May 29, 2024 - Meticulous Research® has unveiled its latest report, projecting that the global nut ingredients market will surge to $10.2 billion by 2030, growing at a CAGR of 6.1% from 2023 to 2030. This robust market growth is primarily fueled by the increasing preference for plant-based food products, continuous product innovations, evolving food consumption patterns, and a heightened focus on health and wellness.

Nuts, known for their nutrient density, offer essential vitamins, minerals, healthy fats, and protein. They are versatile in their consumption forms, available as whole, chopped, ground, or processed into various nut-based products. The market is poised for further growth driven by significant investments and expansions in nut-based product lines. However, market expansion is somewhat hindered by fluctuating raw material prices and the prevalence of nut allergies.

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Market Segmentation

The nut ingredients market is segmented by type, form, application, and geography. The study provides an in-depth analysis of industry competitors and market dynamics at regional and country levels.

By Type:

• Almonds
• Cashews
• Hazelnuts
• Walnuts
• Other Nuts

By Form:

• Raw
• Roasted
• Powdered
• Cut
• Other Forms

By Application:

• Confectionery Products
• Bakery Products
• Snacks & Bars
• Dairy Products
• Beverages
• Other Products

Key Findings

Almond Segment Dominance: In 2023, almonds are expected to lead the global nut ingredients market. This dominance is due to almonds' functional properties, such as being rich in antioxidants, fiber, minerals, and vitamins. Additionally, the increasing demand for almonds in various food applications, the growing vegan population driving the demand for almond milk, and the relatively low cost of almonds compared to other nuts bolster this segment's growth.

Raw Form Segment Leadership: The raw form segment is anticipated to hold the largest market share, attributed to its higher shelf life, better nutrient absorption, absence of harmful chemicals, and cost-effectiveness.

Snacks & Bars Application Growth: The snacks & bars segment is projected to register the highest CAGR during the forecast period. This rapid growth is driven by the rising demand for nutrition-packed convenience foods, a growing consumer preference for natural and healthy products, and an increase in product launches featuring nuts as key ingredients.

Regional Insights

North America Market Share: North America is expected to account for the largest share of the nut ingredients market in 2023. The region's dominance is attributed to its well-established food & beverage industry, high health awareness, the popularity of protein bars, shakes, and cookies among millennials, a growing vegan population, and advancements in nut-enriched products.

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Leading Market Players

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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