The hazelnut market is experiencing remarkable growth as consumer demand for healthy snacks and natural ingredients surges. These delightful nuts, often used in chocolates and spreads like Nutella, are now gaining popularity as a standalone snack. Their numerous health benefits, including being a source of heart-healthy fats and antioxidants, have contributed to this trend.
In 2023, the hazelnut market had an estimated value of US$ 17.69 billion, and it is projected to experience a robust growth rate with a significant compound annual growth rate (CAGR) of 8.8%. By 2033, this market is anticipated to reach an impressive valuation of US$ 41.12 billion. This substantial growth is primarily attributed to the increasing recognition of the health advantages of hazelnut consumption, which is expected to drive significant demand throughout the forecast period.
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Dynamics of the Global Hazelnut Market
Sales of Hazelnut Spurred by Growing Usage in Treatment of Medical Ailments
Among the many vitamins that hazelnuts are regarded as a rich source of are vitamins B, E, and K. It is well known for providing good lipids, proteins, and minerals. Hazelnuts have a low salt content and may help lower cholesterol levels. Thus, they are becoming increasingly well-liked among the number of vegetarians worldwide. This condition is creating promising sales opportunities in the global hazelnut industry.
More people are turning to eat hazelnuts to reduce their weight. Hazelnut sales are predicted to increase due to the rising usage of these nuts in treating several illnesses, including celiac disease.
Hazelnut Market to Experience Sales Growth Due to Increased Demand from Confectionary Makers
A significant part of the population from all over the world is raising its consumption of hazelnuts in various forms due to increased awareness of this nut’s health advantages. Many confectionary manufacturers are integrating hazelnuts into their products to earn more revenue from this growth trend. Due to the rising demand from producers of chocolate, spreads, and other food products, the hazelnut market will likely see impressive sales opportunities.
Most individuals around the world now have more significant disposable income. Therefore, it is projected that this demographic base is likely to spend more money on expensive food products. Due to this, producers of confectioneries, including dry fruits, have excellent market prospects. This component ought to create lucrative business potential.
“Hazelnut, a versatile and beloved nut, has widespread culinary applications. From confections and baked goods to spreads and beverages, hazelnuts’ rich flavor and nutritional value make them a popular choice among consumers and a key ingredient in various food products.” Lead Research Analyst, Future Market Insights.
Key Takeaways
- During the projected period, the market in the United States is anticipated to generate US$ 2 billion.
- By 2033, China is expected to have a projected market size of US$ 3.41 billion, recording a CAGR of 7.6% from 2023 to 2033.
- Japan and Canada are two more notable geographic markets, with growth rates of 2.7% and 3.8%, respectively, expected between 2023 and 2033.
- Germany is anticipated to expand within Europe, recording a CAGR of 3.4% over the projection period.
- During the projected period, the market in Asia Pacific is expected to reach US$ 1.4 billion.
- The personal care & pharmaceuticals category is expected to record a CAGR of 5.8%.
- Through the analysis, Latin America may expand at a CAGR of 6.3%.
- At a projected CAGR of 4.5%, the food and beverage sector is expected to reach US$ 8.2 billion by the end of the assessment period.
- The Cosmetics segment is expected to record a CAGR of 5.5% for the anticipated period.
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Competitive Assessment
The worldwide market is home to a large number of active competitors. Therefore, there is intense competition in the hazelnut industry. Businesses in this sector are currently employing various strategies to get a competitive edge.
Many firms in the global industry are paying more and more attention to increasing their manufacturing capacities. Many businesses on the market are also striving harder to produce high-quality products. All of these indicate that the hazelnut market is anticipated to experience rapid expansion in the years to come.
Recent Developments
Cadbury Dairy Milk Silk’s novelty Silk Hazelnut chocolate, which contains whole Turkish hazelnuts, was first released in March 2019. Farmers are also working to produce organic hazelnuts to meet the rising demand for organic foods and beverages.
Key Players in the Hazelnut Market
- Olam International
- Arslanturk S.A.
- Karimex Nuts
- Holmquist Hazelnut Orchards, LLC
- DurakFindik
- DeveHerbes
- Azerstar LLC
- American Hazelnut Company
- Hazelz New Zealand
- Northwest Hazelnut Company
- Hazelnut Company Division, Ferrero
- ADM
- Karin Gda
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Key Segments
By Application:
- Food & Beverage
- Cosmetics
- Personal Care & Pharmaceuticals
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
About the Food and Beverages Division at Future Market Insights (FMI)
FMI’s food and beverages team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides:
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- Actionable insights.
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Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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