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The walnut market size is projected to increase by USD 2,144.65 million and the market size is estimated to grow at a CAGR of 4.93% between 2022 and 2027.
This walnut market report extensively covers market segmentation by distribution channel (offline and online), type (organic and conventional), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
The rising popularity of vegan snacks among millennials is the key factor driving the growth of the global walnut market. Millennials have shown a strong tendency to adopt plant-based diets and seek out vegan food options over the past five years. A number of factors are driving this market, including concerns about animal welfare, environmental sustainability, and personal health. However, walnuts are nutritious and versatile nuts, perfectly aligning with the requirements of vegan snacks. Walnuts are rich in protein, healthy fats, fiber, and essential nutrients. Millennials are more and more buying vegan snacks that are not only delicious but also beneficial. The demand for vegan snacks among millennials is driven by their desire for convenient, on-the-go options that cater to their busy lifestyles. Therefore, the popularity of snacks like snack bars, energy balls, trail mixes, and other portable snacks with walnuts as key ingredients is growing. Hence, the demand for vegan snacks containing walnuts is expected to boost the growth of the global walnut market during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The increase in the use of walnut oil in the cosmetics industry is the key trend driving the growth of the market. The oil extracted from walnuts has several cosmetic benefits. Walnut oil is known for its rich nutritional content and beneficial properties for hair and skin. Walnuts mainly use as a great skin and hair nourishing agent and can be used for treating dark circles. As a result in an increase in the use of walnut oil in the cosmetic industry. Walnut oil is mostly used as a massage oil and in aromatherapy. To treat fungal infections, such as ringworm and athlete's foot, walnut oil is helpful. Walnut oil also helps in promoting hair growth due to the presence of omega-6 fatty acids.
Additionally, walnut oil helps improve skin texture, hydration, and elasticity due to its nourishing and moisturizing properties. The normal properties of walnut oil, combined with the developing interest in organic and natural ingredients in cosmetics, have prompted its utilization in skincare and haircare products. Hence, the rising demand for walnut oil in the cosmetics industry will drive the growth of the global walnut market during the forecast period.
High production costs associated with walnuts are the key challenge for the growth of the market. The cultivation cost associated with walnuts is relatively high compared with many other agricultural crops such as peanuts and cashews. Harvesting walnuts from trees requires manual labor and this process involves physically climbing on the trees and carefully collecting the nuts, which can be a time-consuming and labor-intensive task. After harvesting, the nuts must be dried to remove moisture and prevent spoilage. This process takes several weeks and requires proper drying facilities, energy for heating, and labor to monitor the process.
Moreover, the texture of walnuts is delicate, so care should be taken to avoid damage. In order to preserve the freshness and ensure that they are protected during transport, special packaging material is also required. The total costs are further burdened by these additional packaging and handling requirements. Hence, the high production costs associated with walnuts can impact the profit margin of producers and market players, which will impede the growth of the global walnut market during the forecast period.
The organic segment consists of organic walnuts that are grown using organic farming practices. These practices avoid the use of synthetic fertilizers, pesticides, and genetically modified organisms (GMOs). The demand for organic walnuts has been growing rapidly in recent years due to rising awareness among consumers about the benefits of organic products. Other factors that are driving the growth of the organic segment are the rising disposable income and changing lifestyles of consumers across the globe. As consumers become more health conscious, they are willing to spend more on premium and high-quality food products, including organic walnuts. Moreover, the rising popularity of plant-based diets and the growing demand for vegan and vegetarian food options also propel the demand for organic walnuts. Hence, this is expected to boost the growth of the organic segment of the walnut market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. Offline distribution of walnut sales involves convenience and grocery stores. The number of convenience stores across major countries such as the UK, China, India, and Japan is also growing. Factors such as rising urbanization and changing lifestyles resulted in the prevalence of convenience and grocery stores across the globe. Urban population with hectic lifestyle prefers the convenience and grocery store format.
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The offline segment was valued at USD 4,778. 66 million in 2017 and continued to grow until 2021. The growth of organized retail in both developed and developing countries has rendered supermarkets and hypermarkets the most popular distribution channel for walnut and related products. Factors such as discounts and attractive shelf displays contribute to unique shopping experiences for consumers and encourage them to purchase walnuts from supermarkets and hypermarkets. Many consumers prefer specialty retailers when buying food products, including walnuts. Hence, these factors will boost the growth of the offline segment in the global walnut market during the forecast period.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as rising health awareness, changing dietary preferences, and increasing consumer base in natural and high-nutritional value foods driving the growth of the region. Walnuts are known for their high nutritional content and numerous health benefits. Walnuts are rich in omega-3 fatty acids, vitamins, minerals, and antioxidants, which help improve brain health, support heart health, reduce infection, and fuel overall well-being. The rising awareness and demand for healthy food options have led consumers in the APAC region to incorporate walnuts into their regular diets, thus driving market growth. Moreover, with economic growth and growing disposable incomes, consumers are ready to spend more on high-quality and premium food products, including walnuts.
Furthermore, market players and food processors across the APAC region are innovating and introducing a wide range of walnut-based products such as walnut snacks, breakfast cereals, bakery products, spreads, and beverages. Also, the rising e-commerce platforms in the APAC region have provided greater access to a wide range of products, including walnuts. In addition, the increasing demand for plant-based diets in the APAC region is also fueling the growth of the APAC walnut market. The growing awareness of environmental sustainability and the health benefits of plant-based diets has resulted in rising interest in vegetarian and vegan lifestyles. Hence, factors such as rising consumer demand for healthy food options, increasing disposable incomes, and e-commerce expansion will collectively contribute to the growth of the APAC walnut market during the forecast period.
In 2020, the outbreak of COVID-19 impose lockdowns to combat the spread of the disease. However, the initiation of the large-scale vaccination drives conducted by the governments across the region helped stabilize the situation. As a result, the activities in the offline retail channels resumed. Also, the resumption of supply chain activities and international trade operations and the reopening of end-user industries such as bakery and cosmetics revived the growth of the regional market. In addition, rising consumer awareness about the nutritional benefits of walnuts, increasing disposable incomes, changing dietary preferences toward healthy snacks, and the expanding retail sector are expected to fuel the growth of the walnut market in APAC during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The walnut market report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Walnut Market Customer Landscape
The walnut market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Walnut Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.93% |
Market growth 2023-2027 |
USD 2,144.65 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.81 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 35% |
Key countries |
US, China, India, Germany, and Spain |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AGROMILLORA CATALANA SAU, Alpine Pacific Nut Co., Andersen and Sons Shelling Inc., Borges International Group SLU, California Walnuts, Campbell Soup Co., Crain Walnut Shelling LP, Empire Nut Co. LLC, GoldRiver Orchards Inc., Grower Direct Nut Co., Guerra Nut Shelling Co., Haleakala Walnut Shelling Inc., KASHMIR WALNUT GROUP, Mariani Nut Co., Mid Valley Nut Co., Morada Produce Co., Plantabul Ltd., Poindexter Nut Co., Royal Saffron Co., and Stahmann webster |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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