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Nut Products Market Report 2024-2033 - Trends, Growth & Market Insights
Nut Products Market Report
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According to The Business Research Company's, The nut products market size has grown strongly in recent years. It will grow from $3.96 billion in 2023 to $4.25 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to health and nutrition trends, diverse culinary uses, health awareness and marketing, shift in dietary preferences, research on health benefits, .
The nut products market size is expected to see strong growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to culinary versatility and cultural influence, functional food and ingredient demand, sustainability and ethical consumption, innovative nut-based products, globalization of nut varietie. Major trends in the forecast period include digital and social media influence, convenience and on-the-go snacks, global culinary fusion, strategic collaborations, sustainability and ethical sourcing.
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Market Drivers and Trends:
The increasing demand for ready-to-eat (RTE) foods is expected to propel the growth of the nut products market going forward. Ready-to-eat food is a meal that has been prepared and packaged before serving and requires no additional preparation or cooking. Nut products are used in ready-to-eat foods to offer a nutrient-rich profile, weight management, boosting antioxidants, control blood sugar, and contribute to a feeling of fullness, making them a satisfying and satiating snack option. For instance, in 2022, according to the Food Export Association of the Midwest USA, a US-based nonprofit organization, retail sales of packaged foods in Japan are predicted to reach $235.9 billion by 2026, an increase of 9.1%, or $19.6 billion, from 2022. Therefore, the increasing demand for RTE foods is driving the growth of the nut products market .
Innovative products are a trend gaining popularity in the nut products market. The companies are increasingly focusing on bringing new innovative products into the market. For instance, in August 2022, Beech-Nut Nutrition Company, a Switzerland-based food production company that provides baby food products, launched a New Veggie-Forward Crispeas Snack in a novel snack form for toddlers and older kids. Crispeas are made by using a new format, the peas are converted into puffed pea mini sticks that have a crunchy texture with a savory, delicious flavor. This new snack innovation makes it simpler for parents to include fruits and vegetables in their kids' diets and it is non-GMO, gluten-free, and grain-free. Crispeas are the latest innovation added to Beech-Nut's snack portfolio, which also includes melties, mini-waffles with hidden veggies, and fruity oat bars.
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Major Key Players of the Market:
Olam International Limited, Barry Callebaut AG, Blue Diamond Growers, Kerry Group plc, Zentis GmbH & Co. KG, Mount Franklin Foods LLC, Mandelin Inc., Besana Group S.p.A., Lubeca GmbH, Puratos Group NV, Almendras Llopis S.A.U., Kanegrade Limited, Moll Marzipan GmbH, Kondima Engelhardt GmbH & Co. KG, Treehouse Almonds, Royal Nut Company, CSM Bakery Solutions LLC, Waterford Nut Company, Tierra Farm Inc., Hormel Foods Corporation, Honeyville Inc., Braden Farms Inc., Sun Organic Farms, HBS Natural Choice LLC, South Valley Farms, Ludlow Nut Co Ltd., Kar Nut Products Co., Lotte Corporation, Dori Alimentos S.A., Georgia Nut Company
Nut Products Market 2024 Key Insights:
• The nut products market size is expected to see strong growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• The Surge In Health-Conscious Consumers Driving Growth In The Nut Products Market
• Beech Nut Nutrition Unveils Innovative Crispeas Snack For Health Conscious Parents And Kids
• Europe was the largest region in the nut products market in 2023
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