Hazelnut Market to Reach US$ 13,112.9 Million by 2033, Driven by Health Trends and Growing Applications in Multiple Industries

The global hazelnut market, valued at US$ 7,670.3 million in 2023, is set to experience robust growth, reaching US$ 13,112.9 million by 2033. With an estimated compound annual growth rate (CAGR) of 5.9% during the 2023-2033 forecast period, the market's expansion is being fueled by rising consumer demand for healthy ingredients, increased applications in various industries, and investments in hazelnut production.

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Market Growth and Demand Drivers
The hazelnut market has witnessed consistent growth, with a 5.2% value CAGR between 2018 and 2022, reaching US$ 6,729.3 million in 2021. As demand for healthy, nutrient-rich foods increases, hazelnuts are gaining popularity due to their rich nutritional profile. Hazelnuts are becoming a key ingredient not only in food products like chocolates and snacks but also in cosmetics and pharmaceuticals.

The demand for hazelnuts is also driven by the increasing use of hazelnut oil in personal care products. Companies like La Tourangelle and Henry Lamotte Oils GmbH are capitalizing on the growth of the cosmetics sector by promoting the benefits of hazelnut oil for skin health. The beverage industry is also seeing a surge in hazelnut-flavored products, with global brands such as Davide Campari-Milano re-launching Frangelico, a hazelnut-infused liqueur.

Hazelnut Market Trends
Broader Applications: While 90% of hazelnuts in the U.S. are consumed as snacks, manufacturers are exploring broader applications, including cosmetics and pharmaceuticals. This diversification is expected to increase demand across various industries, including skincare, due to the high antioxidant and skin-repairing properties of hazelnut oil.

Confectionery and Health Consciousness: In developing markets like India and China, hazelnuts are being incorporated into premium chocolate and confectionery products as a sign of luxury and wellness. Confectioners are responding to the demand for healthy, innovative products by launching hazelnut-infused products, catering to health-conscious consumers.

Festive Season Demand: Hazelnuts are increasingly being used in festive products, particularly in the chocolate industry. Products such as Ferrero Rocher, Nutella, and hazelnut-flavored coffees are seeing increased sales during the holiday season, further driving market growth.

Competition from Alternative Nuts: Despite the growing popularity of hazelnuts, alternative nuts such as almonds, cashews, and walnuts continue to be favored due to their lower price points and larger production volumes. This competition may moderate the growth of the hazelnut market, especially in the middle-income consumer segment.

Regional Insights
Europe remains the leading consumer of hazelnuts, with an estimated market value of US$ 2,833.9 million in 2023. The demand from the chocolate and bakery industries in the region continues to drive the consumption of hazelnuts.

East Asia is also expected to witness substantial growth, with a projected CAGR of 8.1% during the forecast period. This growth is driven by increased imports of hazelnuts, shifting consumer preferences toward cosmetics with natural ingredients, and rising demand for hazelnut-flavored beverages.

Category Insights
Processed Hazelnuts Dominate: Processed hazelnuts account for the majority of market share, with an estimated 84.7% share in 2023. These hazelnuts are widely used in food manufacturing, particularly in chocolates, snacks, and bakery products.

Hazelnut Oil in Cosmetics: The demand for hazelnut oil in the cosmetic and personal care sectors is expected to grow significantly. In 2023, the consumption of hazelnut oil in cosmetics is valued at US$ 281.1 million and is anticipated to grow at a 6.3% CAGR during the forecast period.

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Competitive Landscape
The hazelnut market is highly competitive, with key players focusing on expanding their product portfolios to cater to diverse consumer preferences. To mitigate the effects of fluctuating hazelnut prices, major companies are entering into long-term contracts with hazelnut producers. Additionally, collaborations between hazelnut producers and end-users, such as chocolate manufacturers, are expected to enhance product development and ensure a steady supply of hazelnuts for signature products.

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