Meticulous Research®—a leading global market research company, published a research report titled, ‘Nut Ingredients Market by Type (Almond, Cashew, Walnut, Hazelnut, Others), Form (Roasted, Raw, Powdered, Cut), Application (Confectionary, Snacks & Bars, Dairy Products, Beverages, Bakery Products), and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the global nut ingredients market is projected to reach $10.2 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. The growth of the nut ingredients market is mainly attributed to the growing preference for plant-based food products, product innovation and developments, changing food landscape and lifestyle, and growing focus on health and wellness. Nuts are nutrient-dense foods that provide essential vitamins, minerals, healthy fats, and protein. They can be consumed whole form, chopped, ground, or processed into nut-based products. Furthermore, increased investments and expansion in nut-based products are expected to create market growth opportunities. However, fluctuating raw material prices and the prevalence of nut allergies restrain the growth of this market to some extent.
The nut ingredients market is segmented by type (almond, cashew, hazelnut, walnut, and other types), form (raw, roasted, powdered, cut, and other forms), application (confectionery products, bakery products, snacks & bars, dairy products, beverages, and other products), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Among all the types studied in this report, the almond segment is expected to account for the largest share of the global nut ingredients market in 2023. The large market share of this segment is attributed to the rising almond consumption owing to their functional properties, including rich antioxidants, fiber, minerals, and vitamins; increasing demand for almonds in different food applications; increasing vegan population leading to demand for almond milk; and low price of almonds compared to other nuts. Also, the rising trend for assorted almonds is further expected to drive the growth of the almond segment.
Among all the forms studied in this report, the raw segment is expected to dominate the global nut ingredients market. The large share of this segment is mainly attributed to factors such as high shelf life compared to other forms, better absorption of nutrients, no contact with harmful chemical substances, and low cost.
Among all the applications studied in this report, the snacks & bars segment is slated to register the highest CAGR during the forecast period. This segment's rapid growth is attributed to increasing demand for nutrition-packed convenience food, growing consumer demand for natural and healthy products, and increased product launches with nuts as prominent ingredients in snacks & bars.
Among all the regions studied in this report, in 2023, North America is expected to account for the largest share of the nut ingredients market. The large market share of this region is attributed to the well-established food & beverage industry; high awareness of the health benefits of nut ingredients; the growing popularity of protein bars, shakes, and cookies among millennials; the growing vegan population; and advancements in products enriched with nuts.
The global nut ingredients market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the global nut ingredients market are Barry Callebaut Group (Switzerland), Olam International Limited (Singapore), Archer-Daniels-Midland Company (U.S.), Terri Lynn, Inc. (U.S.), Bergin Fruit and Nut Company (U.S.), ROYAL NUT COMPANY (Australia), HBS Foods Ltd. (U.K.), Helios Ingredients Ltd (U.K.), Sran Family Orchards (U.S.), and Harris Woolf Almonds (U.S.).
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