Global Tree Nuts Market is predicted to reach USD 105.2 billion at a CAGR of 8.75% during the forecast period

Market Research Future (MRFR) has published on the “Global Tree Nuts Market”.

Market Synopsis

According to the MRFR analysis, the global Tree Nuts market was valued at USD 49,947.72 million in 2022 and is projected to reach USD 86,314.80 million by 2030 at a CAGR of 7.15%.

The growth of the global tree nuts market can be attributed to rising consumer demand for healthy and nutritive foods and the adoption of veganism. The widespread application of tree nuts in bakeries and confectionery, breakfast cereals, and butter and spreads is expected to drive market growth. Moreover, the rising prevalence of nut allergies among consumers is expected to restrict the growth of the tree nuts market at a global level.

COVID-19 Impact on the Tree Nuts Market

The advent of the global pandemic, COVID-19, has resulted in creating a global crisis across the world. Impacting over 195 countries, the pandemic has already created an economic backdrop worldwide. With over 43 million COVID-19 cases worldwide along with 1,151,323 fatalities till the fourth week of October 2020, the global pandemic, COVID-19, is deemed to create a chaotic environment, thereby resulting in the advent of global rescission. With the rapidly rising number of cases, the global tree nuts market is getting affected in many ways. The outbreak of COVID-19 globally has resulted in creating immense pressure across supermarkets & hypermarkets, retail stores, and food suppliers. As a result of increasing panic among consumers for food, stockpiles for tree nuts have become a common phenomenon in the last couple of months across the globe. However, the lack of availability of dried fruit stocks in retail stores is currently the biggest concern across the world. Unlike the processed and packaged food industry, which is labor-intensive, the tree nuts industry has less dependence on labor, thus making it less prone to staffing scarcity. However, the biggest concern remains in logistics. With the increasing number of COVID-19 infections globally, restrictions on vehicular movement are increasing. This is creating a demand and supply gap, thereby resulting in empty shelves in various retail outlets in many American and European countries.  

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Competitive Landscape

The global Tree Nuts market is driven and consists of several organized and unorganized industry players. The main companies in the global Tree Nuts Market are aiming at growth strategies such as innovation in products and evolving technologies on a global level to gain a maximum share of the global market. The key players operating in the global Tree Nuts market comprise Olam International Ltd. (Singapore), Diamond Foods Inc. (U.S.), Mariani Nut Company, Inc. (U.S.), Blue Diamond Growers (U.S.), Select Harvests Limited (Australia), Waterford Nut Co. Inc. (U.S.), Archer Daniels Midland Co. (IL), TREE NUTS INTERNATIONAL (Maharashtra), Lone Tree Nut Company Inc. (IL), Sun Valley Nut, LLC (U.S.) among others.

Segmentation

By Product Type

1. Cashew Nuts: Cashew nuts are available shelled or as kernels. There are nearly 26 cashew kernel varieties available globally. The cashew kernel is a rich source of fat, protein, calcium, iron, and phosphorus. The three main cashew products traded on the international market are raw nuts, cashew kernels, and cashew nutshell liquid (CNSL). Cashew kernels are either consumed directly or in roasted, salted, or flavored forms.


2. Walnuts: Walnut is a deciduous tree grown for its edible seeds. The fruit of the walnut tree is a fleshy green drupe in which the nut is encased. The kernel of the nut is protected by a corrugated woody shell. Walnuts are native to South-Eastern Europe and Central Asia. However, China is the world’s largest producer of walnuts with other major producers being Iran, Turkey, Ukraine, Mexico, the US, India, France, and Chile.


3. Almonds: The almond tree is native to South-Western Asia and is popular for its edible seed. The US is the largest producer of almonds in the world. Almonds thrive in a climate that has mild, wet winters and hot, dry summers. It is a versatile tree nut and is available in various forms such as whole, blanched, slivered, flaked, and ground. Almonds are packed with vitamins, minerals, antioxidants, and phytochemicals beneficial for health.


4. Pistachios: Pistachios are native to Western Asia and are grown in abundance in Lebanon, Palestine, Syria, Iran, Iraq, India, Southern Europe, and the desert countries of Asia and Africa. The areas suitable for pistachio production have long, hot, dry summers and moderate winters. Pistachio nuts contain high amounts of antioxidants like beta-carotene, lutein, and gamma-tocopherol. They are a rich source of vitamins, particularly B2, B3, and B5, as well as minerals like copper, zinc, selenium, manganese, and calcium.


