The hazelnut market, which was estimated to be worth US$ 17.69 billion in 2023, is poised to record by 8.8% CAGR to US$ 41.12 billion by 2033. The expanding health benefits of eating hazelnuts are predicted to fuel substantial demand potential over the forecast period.
The Hazelnut Market is witnessing impressive growth owing to its versatility and widespread application in the food and confectionery industries. As consumers embrace healthier snacking options, hazelnuts’ nutritional benefits and unique flavor profile drive market demand. Additionally, the rising popularity of hazelnut-based spreads and beverages further fuels the market’s expansion.
The 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 more and more well-liked among the number of vegetarians worldwide. This condition is creating promising sales opportunities in the global hazelnut industry.
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More people are turning to eat hazelnuts to reduce their weight. Hazelnut sales are predicted to increase as a result of the rising usage of these nuts in the treatment of 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 hazelnut in various forms as a result of increased awareness of the health advantages of this nut. Many confectionary manufacturers are integrating hazelnut 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 is likely to see impressive sales opportunities.
Most individuals around the world now have greater 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.
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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 course of 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.
- For the anticipated period, the Cosmetics segment is expected to record a CAGR of 5.5%.
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Competitive Assessment
The worldwide market is home to a large number of active competitors. Therefore, it appears that there is intense competition in the hazelnut industry. Businesses in this sector are currently employing a range of strategies to get a competitive edge.
Many firms in the global industry are paying more and more attention to increasing their manufacturing capacities. A lot of 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
- Launches of New Products to Strengthen the Market Growth
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 Segments
By Application:
- Food & Beverage
- Cosmetics
- Personal Care & Pharmaceuticals
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
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