Nuts and Seeds Market Analysis to Reach by USD 423.59 Billion by 2023

Zion Market Research has published a new report titled “Nuts and Seeds Market by Type (Nuts and Seeds), By Distribution Channel (Online and Offline): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global nuts and seeds market was valued at around USD 975.40 billion in 2017 and is expected to reach approximately USD 1345.27 billion by 2024, growing at a CAGR of around 4.7% between 2018 and 2024.

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Nuts and seeds are made of poly and monounsaturated fats. These fats play an essential role in human health by maintaining and managing the normal structure of each cell. Nuts and seeds contain a variety of minerals such as zinc, phosphorus, magnesium, and calcium, which plays an important role in energy production, immunity building, and bone development. Nuts and seeds are widely used as an alternative to meat in many vegan recipes. Nuts and seeds are advised to avoid in case of allergic reactions.

The nuts and seeds market is projected to exhibit considerable growth during the forecast period. The nuts and seeds market is primarily driven by growing vegan population across the world. Nuts and seeds are broadly considered as a good alternative for fish and eggs for fulfilling calcium and vitamin B12 needs. This, in turn, is anticipated to enhance the growth of the nuts and seeds market during the forecast period. The growing health awareness coupled with increasing consumption of nuts and seeds through daily snacks and diet are the important factors projected to enhance the growth of the nuts and seeds market during the forecast period.

The nuts and seeds market is segmented on the basis of the type as nuts and seeds. Nuts are the fruits that consist of seed and hard shell. Seeds are the good source of proteins and calories for a human. Edible seeds can be obtained from both gymnosperm and angiosperm species of plants. Nuts can be further classified into pistachios, cashew nut, almond, walnut, macadamia nut, and others. Seeds can be further classified as chia seeds, flaxseeds, sunflower seeds, pumpkin seeds, sesame seeds, and others. The nut segment is anticipated to exhibit significant growth in the near future owing to its increasing popularity as a healthy food ingredient in the different bakery and confectionery products. Based on the distribution channel, the nuts and seeds market is segmented into the online channel and offline channel. The online channel is anticipated to show moderate growth over the forecast period owing to the increased use of smartphones and digital marketing.

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In 2017, North America was a primary region in terms of revenue for nuts and seeds market and it accounted for over 26% share of total revenue generated in 2017. The North America nuts and seeds market growth is essentially due to rising health awareness and growing consumption of nuts and seeds through different forms of diet. Further, increasing high disposable income and high standard of living is projected to enhance the demand for specialty and premium nuts and seeds in North America over the forecast period. North America region is followed by the Asia Pacific and is anticipated to show considerable growth in the years to come on account of increasing preference for healthy and vegetarian food products and growing population. The Middle East and Africa region are anticipated to be the fastest growing nuts and seeds market owing to the increasing production of nuts and growing use of the nuts and seeds in savory snacks.

The key players operating in the global nuts and seeds market accounted for a considerable market share in 2017. The major companies operating in the market are investing in product innovation such as combining chemistry and genetics, shareholding purchase and quality standard maintenance in order to offer innovative products and to enter into the overseas market. Some of the key players are Syngenta A.G., Cargill Incorporated, Blue Diamond Growers Inc., Richardson International, Diamond Foods Incorporated, McCormick and Company Inc, and Bayer Crop Science A.G.

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