5. Hazelnuts: Hazelnuts are nutritious edible kernels derived from the birch or Betulaceae family of trees. It is native to Southern Europe and Turkey and is widely cultivated in many regions of the world, including the US. Hazelnuts are rich in dietary fiber, vitamins, and minerals and are packed with numerous health promoting phytochemicals. They are consumed raw, roasted, salted, or sweetened. Moreover, hazelnuts are used in confectionery products as an addition to chocolates, biscuits, sweets, and cakes.


6. Chestnuts: Chestnuts are edible nuts native to the mountainous forests of China, Japan, Europe, and North America. There are four main species of chestnuts cultivated around the world, Castanea sativa in Europe, C. dentata in North America, C. mollissima in China, and C. crenata in Japan. Chestnuts are low in fat, contain protein, and are a good source of low glycemic index (GI) carbohydrate and dietary fiber. They are consumed in various forms such as fresh, dried, canned, jarred, pureed, and flour.


7. Brazil Nuts: Brazil nuts are derived from the Brazil nut tree or Bertholletia excelsa which is native to South America. The Brazil nut tree was originally discovered growing in hard, well-drained soil along the Amazon River in countries such as Brazil, Peru, Colombia, Venezuela, and Ecuador. Nutritionally, Brazil nuts are a good source of nutrients, including protein, fiber, selenium, magnesium, phosphorus, and thiamin. Brazil nut oil has many traditional medicinal applications as an emollient and massage oil.


8. Macadamia Nuts: Macadamia nuts are usually tree nuts that have a mild, butter-like flavor and a creamy consistency. Macadamia trees, which are originally from Australia, are currently grown in a variety of locations worldwide, including Brazil, Costa Rica, Hawaii, and New Zealand. Moreover, the wide consumption of macadamia nuts owing to the increased health benefits associated with its consumption such as lower heart disease risk, improve metabolic syndrome and diabetes, prevent cancer, protect the brain and many more are some of the key factors which is expected to positively influence its market growth in the upcoming years. As a part of this, tocotrienols, a subclass of vitamin E, are present in macadamia noisome earlier studies have suggested that tocotrienols have potent anticancer properties.


9. Others: The other types of edible tree nuts include hickory, acorns, pecans, and pine nuts. Acorns, native to North America, are produced from oak trees. Pecans are also native to the region and are used in ice creams, candies, and various food preparations. Pine nuts are high in protein and fat and especially popular in arid areas in the US.

By Form

1. Whole: Most tree nuts including almonds, cashews, and walnuts, are consumed whole. The high demand for whole tree nuts can be attributed to their widespread consumption directly or for culinary purposes. Tree nuts are also consumed as snacks, wherein the whole form is marketed with innovative flavors.


2. Splits: The split form of tree nuts is derived from the whole nut kernel. The various thermal and mechanical stresses during the processing of certain tree nuts such as cashews and almonds sometimes result in the splitting of nuts. Split nuts are gaining acceptance in the food industry.


3. Others: The others segment includes chunks, powder, and oil. These forms of tree nuts are widely used in the personal care and food & beverage industries. Tree nut chunks are usually used as toppings in beverages, dairy products, breakfast cereals, and bakery products. The powdered form is used in bakery and confectionery goods while the oils extracted from tree nuts find widespread application in the personal care industry as well as in culinary use.

By Application

1. Direct Consumption/Culinary Purpose: Tree nuts are widely used in cooking or consumed whole owing to their health benefits. In terms of direct consumption, they are available raw, roasted, salted, or flavored. The direct consumption of tree nuts has increased among the growing health-conscious population. Moreover, the application of tree nuts has increased in various food products to add flavor, which is driving the growth of the segment. Rising awareness about health and wellness has resulted in increased adoption of the keto and vegan diets where the application of tree nuts is widespread.


2. Bakery & Confectionery: Tree nuts find widespread application in the bakery & confectionery segment. They are used in the form of flour, chunks, split, or whole. Tree nuts are used as an active ingredient or as toppings for bakery products such as cakes, pastries, and cookies. The rising demand for meal replacement bars such as energy, snacks, and yoga bars has influenced the demand for tree nuts in the confectionery segment. The growth of the bakery and confectionery industry is driving the demand for tree nuts in this segment.


