Hazelnut Market Market Size to Record a CAGR of 6% by 2026

Hazelnut promises its consumers to provide with a mouth-watering experience even though it is a dry fruit characteristically. Food products & drinks made from hazelnuts have left an uncontrollable craving in billions of people across the globe. The growing consumption of chocolate truffles & confectionary products such as Ferrero Rocher or Nutella are expected to continue intake of hazelnuts for their production. In 2016, hazelnuts of around 948,876 metric tons were consumed by bakeries, individuals and leading food & beverage industries around the world. According to the report by Persistence Market Research (PMR), the US $7,200 million global hazelnut market is estimated to expand at 5.9% CAGR during 2016 to 2026 (forecast period) to reach revenues worth US $12,730.6 million by 2026 end.

Consumers are Inclining Towards Hazelnut Products Owing to its Nutritional Content

The global hazelnut market is at its nascent stage and is anticipated to witness steady growth during the forecast period as compared to other nuts and dry fruits. Consumers get inclined towards hazelnut products owing to their outstanding flavor and nutritional content. Correspondingly, retailers are inclining more towards rising their dry fruit sales by increasing presence of products such as hazelnuts on their store shelves. In addition, owing to health benefits, protein-rich hazelnut products are experiencing high demand around the world.

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Hazelnut Kernel’s Sales to Account for a Value of US $12,600 Million by 2026 End

Consumption of hazelnuts across the globe is bifurcated into the shell and the kernel. In 2016, global consumption of hazelnut shells surpassed 90,000 metric tons. Majority of edible hazelnut products are produced by the extraction of nutritional fillings in the kernels. The sales of hazelnut kernels around the world is estimated to surpass a value of US $12,600 million by 2026 end. Raw hazelnut is expected to witness robust demand during the forecast period. More number of consumers are predicted to purchase raw hazelnuts for experimenting with their culinary skills. Raw hazelnut sales are estimated to account for around one-third revenues of global hazelnut market by 2026 end. On the other hand, processed hazelnut products are estimated to exhibit higher consumption rate and account for revenues worth US $7,400 million by 2026 end.

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Western Europe to be the Largest Market for Hazelnut Consumption

Owing to multinational food & beverage companies present in Western European Countries, this region is expected to witness high demand for hazelnuts. Western Europe is estimated to be the largest hazelnut consuming region during the forecast period. North America is expected to contribute 10% of global hazelnut market revenues, while Japan’s contribution to global revenues is estimated to steadily rise up to 11% by 2026 end. Eastern Europe is anticipated to account for 20.1% revenue share of global hazelnut market during the forecast period. Whereas, Asia Pacific Excluding Japan (APEJ) is estimated to witness robust revenue growth in hazelnut market registering 7.2% CAGR during 2016 to 2026.

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Leading Food Producers Across the Globe to be Largest Hazelnut End-Users

World’s leading food producers are expected to be the largest hazelnut end-users. Manufacturers of food items such as bars, protein shakes or confectionary items are expected to account for more than 80% revenue share of global hazelnut market. Beverage producers are estimated to witness huge demand for hazelnuts and exhibit revenue growth at an impressive 6.4% CAGR during the forecast period. Leading manufacturers in the global hazelnut market include Durak Findik, Karimex, Olam International, Oregon Hazelnuts, Gursoy Tarimsal Urunler Gida Sanayii Ve Ticaret A.S., Barry Callebaut AG, Geonuts Limited, Kanegrade Limited, Arslanturk and Ferrero International SA.

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