Nut Products Market by Type (Nut Butter, Nut Milk, Packaged Nuts, Nut Flour, and Others), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others): Global Market Size Estimates and Forecast (2022–2030)
The market crossed US$ 6.7 billion mark in 2022 and is expected to hit US$ 10.6 billion by 2030, recording a CAGR of 5.9% during the forecast period.
Nut products market has been significantly growing with the high adoption of nut milk segment.
Nut milk is one of the alternatives of dairy milk and can be extracted from cashews and almonds among others. Almond is becoming highly popular among the vegan population across the world. Owing to the high nutritious values of nut milk, it is widely accepted among consumers as it is also a rich source of protein. Moreover, consumers who are lactose intolerant cannot consume dairy milk and therefore have to resort to dairy alternatives such as nut milk. Nut milk is a good replacement for dairy milk and can be used in the making of beverages such as coffee or in other dishes such as vegan smoothie bowls. Thus, the growing popularity of nut products is expected to aid the growth of nut products market over forecast period.
Within the report, the market is segmented into type, distribution channel, and geography. By type, the market is further segmented into nut butter, nut milk, packaged nuts, nut flour, and others. On the basis of distribution channel, the market is bifurcated into supermarkets and hypermarkets, specialty stores, online retail, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Nut products market is fueled by growing awareness regarding their health benefits.
Nuts are dry fruits consisting of one or multiple edible kernels inside a hard shell. Almonds, brazil nuts, cashew nuts, hazelnuts, macadamias, pecans, pine nuts, pistachios, and walnuts are some of the most popular nuts. Most of the nuts have similar macronutrient profiles containing fats, carbohydrates, and proteins; however, various nuts contain different micronutrient profiles. Most of the nuts are rich in good fats such as polyunsaturated fats and monosaturated fats, moreover, they have low saturated fats. Nuts are also high in dietary fibre and they are free of dietary cholesterol. They are also rich in antioxidants called phytochemicals as well as rich in vitamins and minerals such as potassium, phosphorus, selenium, copper, calcium, plant iron, zinc, and magnesium among others. The increased awareness regarding nuts have made them an ideal guilt-free snacking product. Thus, products such as roasted nuts or salted nuts have become highly popular among consumers across the globe.
Rising adoption in various regions is one of the major factors accelerating the market growth.
The robust growth of nut products market is clearly being witnessed in all regions across the globe. Nuts are already a household product and are included in many cuisines across the world, thus the acceptance nut products is high in all regions. Moreover, the increased introduction of products in the nut butter, nut milk, and nut flour segments is expected to drive the market even further. The followers of keto diet are especially inclined to purchase nut products as they are a feasible alternative to carbohydrate rich products.
Recent strategic developments in nut products market
The nut products market has undergone several significant developments, and a few of these have been mentioned below:
- In June 2022, Blue Diamond Growers introduced a new flavors Mash-Ups Dark chocolate and chili pepper almonds, Mash-Ups Cinnamon and Maple Almonds, Korean BBQ Almonds, and Elote Mexican-style street Corn Almonds.
- In March 2022, Mount Franklin Foods made an announcement to expand their state-of-the-art production plant to cope with the increasing demand of core products of the company.
The nut products market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Blue Diamond Growers; Zentis GmbH & Co. KG.; Mount Franklin Foods; Mandelin, Inc; and Bazzini are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Food Processors
- Packaged Food Manufacturers
- Food Retailers
- Alternative Dairy Product Manufacturers
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type:
- Nut Butter
- Nut Milk
- Packaged Nuts
- Nut Flour
- Others
- Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Retail
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Blue Diamond Growers
- Zentis GmbH & Co. KG.
- Mount Franklin Foods
- Mandelin, Inc
- Bazzini
- Blue Diamond Growers
- Zentis GmbH & Co. KG.
- Mount Franklin Foods
- Mandelin, Inc
- Bazzini