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The walnut market size is projected to increase by USD 2.78 billion and the market size is estimated to grow at a CAGR of 5.97% between 2023 and 2028. The market's growth is influenced by several factors, including the increasing popularity of vegan snacks among millennials, rising awareness of the health benefits of walnuts, and the growing demand for convenience foods. These trends reflect shifting consumer preferences towards healthier and more sustainable snack options. Millennials, in particular, are driving the demand for vegan snacks due to their focus on health and environmental sustainability. Additionally, the rising awareness of the nutritional value of walnuts is contributing to their increased consumption as a healthy snack choice. Furthermore, the overall demand for convenience foods continues to rise, driven by busy lifestyles and the need for on-the-go snack options. These factors collectively contribute to the growth of the market as manufacturers respond to changing consumer preferences and lifestyle demands.
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The organic segment consists of organic walnuts that are grown using organic farming practices. The market for nuts, specifically walnuts, has experienced significant growth due to their versatility in various applications. Walnuts are used as culinary oils and ingredients in salad dressings, as well as offering skin and hair benefits when consumed or used topically. For those with diabetes or at risk for cardiovascular diseases (CVDs), walnuts' high nutritional content makes them an attractive choice. In the culinary world, walnuts are used in traditional sweets, savory items, and ready-to-eat (RTE) meals, as well as convenience foods and healthy snacking. Two main types of walnuts are available: organic and conventional. Organic walnuts are grown using natural farming practices, avoiding synthetic fertilizers, pesticides, and genetically modified organisms (GMOs). This method promotes biodiversity, soil health, and ecological balance. In contrast, conventional walnuts may be grown using synthetic methods. Both in-shell and shelled walnuts are available, with English Walnut and Black Walnut being popular varieties. Walnuts have numerous uses, including household use, industrial applications, and personal care and cosmetics. They are used as raw or processed ingredients, catering to various industries and consumer preferences. The demand for organic walnuts continues to increase due to health and environmental concerns. Hence, this is expected to boost the growth of the organic segment of the market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. The market is driven by the nut's rich nutritional benefits, including fiber, omega-3 fatty acids, antioxidants, and essential nutrients such as proteins, carbohydrates, calcium, iron, sodium, phosphorus, and manganese. These nutrients contribute to cardiovascular health, blood sugar management, weight management, and the prevention of conditions like Alzheimer's, obesity, and cardiovascular diseases.
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The offline segment was valued at USD 4.98 billion in 2018. The Industry caters to various sectors, including bakery, chocolate, beef jerky, ready-to-eat meals, and snacking businesses. Food retailers prioritize walnuts due to their nutritional value and consumer demand for healthier options. Walnuts are used in various dishes, including cakes, pies, and homemade dishes, and are also consumed as standalone snacks. Manufacturing standards, sustainable packaging, and food safety certification are essential for the Walnut Industry to maintain consumer trust and adhere to regulatory requirements. The Juglandaceae family, which includes walnuts, is known for its omega-3 fats and antioxidants, making it a popular choice for consumers seeking to improve their cardiovascular health and reduce the risk of conditions like cancer, gallbladder disease, and high cholesterol levels. Hence, these factors will boost the growth of the offline segment in the market during the forecast period.
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APAC is estimated to contribute 41% 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. The Walnut industry in APAC is thriving due to increasing health consciousness and shifting dietary trends. Walnuts, a member of the Juglandaceae family, offer numerous health benefits, including cardiovascular health improvement, blood sugar management, and weight management. Rich in omega-3 fatty acids, fibers, antioxidants, essential nutrients, proteins, and minerals like calcium, iron, sodium, phosphorus, and manganese, they help combat cardiovascular diseases, Alzheimer's, obesity, and cancer. The World Heart Federation advocates for their inclusion in diets to reduce cholesterol levels and gallbladder disease risk. Walnuts are used in various food applications, such as cakes, pies, homemade dishes, bakery products, chocolate, beef jerky, and ready-to-eat meals, driving the snacking business and food retailers' interest. Manufacturing standards, food safety certification, and sustainable packaging are crucial for the industry's growth. Walnut cracking machines facilitate efficient production, ensuring high-quality walnuts for consumers. Hence, these factors are expected to drive the growth of the APAC market during the forecast period.
