The areca nut market is anticipated to increase from US$ 867.4 million in 2023 to US$ 1,851.6 million in 2033. According to FMI, the market is expected to expand at a CAGR of 7.9% during the projected period. The CAGR in the historical period was 1.9%.
Areca nut, the seed of areca palm, commonly known as betel nut or supari, is a major commercial fruit In Southeast Asian countries. Red areca nut and white areca nut are the two varieties of areca nut popularly used. The white areca nut is produced from ripe nuts, while the red areca nuts are obtained from the green areca nut. Areca nuts have polysaccharides, polyphenols, proteins, and fiber.
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The increasing demand for areca nut is encouraging manufacturers to introduce innovative products, ensuring a promising future market expansion. The ever-growing demand for areca nut products in the global market can be attributed to the following demand drivers
- Areca nut, betel leaf, tobacco, and slaked lime are often chewed as mild stimulant in many parts of Asia.
- In traditional medicine systems, such as Ayurveda and Chinese medicines, areca nut is used for its distinct medicinal properties.
- In various religious traditions and practices, areca nut holds cultural significance.
- In some regions, the seeds extracted from the areca nut palm are used as natural dyes.
- The areca nut oil is used as a natural insecticide and repellent.
Regularly consumption of areca nuts can cause severe health hazards, including throat and mouth cancer. These several health implications have resulted in the posing of various regulations over the areca nut production and consumer industries by the government of India and many other governments. Also, the increasing awareness about health and fitness among consumers has seriously restrained the growth of the areca nut market. The growth of the areca nut market is also hindered by the dependence on weather conditions and the growth of consumer industries.
The dominant players in the market are engaged in processing areca nuts and extracting tannin, which is produced from immature areca nuts. In the cosmetic and wine industry, tannin has great demand, and thus market players have an opportunity to explore these industries in the areca nut market.
India continues to have an increased demand for areca nuts due to their use in religious practices and consumption in different forms, like fresh, dried, roasted, and cured. This increases the expectation of a rise in demand in India.
India is the largest manufacturer and consumer of areca nuts in the world. Due to the cultural fabrication of areca nuts in such Asian countries, the demand is expected to grow despite health concerns.
Key Takeaways
- By 2033, the areca nut market in the United Kingdom is likely to expand, with a CAGR of 5.5%.
- In 2022, the United States dominated the areca nut market with a share of 13.5%.
- The areca nut market was significantly expanding, with a size of US$ 834 million in 2022.
- The areca nut sector expanded at a CAGR of 1.9% from 2018 to 2022.
- By 2033, China’s areca nut market is projected to expand, with a CAGR of 3.8%.
- In 2022, Germany expanded significantly in the areca nut business, with a share of 7.0%.
- By 2033, India is projected to grow considerably in the areca nut market, with a share of 4.8%.
- In 2022, Australia developed in the areca nut business, with a share of 0.3%.
- Japan’s areca nut industry share expanded, with a 0.8% share in 2022.
Competitors Winning Strategies
The numerous players in the areca nut market are indulged in the production, buying, and selling of different forms and types of betel nut. Partnerships and collaborations have been one of the most used strategies in recent times. This has helped the key players in expanding their market range.
The primary region of areca nut market operations is Asia, and some of the key players in the market include
- Manikchand Group
- Muthu Areca
- KM Foods
- Aditya Birla Group
- Raj Exim
- Mahkota Group
- Chin Yo Co., Ltd
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Recent Developments
- In September 2022, the Indian government allowed the import of 17,000 metric tons of green areca nut without MIP condition from Bhutan yearly, subject to a valid registration certificate by the government.
- In May 2022, CAMPO Ltd. requested the External Affairs Ministry to block the movement of areca nuts at ICP in Manipur as it affects the domestic and local markets, causing distress to the farmers.
- In 2021, the promotion of betel nuts was banned in China on public and social platforms like television and radio owing to the cancer risk that is caused by areca nuts.
Key Segments Profiled in the Areca Nut Industry Survey
By Processing:
- Chali (Ripe Sun-Dried Nuts) Processed
- Red Boiled (Tender or Mature Nuts)
By Varieties:
- Indian Areca Nut Varieties
- South Kanaka (South Kanara, Karnataka)
- Thirthahali (Maland, Karnataka)
- Rotha (Costal Maharashtra)
- Mettupalayam (Mettupalayam, Tamil Nadu)
- Kahikuchi (Northeast India)
- Mohitnagar (West Bengal)
- Non-Indian Varieties
- Mangala (China)
- Sumangala (Indonesia)
- Sree Mangala (Singapore)
- Others
By Region:
- North American
- Latin American
- European
- Asia Pacific
- Middle East and African
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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