Pecan Market set to record exponential growth by 2024

Global pecan market is segmented on the basis of application and region. Based on the application, global pecan market is segmented into bakery, snacks, beverages, confectionary, and others. Among the application segments bakery and confectionery products collectively contribute to more than 50.0% market share. On the basis of region, global pecan market is segmented into five regions, North America, Latin America, Europe, Asia Pacific, Middle East and Africa.

Pecans are edible tree-nut crop which is cultivated for its delicious and buttery yet rich flavour, which contains minerals, vitamins, antioxidants, and health beneficial nutrients. Pecan contains 690 calories/100g which makes them good source of energy, regular consumption of pecan helps to decrease cholesterol level in the blood. Pecan contain polyphenolic antioxidant ellagic acid, vitamin E, beta-carotene, lutein and zea-xanthin, which makes them rich source of many phyto-chemicals and helps to remove toxic like oxygen-free radicals that helps to decrease the risk of diseases like cancer as well as help to prevent body from various infections.

Pecan mainly produced in Georgia, followed by New Mexico, Texas, and Arizona. According to National Agricultural Statistics Service (NASS), in 2014, Georgia produced 76 million pounds of pecan. Whereas, New Mexico, Texas, and Arizona produced 67 million pounds, 61 million pounds, 21 million pounds of pecan, which is 17% low from previous year for Georgia, and 7% for New Mexico and Arizona.

According to FAS, in 2014, The U.S. exports of pecan increased by 28% in comparison to previous year. In 2014, the U.S. exports of pecan was valued more than US$ 445 million and imports are valued at US$ 370.6 million which is 52% higher than previous year. In 2014, Canada was largest market for shelled pecans valued at more than US$ 45 million. In 2015, Mexico produced 270,535.4 Mn pounds of pecan, which is 400,000 lbs higher than previous year.

According to USDA's Economic Research Service, in 2014, per capita consumption of pecan was ranging from 0.3 pounds to 0.6 pounds.

The factors driving the pecan market are high nutritional value of pecan nuts, increasing focus towards preventive care, consumers are rapidly shifting towards consumption of healthy food. Increasing urge of the consumers for living a healthy lifestyle, coupled with increased usage of edible nuts as an ingredient by various food industries such as bakery & confectionery, dairy, snacks and others. Increasing concern regarding side effects of chemicals and synthetic additives used in food and beverages is fuelling demand for natural alternatives like pecan in the market. However, lack of product quality standard and uniform packaging and quality standards will act as a barrier for global pecan market. In recent years, pecan industry is dealing instability due to uneven supply.

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The global pecan market is anticipated to expand at a healthy CAGR in terms of value and volume, during the forecast period (2016–2024). Currently, the major trends witnessed in the global pecan market are: increased consumption of nut based spreads and shifting consumer preference towards plant based beverages. Pecan provides a good and easy option for snacking, different coated, flavoured and seasoned pecans are available in retail market.

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Some of the key participating player in global pecan market are Pecan Producers International, Missouri Northern Pecan Growers, Linwood Nursery, Navarro Pecan Company Inc., The Green Valley Pecan Company, SA Pecans, Kalahari Desert Products (Pty) Ltd., Hudson Pecan Company, and others.

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