, peanuts, and spices with diced almonds and is available in three flavor varieties; Original Spice, Smokey BBQ, and Sweet Chilli.
Europe dominated the Edible Nuts Market with a share of 38.65% in the year 2019.
The factors such as growing demand for edible nuts as an ingredient owing to their excellent properties longer shelf life, crunchiness, and high nutritional value are amongst the major factor projected to impel growth of Edible Nuts Market.
Increasing use of edible nuts in chocolates by manufacturers and growing demand for plant-based beverages are the key factors owing to the growth in the segment during forecast period 2020-2025.
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