Covid-19 Impact on Tree Nuts Market | Industry Leading Players and Forecast to 2024
Market Insight
The oils extracted from tree nuts such as almond oil, walnut oil and others are being extensively used in cosmetic industry for making various skincare products such as creams, lotions and others. The trend of vegan diet has induced high demand for tree nuts as they are used as a dairy substitute such as almond milk, cashew nut cheese and others. The increasing application of tree nuts in various industries such as food and beverage, cosmetic industry and others is propelling the expansion of the global tree nuts industry. However, tree nut allergy is one of the most common food allergies occurring both in adults and children. Hence, allergic reaction towards tree nuts is likely to impact negatively on the growth of the global tree nuts market during the forecast period.
The popularity of tree nuts has increased remarkably in the past few years and are used as one of the important components of healthy diet. There is a wide variety of tree nuts available in the global market which commonly includes almonds, cashew nuts, brazil nuts, walnuts, chestnuts, pistachios, pine nuts and others. The report published by Market Research Future states that the global tree nuts market is registered to expand steadily at a CAGR of 3.46% during the forecast period of 2014-2024.
The demand for tree nuts is skyrocketing in global Covid-19 Impact on Tree Nuts Market. Increasing awareness regarding the health benefits of tree nuts is inclining the health-conscious population towards inclusion of tree nuts in the daily diet. Tree nuts, being a good source of proteins, are being used worldwide in different types of cuisines. The increasing demand for tree nuts in food and beverage industry especially in bakeries, confectioneries and others is positively influencing the growth of the global tree nuts market.
Major Key Players
The prominent players profiled by MRFR in the Report on the Global Covid-19 Impact on Tree Nuts Market are Olam International Ltd. (Singapore), Diamond Foods, Inc. (the U.S.), Blue Diamond Growers (the U.S.), Golden Peanut Company LLC (the U.S.), MARIANI Nut Company Inc. (the U.S.), Select Harvests Ltd. (Australia) and Waterford Nut Co. Inc. (the U.S.)
Industry Updates
In May 2018, Nicholas Farms, a premium tree nut farming operation, has their new product named 'Nic's Mix'. It's a combination of companies featured products such as premium almonds and salted pistachio kernels. Nic's Mix by Nicholas Farms is a union of high-quality pistachios and almonds in one special bag.
In May 2018, Stone Brewing, the largest brewery in Southern California, has moved beyond beer with the launch of NUTISTA, an artisanal, stone-ground nut butter line
Market Segmentation
Global Tree Nuts Industry has been segmented based on type, form and application. Based on type, the tree nuts market is segmented into Cashew nuts, Walnuts, Almonds, Chestnuts, Pistachios, Hazelnuts, Brazil Nuts and Others. Based on form, the tree nuts market is segmented into Whole, Roasted, Powder, Splits and Others. Based on application, the tree nuts market is segmented into direct consumption, culinary Purpose, Bakery and Confectionery, Breakfast Cereals, Snacks, Flavoured Drinks, Butter and Spread, Dairy Products and others.
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Regional Analysis
Geographically, the Global Tree Nuts Market is segmented into North America, South America, Europe, Asia Pacific and the rest of the world. Among these, the Asia Pacific region is projecting dominance over the global tree nuts market. This region accounts for the largest share of more than 55% in the global tree nuts market owing to the high production of tree nuts due to favourable climatic conditions. The South America region is anticipated to project higher growth rate during the forecast period owing to the increasing consumption of tree nuts in this region. The tree nuts market in the North America region is expanding significantly, owing to high awareness regarding the health benefits of tree nuts and growing trend of healthy diet in this region.
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NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints