Tree Nuts Market Overview:
The trends suggest that the Tree nuts market is expected to reach USD 94.655 Billion by 2032, growing at a growth rate of 6.75% in the forecast period 2024 to 2032. There has been an increase in demand and growing awareness among the people regarding the benefits of products that will act as a factor for the Tree Nuts Market in 2024-2032.
South Korea Tree Nuts Market has emerged as a promising, experiencing a surge in demand fueled by evolving consumer preferences and increasing health consciousness. The growing awareness about the health benefits of nuts, coupled with rising disposable incomes and changing dietary habits, has led to a significant uptick in the consumption of tree nuts in the country. Almonds, walnuts, and chestnuts are among the popular varieties consumed in South Korea, with consumers incorporating them into various dishes and snacks. Additionally, the availability of imported tree nuts from countries like the United States and Australia has diversified the market offerings, catering to the discerning tastes of Korean consumers.
Almonds, Brazil nuts, cashews, hazelnuts, pecans, pistachios, and walnuts are different kinds of tree nuts. An allergy to anyone tree nut does not always imply that the person is allergic to all tree nuts. Nonetheless, some tree nuts are closely related, such as cashew, pistachio, pecan, and walnut. The seeds borne by the individual fruit-bearing trees are known as tree nuts. Tree nuts are considered healthy foods containing lots of vitamins, fat, and energy. They are also great immunity boosters. After COVID-19, good health with great immunity is emerging as the priority of people.
People have forgotten about luxuries, and all they want is great immunity, due to which this market has shown a significant positive impact. An increase in the disposable income of people is another added benefit for the market expansion.
Increasing preferences for highly nutritive nut snacks, surging number of applications across various industries, adoption of tree nuts in the cosmetic sector, rising health benefits such as fulfilling deficiencies of proteins and minerals and rising disposable income of the people will likely accelerate the growth of the tree nuts market in the forecast period of 2024-2032. On the other hand, the growing vegan population will further boost various opportunities that will lead to the growth of the tree nuts market in the forecast as mentioned above.
Key Players:
The key Tree Nuts Industry Companies such as Diamond Foods Inc., Olam International Ltd, Mariani Nut Company Inc., and others are working on expanding the market demand by investing in research and development activities.
Regional Analysis:
The European region dominates the tree nuts market due to the increasing population adopting veganism in Germany and the growth of the food and beverages industry. At the same time, Asia-Pacific will expect to grow in the forecast period 2024 to 2032 because of people's increasing disposable income, rapid urbanization, and rising demand for healthy food and beverages.
Market Segments:
The tree nuts market is segmented on product type, form, end-user, and application.
- Based on product type, the tree nuts market is segmented into cashew nuts, walnuts, almonds, pistachios, hazelnuts, chestnuts, brazil nuts, and others.
- Based on its application, the tree nuts market is segmented into direct consumption/culinary purpose, bakery & confectionery, breakfast cereals, snacks, flavored drinks, butter & spreads, dairy products, and others.
- The tree nuts market is segmented into a whole, split, and others based on the form.
- The tree nuts industry is segmented as individuals, the food processing industry, and food service providers.
Industry News:
Archer Daniels Midland Co. operates its business through Ag Services and Oilseeds, Carbohydrate Solutions, Nutrition, etc. The company provides a wide range of tree nut products, such as almonds, cashews, filberts, macadamia, pecans, pine nuts, and others like walnuts. They are used in nutritional bars, beverages, confections, dressing, baked goods, sauces, dairy, and nutrient-dense snack applications.
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