Nut Market Size, Share & Industry Analysis, By Category (Conventional, Organic), By Type (Almond, Peanuts, Walnuts, Cashews, Others), By Distribution Channel (Supermarkets/Hypermarkets, Online Retail Stores, Retail Stores, Others)And Regional Forecast, 2024-2032

Nut production over time has practiced several modifications in terms of mechanization, improved planting material to enhance and support quantity and quality. These modifications have brought in convincing results in agro-ecological management systems and associated cropping systems. Nut growers have various competitive advantages in the cultivation of high-quality nuts, and there is an opportunity to commercialize, diversify and integrate the sector into the international market. The significant development of the industry in the production-extension, added-value, commercialization, sector-organization, and export-process areas are predicted to support the steady growth of the market.

The companies operating in the market are embarking on organic farming to attract large number of health-conscious consumers. Moreover, the rising application of raw nuts and nutmeals in cooking and blends in snacks such as trail mixes is predicted to increase global nut cultivation in forthcoming years. For instance, in March 2020, Sports nutrition brand Acti-Snack has introduced a new range of healthy snack mixes. The product is available in three variants: Natural Nut, Fruit and Nut, and Nut and Seed.

Modernization and technology are the driving forces behind the growth of the global nut industry. Modernization and adoption of advanced technology assure to completely harvest the potentials that the global nut sector offers. Moreover, digitalization of the industry can be a game-changer in supporting and accelerating industry transformation across the globe. The increasing focus of the nut producers to utilize advanced digital solutions for sales and marketing of their product is likely to impact the growth trajectory of the market positively. The ongoing research activities for the development of advanced mechanical solutions for cleaning and calibrating raw material, peeling and sorting, and shelling are expected to drive the global nut market in upcoming years.

Despite being a healthy snacking option, the high amount of calories and fats, which is liable for the increasing obesity, is one of the major factors hindering the growth of global nut market. Furthermore, the prevalence of nut allergy among specific population group is expected to further hamper the market growth.

Key Players Covered:

The prominent players operating in the global nut market are Honeyville, Inc, Blue Diamond Growers, Royal Nut Company, Braden Farms Inc., Sun Organic Far, HBS Natural Choice, South Valley Farms, Ludlow Nut Co Ltd., Tierra Farm, and Others.

Although conventional nut segment is expected to hold significant share in the global market, but rising consumer inclination towards clean-label and organic food products can have major impact on the organic nut farming in the  upcoming years. The high profit associated with organic nut farming coupled with increasing utilization of organic nuts in the production of clean-label processed foods are anticipated to increase the area under cultivation of organic nuts.

The almond segment is expected to accounts largest share in the global nut market. The increasing awareness among consumers regarding the health benefits of almond due to its high vitamin and protein content is predicted to amplify their demand. Moreover, several associations and organizations promote research, education, and consumer awareness campaigns to increase nut consumption, especially almond, which is predicted to support the steady growth of the almond market. The demand for cashews and walnuts is growing on account of their desirable taste, rising cultivation across producing nations, and favourable trade scenarios.

The Supermarket/ Hypermarket segment is expected to hold the largest share in the global nut market followed by the e-commerce platforms. The heavy discounts offered by supermarkets to attract the consumers and the well-organized and separate shelves arrangement for nuts are anticipated to boost the sales of the product through hypermarket/supermarkets. The doorstep delivery offered by online channels, continued increases in mobile adoption, and broadband penetration, particularly in the developing regions, have helped boost online nut sales.

Regional Analysis:

Asia Pacific is anticipated to grow at healthier pace in the global nut market, owing to increasing area under nut cultivation, high prices of nut in markets around the world, and rising per capita income of Asian consumers. Moreover, the increasing focus on the adoption of novel technologies to process more nuts is expected to increase the region’s share in the global nut market.

North America is predicted to accounts largest share in the global market, owing to high disposable income, increasing expenditure on health and wellness, and growing demand and consumption of nutmeals. Nuts, such as peanuts and almonds, have gained an outstanding reputation in the region for being a healthy snacking substitute with their comparatively low-fat content and healthy omega-3 fats. 

Segmentation

Key Industry Developments:

• In October 2019, Olam International Limited announced that the company has signed a purchase agreement to acquire a 100% interest in leading Californian almond processor and ingredient manufacturer Hughson Nut Inc. (HNI). This acquisition can help Olam to increase its footprint in the global market.


• In December 2017, Gladstone Land Corporation has acquired an organic almond orchard in California for approximately USD 5.9 million. This acquisition can help the company to expand their production capabilities in the upcoming years.