EDIBLE NUTS MARKET ANALYSIS

The global edible nuts market is projected to reach around US$ 276.08 billion by the end of 2022, in terms of revenue, growing at CAGR of 7.1% during the forecast period (2023-2030).

Global Edible Nuts Market: Growth Drivers

An Increase in the Adoption of a Healthy Lifestyle

Consumption of edible nuts has grown as a result of consumers adopting a healthier lifestyle, which is the market driver for edible nuts. The consumption of nuts, including walnuts, almonds, pistachios, hazelnuts, and cashew nuts, has increased significantly as a result of consumers being more careful of their intake and diet. Thus, over the projected period of 2023–2030, the market expansion of edible nuts is largely driven by the increased adoption of a healthy lifestyle. For instance, in 2021, according to the National Institute of Health, eating almonds results in significant reductions in total cholesterol, LDL-C, and triglycerides levels, while having no significant impact on HDL-C levels. A sub-group analysis showed that blood lipid levels substantially improved in the studies in which the dose of almonds was at least 45 g/day in individuals with altered lipid profiles.

Increasing demand in every end user sector

Different end users use nuts in different ways, and kitchens are using them increasingly often. Among other health benefits, nuts and seeds can decrease blood cholesterol, prevent diabetes and gallstones in both sexes, as well as other conditions. Nuts may be used to make a variety of culinary items, including spreads, gravies, salad dressings, dairy inclusions, and toppings, energy bars, fillings and bars for confectioneries, fillings, and inclusions for baked goods, meals for babies and kids, and more. For instance, in 2022, VKC Nuts, presently has 7 units - 1 in Bengaluru, 2 in Delhi NCR, 1 in Mumbai, and 3 in Jammu and Kashmir. The company plans to open 8 more manufacturing units each with a capacity of 10,000 metric tons, by 2024. They also aim to have a total of 25 company-owned stores and 50 franchise stores by end of 2023.

Global Edible Nuts Market: Restraints

The market might crash due to a lack of raw resources and price gouging

Consumption of groundnuts, tree nuts, and other nuts is encouraged by the rising popularity of healthy eating and snacking habits. The expansion of the nuts market over the projection period may be constrained by possible risks, such as severe adverse health consequences such as laxative effects that may induce diarrhea and stomach pain and high consumption rates that might result in life-threatening allergic responses.

Figure 1. Global Edible Nuts Market Share (%) in terms of Value, By Region, in 2022

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Global Edible Nuts Market: Market Opportunity

Growing demand for edible nuts as an ingredient due to their excellent properties longer shelf life, crunchiness, and high nutritional value is expected to bring new opportunities. They are widely used in yogurts, artisan crackers, ice-creams, and pastries, etc. Thus, the growing use of edible nuts as an ingredient in various food products is projected to foster market growth in the near future. Increasing use of edible nuts in chocolates by manufacturers to enhance the taste of the product is expected to offer lucrative opportunities to the market of edible nuts. For instance, in September 2020, Nestlé introduced new Kit Kat 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.

Global Edible Nuts Market- Impact of Coronavirus (Covid-19) Pandemic

During the forecast period, Australia is expected to continue to be one of the most profitable markets for Oceania edible nuts. In 2021, it has an 83.5 percent market share in Oceania edible nuts. The increased awareness of a healthy lifestyle is a major factor driving the edible nuts market forward.

Select Harvests Limited saw an increase in productivity momentum in 2020 as a result of the COVID outbreak, as production of edible nuts increased compared to 2019, owing to a rise in health-conscious consumers.

Due to lockdowns, travel bans, and commercial shutdowns, the COVID-19 has had a negative impact on economies and industries like as the food and beverage industry in a number of countries.

Exports have fallen as a result of the prolonged global slump, which has been exacerbated by the pandemic. The latter resulted in widespread supply chain and demand disruptions, resulting in order cancellations.

When China reopened its economy, global exports first recovered across the board. However, forecasts for recovery in 2021 are dubious, with outcomes primarily dependent on the length of the outbreak and the efficiency of governmental interventions.

Global Edible Nuts Market: Market Trend

Snack consumption among health-conscious consumers is a trend in the market. This is creating a high demand for healthy snacks. For instance, in August 2020, 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.

The trend of gifting nuts products is growing across various regions especially in India during festivals and is expected 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 timeframe.

Figure 2. Global Edible Nuts Market Share (%) in terms of Value, By product Type, in 2022

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Global Edible Nuts Market: Market Segmentation

Asia Pacific region dominated the global edible nuts market in 2022, accounting for 63.10% share in terms of value, followed by North America and Europe, respectively.

Global Edible Nuts Market: By Product Type

Almond segment dominated the global edible nuts market in 2022, accounting for 43% share in terms of value, followed by Cashew nuts and Peanuts, respectively.

Global Edible Nuts Market: Key Developments

In 2020, following the COVID epidemic, Select Harvests Limited, had enhanced productivity momentum as edible nut output increased in comparison to 2019 due to an increase in health-conscious consumers.

In 2020, Kraft-Heinz, unveiled Pop & Pour nuts, enabling snackers to pop open, pour, eat, and repeat. The business wanted to build a snack shop that could handle the busy schedules of its customers.

In 2020, Fuego, Flare, and Smoking' Lime, the three brand-new Takis Hot Nuts flavors, were released. Using double crunch technology, Takis' distinct spicy intensity is added to each bite of peanut-filled candy, providing customers with new snacking options.

In January 2023, Blue Diamond Growers, announced that it would be re-commencing the sales of its Chile ‘N Lime Flavored Almonds.

Global Edible Nuts Market: Key Companies

Key companies covered as a part of this study include 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 Just Almonds Inc.

*Definition: Edible nuts are dried fruits consumed worldwide and are an important source of nutrients, such as fiber, potassium, vitamin A, iron, and Vitamin K. Edible nuts include almonds, cashew nuts, hazelnuts, walnuts, pistachios, chestnuts, and Brazil nuts. Edible nuts are used across various food &beverage applications such as desserts, bakery, snacks, etc.