The nuts market size is projected to be valued at USD 64,272.60 million in 2024. With an anticipated CAGR of 5% through 2034, the industry is expected to grow significantly, reaching a forecasted valuation of USD 104,693.30 million by 2034.
Consumers are increasingly prioritizing healthy, nutritious food choices, and growing awareness of the health benefits of nuts is fueling market expansion. Additionally, nuts are recommended for individuals with cardiovascular disorders and diabetes as part of effective management of these conditions.
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The rise in on-the-go snacking is boosting nut consumption, as they are seen as convenient and healthy snacks. Additionally, the incorporation of nuts into dishes such as trail mixes, salads, and baked goods is driving product sales. Nuts enhance both the flavor and nutritional value of these foods, supporting their popularity across various applications.
The fast-paced lifestyles of consumers have made nuts a favored choice due to their rich content of minerals, vitamins, and antioxidants, which meet dietary needs. Growing discretionary incomes are positively impacting nut sales, as consumers are increasingly willing to invest in healthier and premium food options.
Key Takeaways from the Nuts Market Report:
- The Italy nuts market is projected to expand at a CAGR of 5.4% through 2034.
- The markets in Spain and Germany are anticipated to register CAGRs of 4.9% and 4%, respectively, through 2034.
- The United States market is forecasted to rise at a CAGR of 3.6% through 2034.
- The China nuts market is projected to expand at a CAGR of 2.9% over the forecast period.
- Peanuts, as per the latest estimates, is forecasted to acquire a share of 28% in 2024.
- The food processing segment is expected to obtain a share of 32% in 2024.
Key Players Operating in the Nuts Market:
- Diamond Foods, Inc.
- John B. Sanfilippo and Son
- Kraft Foods Inc.
- Olam International Ltd
- Borges Agricultural and Industrial Nuts
- Hines Nut Company
- Mariani Nut Company
- WeAreBio
- Germack Pistachio Company
- Hampton Farms, Inc.
- Star Snacks Co., LLC
- Fresh Nuts GmbH
- Tropical Foods
- Durak Findik
- Grower Direct Nut Co. Ltd.
- Others
Top Tactics Adopted by Market Players to Gain Higher Profits:
Key players are positioning themselves for higher growth by providing high-quality nuts at competitive prices. Additionally, they are working on research and development activities and following strict quality measures to level up their offerings. Additionally, players are focusing on customer service and loyalty programs to retain their present customers.
Marketing campaigns to promote nut offerings are further expected to push market growth. Players are launching new flavor combinations to expand their market reach.
Recent Developments in the Nuts Market:
- In September 2023, John B. Sanfilippo & Son, Inc. acquired snack bar assets from Treehouse Foods for US$ 63 million. Since snacking is projected to dominate American diets, the business is projected to thrive over the next decade.
- In June 2021, The Kraft Heinz Company revealed that it had sold its nuts business to Hormel Foods Corporation for a total of US$ 3.35 billion.
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Key Segments in the Global Nuts Market:
By Nut Type:
- Peanut
- Almond
- Walnut
- Cashew
- Hazelnut
- Pistachio
- Brazil Nuts
- Chestnut
- Pecan
- Macadamia Nuts
- Pine Nuts
By Product Type:
- Shelled Nut
- Powder
- Splits (Slice or Dice)
- Paste
By End-use/End-use Industry:
- Food Processing
- Bakery and Confectionery
- Breakfast Solutions
- Bars and Snacks
- Butter and Spreads
- Dairy and Desserts
- Beverages Processing
- Food Service/HoReCa (hotels, restaurants, café)
By Distribution Channel:
- Retail Sales
- Supermarkets/Hypermarkets
- Conventional Stores
- Food and Drink Specialty Stores
- Traditional Grocery Stores
- Franchise Outlets
- Online Retail
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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