(Food-Beverage-News.Com, November 02, 2021 ) According to MarketsandMarkets, the global nut products market size is estimated to be valued at USD 1.5 billion in 2020 and is projected to reach USD 2.0 billion by 2025, recording a CAGR of 5.8%. The growing inclination of consumers towards plant-based and gluten-free products coupled with increasing health awareness is promoting the market. The product launches by key players belonging to key application sectors such as bakery and confectionery is also driving the growth of the market.
By application, the cereals & snack bars segment is projected to experience the fastest growth in the market during the forecast period
There is significant demand for the consumption of cereasl & snack bars because of its ability to meet dietary requirements such as low-sugar, low-fat and plant-based. The increase in discretionary spending habits, which has been significantly visisble in the past few years has contributed in the growth of snacks industry, in turn fueling the snack bars market.
By type, the nut paste segment is projected to account for the largest share in the market during the forecast period
Nut paste is largely used as nut spread on breads, cakes and biscuits. The development of technology and increase in consumer awareness of the nutritional properties have led to the development of various nut products. Attributes such as better taste, texture, colour, high protein, clean label and sustainability, has given rise to the growth for plant-based food products. Acting as plant-based protein source, peanut and almond paste have many health benefits.
Europe is projected to dominate the global market by 2025
The European region is projected to record a higher growth rate during the forecast period. Consumers in this region are witnessing a high demand for natural and low-sugar ingredients, and food products, resulting in a surge in nut product consumption. The trend of using natural and trusted ingredients is reflected in the increasing use of ‘clean labels,’ with other health-related claims such as ‘gluten-free.
Key players in this market include Olam International (Singapore), Barry Callebaut (Switzerland), Blue Diamond Growers (US), Zentis GmbH & Co. KG (Germany), Mount Franklin Foods (US), Kerry Group (Ireland), Mandelin, Inc (US), Bazzini (US), Besana (Italy), Lubeca (Denmark), and Puratos (Belgium). These major players in this market focus on increasing their presence through expansions, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities, along with strong distribution networks across these regions.