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.
Leading players in the Global Tree Nuts Market 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.
In February 2019, a study conducted at the Harvard TH Chan School of Public Health and Brigham and Women’s Hospital found that eating tree nuts reduces the risk of cardiovascular diseases among those suffering from type 2 diabetes. The researchers found that adding one extra serving of tree nuts per week reduced the threat of contracting cardiovascular diseases by 3% and the threat of dying from CVDs by 6%. In January 2019, a study funded by the International Nut and Dried Fruit Council also found that eating almonds, walnuts, and hazelnuts, among others, improves male fertility, including the number as well as condition of the sperm. Such research into the medicinal benefits of tree nuts is likely to be vital for the sustained growth of the tree nut market over the forecast period.
Global Tree Nuts Market is segmented based on 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, flavored 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 flavored drinks segments are also expected to exhibit solid CAGRs of 3.83% and 3.96%, respectively, over the forecast period.
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