May 07, 2021
According to the research report titled ‘Global Nut Products Market Size study, by Product Type (Nut Butter, Nut Paste, Nut Fillings with Cocoa, Nut Fillings without Cocoa, Caramelized Nuts, and Nut Flour), Nut Type (Almonds, Hazelnut, Walnuts, Cashews, Peanuts, Pistachios, Macadamias, Pecans, Pine nuts, Brazil nuts), End User (B2B Industrial food manufacturers and B2B Food service & bakeries), and Regional Forecasts 2020-2027’, available with Market Study Report, global nut products market was remunerated USD 1.42 billion in 2019 and is projected to expand at 6.3% CAGR over 2020-2027, accumulating USD 2.26 billion by the end of the forecast timeframe.
The report states that investments by key players, rising disposable income, and growing health awareness are the key factors stimulating global nut products market growth. In addition, inclination of customers towards plant-based and gluten-free products and increasing number of nut-based derivatives are also contributing to the industry progression.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3611200/
Citing an instance, Olam International Limited (Singapore) in December 2019 acquired Hughson Nut (California), increasing its nut production capacity and subsequently making it easier for them to meet demand both within and outside the United States. Such strategic moves are positively impacting the business dynamics.
Moreover, nut-based flour, fillings and paste, as well as butter are widely utilized in for several applications like bakery and confectionery, further adding to the industry progression.
On the downside, maintaining nut inventory as a raw material for small and medium-scale manufacturers is difficult because it necessitates meticulous inventory control, which is likely to hinder worldwide nut products industry expansion over the coming years.
Based on product type, the market is split into nut flour, caramelized nuts, nut fillings without cocoa, nut fillings with cocoa, nut paste, and nut butter. With respect to nut type, the industry is divided into Brazil nuts, pine nuts, pecans, macadamias, pistachios, peanuts, cashews, walnuts, hazelnuts, and almonds. As per end user scope, the market is categorized into B2B food service & bakeries and B2B industrial food manufacturers.
On the regional front, Asia Pacific currently holds considerable portion of overall nut products market share, attributable to high production of nuts in economies such as China and India, enabling its exports globally.
On the other hand, Europe industry is slated to grow substantially through 2027, owing to soaring demand for natural and low-sugar ingredients and food products, along with increasing intake of nut products among the populace.