3. Breakfast Cereals: The demand for tree nuts in breakfast cereals has increased in recent years. The addition of mixed tree nuts in the split or chunk form in breakfast cereals is boosting the growth of the segment. Changing lifestyles and the growing awareness of health and wellness have led to the increased demand for breakfast cereals with healthy ingredients. Thus, breakfast cereal manufacturers are inclined toward the addition of various tree nuts to add flavor and nutrients to their products.


4. Snacks: The consumption of tree nuts has increased in the form of snacks. The growing demand for healthy snacks and introduction of innovative flavors of tree nuts have resulted in the rising demand for tree nuts across the globe. A growing working population with busy schedules has resulted in the rising demand for healthy snacks as meal replacements.


5. Flavored Drinks: The demand for flavored drinks is rising across the globe owing to the changing preference of consumers. The growing demand for functional beverages has led to the increased application of tree nuts in this segment. Moreover, the rising demand for plant-based beverages is another factor driving the growth of the segment. The use of tree nuts as a topping for beverages has also increased in recent years.


6. Butter & Spreads: The application of tree nuts in butters and spreads is growing rapidly owing to their high nutritional content. The different types of tree nut butters available across the globe include almond, cashew, hazelnut, acorn, pecan, walnut, and pistachio butter. These butters and spreads are used for various culinary purposes to add flavor and nutrition.


7. Dairy Products: The demand for tree nuts is increasing in dairy products such as ice cream, custard, yogurt, and sour cream. Mixed tree nuts are used as a topping on various dairy products to enhance appearance and add flavor. Tree nuts are also used as an active ingredient in dairy products.


8. Others: The others segment includes personal care products, cosmetics, supplements, and dressings. The growing demand for tree nuts in personal care products such as body washes, body lotions, face washes, and face scrubs is driving the growth of the segment.

By Distribution Channel

1. B2B: A business-to-business (B2B) transaction, often known as a B-to-B transaction, is a particular kind of business transaction. Examples include a deal between a wholesaler and a retailer or a manufacturer and a wholesaler. Transactions between businesses, as opposed to those between a business and a particular consumer, are referred to as business-to-business transactions. The presence of various major players operating in bakery and confectionary industry usually uses B2B channel for purchasing tree nuts which is widely in various products such as donuts, muffins, cakes, chocolates, and many more would eventually contribute to its segmental growth.


2. B2C: Business-to-consumer (B2C) refers to the practice of offering products and services directly to consumers who will utilize them in the long run. B2C enterprises are the businesses that sell directly to consumers. The onset of covid-19 has increased the usage of tree nuts for making cakes in household which is usually considered under B2C channel and further contributes to its segmental growth.

By Region

1. North America: The expanding product portfolios of key manufacturers are a significant factor for the growth of the market in the region. Innovation in flavors of various beverages is also expected to positively impact the growth of the market in North America. Moreover, the bakery and confectionery industry, where tree nuts are used extensively, has witnessed impressive growth over the last few years. Key manufacturers are also emphasizing promotional activities to create awareness regarding product launches. However, the rising prevalence of nut allergies in North America is expected to restrain market growth in the region during the forecast period.


2. Europe: The growth of the tree nuts market in Europe can be attributed to the increasing consumption of healthy nutritive food & beverages and high demand for natural and organic products. Germany accounted for the largest share of the regional market in 2021. The widespread adoption of veganism in the country is driving market growth as key food & beverages manufacturers are introducing new and innovative products using tree nuts. The consumption of almond and cashew milk is also exceptionally high in Europe owing to the prevalence of lactose intolerance.


3. Asia-Pacific The growth of the tree nuts market in Asia-Pacific can be attributed to rapid urbanization and the growing middle-income population driving the demand for healthy food & beverages. Moreover, the increasing per capita disposable income has led to the rising sales of tree nuts. Consumers are ready to pay a premium for functional food & beverages that incorporate tree nuts. The rising health awareness in the region is also driving market growth with key processors of tree nuts targeting the region to enhance sales volumes.


4. Rest of World: The market in the rest of the world includes South America, the Middle East, and Africa. The tree nuts market in the rest of the world is expected to reach USD 9,753.36 million by the end of 2030 at a CAGR of 6.03%. The Middle Eastern market is projected to be the largest during the forecast period, with the UAE and Saudi Arabia holding accounting for significant market shares. The consumption of tree nuts is exceptionally high in Saudi Arabia and other GCC countries owing to the dietary habits and increasing health consciousness of consumers in the region. The expanding bakery and confectionery industry are a key factor for the growth of the tree nuts market in South America. Brazil is expected to account for the majority share of the regional market during the review period.