Global Tree Nuts Market is expected to rise to a volume of 15,856.49 kilotons by 2024, exhibiting a solid 3.46% CAGR over the forecast period from 2016 to 2024. The global tree nuts market is driven mainly by the growing awareness about the health benefits of tree nuts and the growing use of tree nuts in direct consumption as well as other culinary uses. This information comes from a new research report published by Market Research Future (MRFR).
Global Tree Nuts Market is mainly driven by the growing awareness about the health benefits of eating tree nuts. Tree nuts contain high amounts of vital nutrients such as vitamin E and B as well as minerals such as zinc, magnesium, manganese, and iron in large amounts, making them highly popular among the fitness-conscious. The relative absence of sugars in tree nuts also makes them safe for diabetics, which is another key aspect of the growing demand from the tree nuts market over the forecast period. Increasing demand for tree nuts for direct consumption is likely to be a major aspect of the global tree nuts market’s growth over the forecast period.
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Leading players in the Global Tree Nuts Market Trend include Golden Peanut Company LLC, Diamond Foods Inc., Blue Diamond Growers, Waterford Nut Co. Inc., Select Harvests Ltd., Mariani Nut Company, and Olam International Ltd.
Global Tree Nuts Market is segmented on the basis of type, form, application, and region.
By type, the global tree nuts market is segmented into cashews, almonds, walnuts, pistachios, brazil nuts, hazelnuts, chestnuts, and others. Cashews are likely to witness an exponential growth in demand over the forecast period, with the segment expected to exhibit a robust 5.52% CAGR over the forecast period from 2016 to 2024. The cashews segment held close to 30% of the global tree nuts market in 2015 and is likely to remain similarly dominant in the market over the forecast period due to the widespread popularity of cashew nuts for direct consumption as well as for use in other recipes and bakery products.
By form, the global tree nuts market is segmented into whole nuts, roasted nuts, powder, splits, and others. The whole nuts segment is expected to exhibit a CAGR of 3.56% over the forecast period, reaching a market volume of 8,383 kilotons by 2024. The rising consumer preference for whole nuts is likely to remain the major driver for the whole form segment over the forecast period, as direct consumption of fresh as well as salted tree nuts such as cashews is highly popular in regions around the world.
By application, the global tree nuts market is segmented into direct/culinary consumption, bakery and confectionery products, snacks, breakfast cereals, butter and spreads, flavoured drinks, dairy products, and others. The bakery and confectionery products segment dominated the global tree nuts market in 2016 and is likely to remain the dominant revenue generator over the forecast period, although the direct consumption and flavoured drinks segments are also expected to exhibit solid CAGRs of 3.83% and 3.96%, respectively, over the forecast period.
Global Tree Nuts Market is segmented by Region into North America, South America, Europe, Asia Pacific, and rest of the world.
Asia Pacific is expected to retain the dominant share in the global tree nuts market over the forecast period, having accounted for more than 55% of the market in 2015. The regional segment is expected to reach a volume of more than 8,000 kilotons over the forecast period at a CAGR of 3.45%. The widespread popularity of tree nuts in Asia Pacific due to the widespread awareness about their health benefits and its widespread use in culinary preparations in the region is likely to remain the major driver for the tree nuts market in Asia Pacific over the Forecast Period.