The market holds significant value due to the nut's nutritional content and numerous health benefits. Walnuts, a member of the Juglandaceae family, are a popular snack and convenience food among millennials and vegans. They are rich in essential nutrients like Omega-3 fats, antioxidants, fibers, proteins, carbohydrates, calcium, iron, sodium, phosphorous, and manganese. Walnuts are used in various food products such as walnut milk, bakery items, confectionery, chocolate, nut butter, and beef jerky. The snacking business has seen a rise in demand for ready-to-eat meals containing walnuts due to their convenience and food safety certification. Walnuts are known to help reduce bad cholesterol levels and transfat intake. They are also a source of healthy fats and proteins, making them an ideal choice for those following a vegan diet. The health benefits associated with walnuts have contributed to their increasing popularity and demand in the food industry.
The rising popularity of vegan snacks among millennials is the key factor driving the growth of the market. The market is experiencing growth due to the rising demand for nuts as healthy snacks among millennials. This demographic prefers plant-based diets and seeks vegan food options, including walnut-based snacks, for reasons related to animal welfare, environmental sustainability, and personal health. They are utilized in various forms, such as culinary oil, salad dressings, and traditional sweets, as well as in savory items, ready-to-eat meals, and convenience foods.
Also, they offer high nutritional content, skin benefits, and hair benefits, making them a popular choice for personal care and cosmetics use. They come in various types, including English Walnut, Black Walnut, Organic, and Conventional, and are used for both household and industrial purposes. They are also beneficial for managing diabetes and cardiovascular diseases. These are available in different forms, such as in-shell, shelled, raw, and processed. Hence, the demand for vegan snacks is expected to boost the growth of the market during the forecast period.
The increase in the use of walnut oil in the cosmetics industry is the key trend driving the growth of the market. Walnuts, derived from the walnut tree, yield a valuable oil with numerous applications. This culinary oil is rich in omega-3 fatty acids and is used in salad dressings. Walnut oil's high nutritional content makes it beneficial for skin and hair, leading to its use in personal care and cosmetics. In the food industry, it is used in traditional sweets, savory items, and RTE meals, as well as in convenience foods and healthy snacking.
For household use, in-shell and shelled walnuts are popular. In industry, English Walnut and Black Walnut are used, with organic and conventional varieties available. Walnut oil is also used in raw, processed forms, and has therapeutic uses, such as treating fungal infections like ringworm and athlete foot. Overall, walnut oil's versatility extends from culinary uses to industrial applications and health benefits. Hence, the rising demand for walnut oil in the cosmetics industry will drive the growth of the market during the forecast period.
High production costs associated with walnuts are the key challenge for the growth of the market. The production of walnuts poses a significant challenge due to its high cost, mainly attributed to the labor-intensive nature of the harvesting process and the lengthy drying period. The need for skilled labor and proper drying facilities adds to the production expenses, making walnuts a costly ingredient for various industries.
This high production cost can affect the affordability and accessibility of walnuts, limiting their use in food, pharmaceuticals, and cosmetics, and potentially impacting their availability for consumers seeking their nutritional and health benefits. Improving harvesting and drying methods to reduce labor and energy costs could help mitigate this challenge and make walnuts more accessible for a wider range of applications. Hence, these factors are expected to impede the growth of the market during the forecast period.
Companies 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 market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies 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 Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Walnuts are a popular and nutritious food item, widely consumed for their health benefits. The market is significant and growing, driven by increasing demand for healthy snacks and functional foods. Walnut production is concentrated in countries like China, the United States, and Iran. The market is influenced by several factors, including supply and demand dynamics, price trends, and government regulations. The market is characterized by intense competition among key players. Major producers include China, the United States, and Iran. These countries account for a significant share of the global walnut production.
Furthermore, the market is also driven by the rising demand in various applications, such as food, pharmaceuticals, and cosmetics. The market is expected to continue its growth trajectory in the coming years. Factors such as increasing health awareness, rising disposable income, and changing consumer preferences are expected to fuel the demand for walnuts. Additionally, advancements in technology and innovation are expected to create new opportunities in the market. In conclusion, the market is a dynamic and growing industry, driven by various factors, including production, demand, competition, and innovation. The market is expected to continue its growth trajectory in the coming years, offering significant opportunities for players in the value chain.
Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.97% |
Market growth 2024-2028 |
USD 2.78 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.28 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, India, Germany, and Spain |
Competitive landscape |
Leading companies, Market Positioning of companies, 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 forecasting, 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 market 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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