Recipe Pecan Market: Global Trends and Opportunities for 2024

"The Business Research Company recently released a comprehensive report on the Global Recipe Pecan 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.

According to The Business Research Company's, The recipe pecan market size has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to growth in the food and beverage industry, health and nutrition awareness, regional and cultural preferences, marketing and promotion efforts, availability and harvesting practices.

The recipe pecan market size is expected to see strong growth in the next few years. It will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to demand for healthy snacks, gourmet and specialty cuisine, shift towards plant-based diets, culinary influencer and celebrity endorsements. Major trends in the forecast period include diversification in culinary usage, rising popularity of plant-based ingredients, innovation in recipe development, culinary fusion and experimentation, health-conscious consumer choices.

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Market Drivers and Trends:

The rising demand for plant-based products is expected to propel the growth of the recipe pecan market going forward. Plant-based products are products made from plant-derived ingredients and they include food items such as plant-based meat alternatives, dairy-free milk and cheese alternatives, and vegan desserts. Due to the growing awareness among consumers about the use of plant-based products, the demand for plant-based products is increasing. Pecan is a plant-based product and a good source of calcium, magnesium, and potassium, which help lower blood pressure leading to an increase in the market of recipe pecan. For instance, in 2021, according to the Plant Based Foods Association (PBFA), a US-based trade association representing the nation's leading plant-based food companies, plant-based retail sales in the US increased 6.2% in 2021 over the previous year, bringing the overall plant-based market value to $7.4 billion. Furthermore, plant-based product purchases in the United States have increased from 61% (77 million in 2020) to 62% (79 million in 2021). Therefore, the increase in the demand for plant-based products is driving the growth of the recipe pecan market.

New generation plant-based coffee creamers are key trends in gaining popularity in the recipe pecan market. Companies operating in the recipe pecan market are developing and launching new-generation products to sustain their position in the market. For instance, in September 2021, THIS PKN, a US-based dairy-free brand owned by sustainable foods company Livestock, launched a new generation of plant-based coffee creamers made from pecan milk. THIS PKN has a rich, buttery flavor that is reminiscent of classic delicacies such as pecan pie and pralines. Each 80-calorie dose contains Omega-3 fatty acids, antioxidants, calcium, zInc., and vitamins A, B, and E. THIS PKN goes well with coffee or espresso, as well as improving basic cereal or turning your morning oats into a delectable delight. This category disruptor is available in two flavors original and 100-calorie chocolate.

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Major Key Players of the Market:

Archer Daniels Midland Company; Green Valley Pecan Company; Hudson Pecan Company Inc.; John B. Sanfilippo & Son Inc.; La Nogalera Group SA de CV; Lamar Pecan Company; Maco Pecan SA de CV; National Pecan Company; Navarro Pecan Company; Oliver Pecan Company Inc.; San Saba Pecan LP; South Georgia Pecan Company; Sun City Nut Company Inc.; Whaley Pecan Company Inc.; Atwell Pecan Company; Durham-Ellis Pecan Company; Golden Kernel Pecan Company; Greenbrier Pecan Company; Hill Country Pecan Company; Indianola Pecan House; Koinonia Farm Pecans; Lenny's Pecans; Millican Pecan Company; Missouri Northern Pecan Growers; Pearson Farm; Pecan Deluxe Candy Company; Pecan Grove Farms; Royalty Pecan Farms; Valley Pecans Products Inc.; J & W Pecan Company; New Mexico Pecan Company; Pecan House; Pecan Ridge Plantation; Pecan Shoppe; Pecan Valley Pecans

Recipe Pecan Market 2024 Key Insights:

• The recipe pecan market will grow to $2.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Recipe Pecan Market Amidst Soaring Demand For Plant-Based Products
• Elevating The Recipe Pecan Market With Innovative Plant-Based Delicacies
• North America was the largest region in the recipe pecan market in 2023

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