Hazelnut Market 2024 - Industry Outlook, Present Manufacturers, Channels Analysis And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Hazelnut Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The hazelnut market size has grown strongly in recent years. It will grow from $13.89 billion in 2023 to $15.11 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to the rise of health, growth in the snack food sector, expansion of hazelnut cultivation, increasing demand for hazelnuts, and changes in consumer preferences towards plant-based diets.

The hazelnut market size is expected to see strong growth in the next few years. It will grow to $21.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to rising awareness of sustainable and organic farming practices, expansion of e-commerce, climate change adaptation strategies, expansion of online grocery shopping, and increasing use of hazelnuts. Major trends in the forecast period include advancements in plant-based products, advancements in hazelnut processing, innovations in sustainable and organic farming practices, and innovations in hazelnut-based beverages.

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Market Drivers and Trends:

The growing popularity of plant-based diets is expected to propel the growth of the hazelnut market going forward. A plant-based diet focuses primarily on foods derived from plants, including fruits, vegetables, grains, legumes, nuts, and seeds. The rise in popularity of plant-based diets is driven by factors such as heightened awareness of health benefits, concerns over climate change, animal welfare issues, and the availability of diverse plant-based products. Hazelnuts are rich in antioxidants, healthy fats, and vital nutrients, which might help lower oxidative stress and inflammation, thus supporting brain health in those affected by Parkinson's disease. For instance, in April 2023, according to the Plant Based Foods Association (PBFA), a US-based organization, plant-based foods saw a sales growth of 6.6% in 2022, up from 5.9% in 2021. Additionally, 70% of the U.S. population was consuming plant-based foods, an increase from 66% the previous year. Therefore, the growing popularity of plant-based diets is driving the growth of the hazelnut market.

Major companies operating in the hazelnut market are focusing on developing innovative products, such as innovative snacks and spreads, to enhance flavor profiles, improve nutritional value, and cater to evolving consumer preferences for healthier and more sustainable options. Snacks and spreads are convenient food items designed for quick consumption, with snacks being bite-sized treats and spreads being flavorful, often spreadable products used to enhance other foods. For instance, in October 2023, Otto's Nuts, a US-based gourmet snack company, introduced a range of Turkish coffee and cocoa-coated hazelnut snacks, as well as innovative spreads. This product line includes various flavors that combine the delicious taste of hazelnuts with popular beverages, appealing to consumers seeking unique flavor experiences. The goal of the product line is to offer a perfect balance of sweetness and crunch while also highlighting the nutritional advantages of hazelnuts, such as healthy fats, fiber, and protein.

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Major Key Players of the Market:

Cargill Inc., Nestlé S.A., Ferrero International S.A., Barry Callebaut AG, J.M. Smucker Company, McCormick and Co. Inc., Hain Celestial Group Inc., Diamond Foods LLC, Nutiva Inc., Tropicana Products Inc., Weber Flavors, GEONUTS, Amedei Toscana, Chelmer Foods Ltd., Baker's Choice, Azerstar LLC, Northwest Hazelnut Company, Hazelnut Growers of Oregon Inc., Hazelz New Zealand, Apex Flavors Inc., Pascha Chocolate, Arslanturk S.A., Boxon Food, BATA FOOD Inc.

Hazelnut Market 2024 Key Insights:

• The hazelnut market size is expected to see strong growth in the next few years. It will grow to $21.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• The Impact Of Growing Plant-Based Diets On The Hazelnut Market
• Hazelnut Product Line With Innovative Snacks And Spreads
• Europe was the largest region in the hazelnut market in 2023 and it is expected to be the fastest-growing region in the forecast period

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This release was published on openPR.