PISTACHIO MARKET ANALYSIS

The Global Pistachio Market was valued at USD 4,093.8 Mn in 2022 and is expected to reach USD 5,510.6 Mn by 2030, registering a CAGR of 3.78% during the forecast period of 2023-2030. Pistachio are seeds of the plant Pistachia Vera. They are rich in various nutrients such as proteins, dietary fibers, vitamin K, vitamin B-6, thiamin, copper, phosphorus, manganese, iron, magnesium, γ-tocopherol, phytosterols, xanthophyll carotenoids, and others. The benefits of consuming pistachio include weight management, reduced risk of diabetes and cardiovascular diseases, improved immune system, nervous system, and digestion system. Pistachio nut offers various health benefits such as reduces risk of heart attacks, improves body’s metabolism, relief from constipation, boost immune system, and others. They are rich in nutrients, fibers, low in calories, low glycemic index, and others.

Global Pistachio Market - Impact of Coronavirus (Covid-19) Pandemic

The COVID- 19 pandemic had a significant impact on the pistachio market. Due to the check of varied diligence, the global insulation assessed to halt and contain the epidemic had a negative impact on distribution networks. Manufacturing and raw material supply dislocations impacted value addition operations by reducing the vacuity of pistachio end- products on the market. The pistachio request, on the other hand, is available both in- store and online; the in- store member suffered losses due to closures and orders not to move outside to palliate the COVID19 effect, while the online market expanded.

Pistachio Market - Growth Drivers

Rising Health Consciousness

The benefits of consuming pistachios coupled with rising health consciousness among people is fueling growth of the pistachio market. Furthermore, the rising prevalence of cardiovascular diseases is driving the pistachio market growth, as pistachios have high nutritional value and helps in lowering the level of bad cholesterol. For instance, many of the consumers are deserving to be in a part of physical activities like gym, yoga, physical fitness etc. So, the pistachios are high in fibre. Consuming fibre may help lose weight because it keeps fuller for longer and lowers the calorie consumption, both of which aid in weight reduction.

Demand in Food and Cosmetic Industries

Pistachio oil helps control acne and heal scars. Because vitamin B6 and Thiamine reduces inflammation, it helps minimize oil production, unclog pores and prevent sebum. It helps prevent acne. Thus, it can promote the growth of the food and cosmetic industries. Pistachio shells have a characteristic beige to white color. Therefore, the powder is very light, in some instances even similar to natural marble granules. This unique hue makes pistachio shell granules a versatile bio-based ingredient

Pistachio Market - Market Restraints

High Cost of Pistachios

High cost of pistachios as compared to other nuts and contamination in pistachios by carcinogenic substances such as aflatoxins is restraining growth of the pistachio market. Various government regulatory bodies have a set of stringent regulations such as Commission Regulation (EC) No. 1881/2006 by Europe Union on aflatoxins content in food and animal feed.

Figure 1. Global Pistachio Market (%), By Segment Type

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Among product type, shelled segment accounted for the largest market share in 2022, owing to their use as snacks. Increasing demand for shelled pistachios blended with flavors and seasonings in bakery and confectioneries is driving the market growth. Various manufacturers are focused towards adopting growth strategies such as mergers & acquisitions and new product launches, in order to enhance their market position. For instance, in January 2017, The Wonderful Company, LLC, one of the key players in the pistachio market, launched roasted unsalted pistachio product with new flavor.

Pistachio Market - Regional Insights

North America dominates the global pistachio market in 2022 due to high production and public awareness of the nutritional benefits and nutritive quality of pistachios. The market price of pistachios in the U.S. in 2022 was US$ 2,200 Mn.

Europe is predicted to stay in second position throughout the forecast period. High pistachio production and consumption are factors that contribute to this region's fast growth.

Asia Pacific and Middle East has huge potential for pistachios market due to climatic conditions and growing health awareness among literate class population.

Figure 2. Global Pistachio Market Share (%), By Region

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Pistachio Market - Recent Developments

• Wonderful Pistachios, a privately held US$ 732 billion company that sells raw, roasted, salted, and flavored pistachiosto launch a new multimillion-dollar marketing campaign.
• California Pistachios launch ‘Crack it snack it’ campaign in the year of 2022. To promote healthy snacking.
• Wonderful Pistachios Launches New Flavors for spring 2021. In spring 2021, Wonderful® Pistachios will launch two additions to its successful Wonderful Pistachios No Shells product line—BBQ and Sea Salt & Vinegar, both tried and true flavors that will appeal to snackers every day.
• Wonderful Pistachios Launches New Plant-Based Protein Campaign in 2020.Wonderful Pistachios, a privately held $4.6 billion company that sells raw, roasted, salted, and flavored pistachios to launch a new multimillion-dollar marketing campaign.

Pistachio Market - Key Players

Major players operating in the global pistachio market include The Wonderful Company LLC, Germack Pistachio Company, Primex Farms, LLC, Horizon Growers, Nichols Pistachio, Keenan Farms and Setton Pistachio of Terra Bella Inc. Other players are Santa Barbara Pistachio Company, Hellas Farms LLC, Del Alba International and Ready Roast Nut Company.

Definition: Pistachio are seeds of the plant Pistachia Vera. They are rich in various nutrients such as proteins, dietary fibers, vitamin K, vitamin B-6, thiamin, copper, phosphorus, manganese, iron, magnesium, γ-tocopherol, phytosterols, xanthophyll carotenoids, and others. The benefits of consuming pistachio include weight management, reduced risk of diabetes and cardiovascular diseases, improved immune system, nervous system, and digestion system.