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Walnuts Market Forecast 2024: Trends, Growth, and Major Producers
Walnuts Market Forecast
According to The Business Research Company's, The walnuts market size has grown strongly in recent years. It will grow from $7.27 billion in 2023 to $7.66 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to increasing consumer awareness about health and sustainability, the rising popularity of plant-based protein, expansion of the walnut market, changes in dietary preferences, and increased globalization.
The walnuts market size is expected to see strong growth in the next few years. It will grow to $9.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to projected economic growth in emerging markets, expansion of e-commerce platforms, changes in trade agreements and regulations, and increasing emphasis on sustainability and ethical sourcing practices. Major trends in the forecast period include innovative products, sustainability in walnut harvesting, adoption of regenerative agricultural practices, health and wellness trends, and expanding product portfolios.
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Market Drivers and Trends:
The rise in awareness about healthy lifestyles is expected to propel the walnuts market going forward. A healthy lifestyle refers to a way of living that incorporates behaviors and habits aimed at promoting physical, mental, and emotional well-being. The surge in awareness about healthy lifestyles is due to increasing access to information, rising concerns about chronic diseases, and a growing emphasis on preventive healthcare measures. Walnuts are rich in omega-3 fatty acids and antioxidants, promoting heart health and reducing inflammation, making them a nutritious addition to balanced diets and plant-based lifestyles. For instance, in May 2022, according to an online survey with 1,005 Americans ages 18 to 80 conducted by the International Food Information Council, a US-based non-profit organization, 52% of participants followed a specific diet or eating pattern, up from 39% in 2021. Further, the most common diets or eating patterns include clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based eating (12%). Therefore, the rise in awareness about healthy lifestyles is driving the growth of the walnuts market.
Major companies operating in the walnuts market are increasing their focus on developing walnut-based protein supplements such as Black Walnut Protein Powder to meet the increasing demand for healthy and sustainable food choices. Black Walnut Protein Powder is a premium supplement from wild-grown, sustainably foraged, and processed black walnuts from North American native trees. For instance, in January 2023, Surthrival Ltd., a US-based provider of regenerative food substances, launched the Black Walnut Protein Powder, a wild-foraged plant-based protein powder. The Black Walnut Protein Powder is produced using a carbon dioxide extraction process that ensures purity and quality by avoiding exposure to pesticides, herbicides, or fertilizers.
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Major Key Players of the Market:
Olam Group, John B. Sanfilippo And Son Inc., Borges International Group, Sierra Cascade Nut Company, Mariani Nut Company Inc., Webster Limited, Poindexter Nut Company, Grower Direct Nut Co. Inc., Morada Produce Co LP, Crain Walnut Shelling Inc., Alpine Pacific Nut Company, Andersen and Sons Shelling Inc., Mid Valley Nut Co Inc., Agromillora Group, Sacramento Valley Walnut Growers LLC, Guerra Nut Shelling Company, Kashmir Walnut Group, Empire Nut Company LLC, Stewart And Jasper Orchards, Valley Harvest Nut Company, GoldRiver Orchards Inc., Montna Farms
Walnuts Market 2024 Key Insights:
• The walnuts market size is expected to see strong growth in the next few years. It will grow to $9.59 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Healthy Lifestyle Awareness Driving Walnut Market Growth
• Innovation in The Walnut Market With Walnut-Based Protein Supplements
• Asia-Pacific was the largest region in the walnuts market in 2023
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