According to the latest publication from Meticulous Research®, the global nut ingredients market is projected to reach $10.2 billion by 2030, growing at a CAGR of 6.1% from 2023 to 2030. This growth is mainly driven by the increasing preference for plant-based food products, continuous product innovation, evolving food landscape and lifestyle changes, and a heightened focus on health and wellness. Nuts are nutrient-dense foods, offering essential vitamins, minerals, healthy fats, and protein, and can be consumed whole, chopped, ground, or processed into various nut-based products. Moreover, increased investments and expansions in nut-based products are expected to provide further market growth opportunities. However, fluctuating raw material prices and the prevalence of nut allergies pose challenges to market growth.
The nut ingredients market is segmented by type (almond, cashew, hazelnut, walnut, and others), form (raw, roasted, powdered, cut, and others), application (confectionery products, bakery products, snacks & bars, dairy products, beverages, and others), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also assesses industry competitors and analyzes the market at regional and country levels.
In 2023, the almond segment is expected to hold the largest share of the global nut ingredients market. This is due to the rising consumption of almonds for their functional properties, including antioxidants, fiber, minerals, and vitamins; increasing demand for almonds in various food applications; the growing vegan population driving demand for almond milk; and the relatively low price of almonds compared to other nuts. Additionally, the trend towards assorted almonds is expected to further drive the growth of this segment.
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The raw segment is anticipated to dominate the global nut ingredients market due to factors such as higher shelf life compared to other forms, better nutrient absorption, lack of contact with harmful chemicals, and lower cost.
The snacks & bars segment is projected to register the highest CAGR during the forecast period. This growth is driven by increasing demand for nutrition-packed convenience foods, growing consumer preference for natural and healthy products, and a surge in product launches featuring nuts as key ingredients in snacks & bars.
In 2023, North America is expected to account for the largest share of the nut ingredients market. This is attributed to the well-established food & beverage industry, high awareness of the health benefits of nut ingredients, the growing popularity of protein bars, shakes, and cookies among millennials, the rising vegan population, and advancements in nut-enriched products.
Key Players
The global nut ingredients market is characterized by moderate competition, with numerous large and small global, regional, and local players. Key players in the market include Barry Callebaut Group (Switzerland), Olam International Limited (Singapore), Archer-Daniels-Midland Company (U.S.), Terri Lynn, Inc. (U.S.), Bergin Fruit and Nut Company (U.S.), ROYAL NUT COMPANY (Australia), HBS Foods Ltd. (U.K.), Helios Ingredients Ltd (U.K.), Sran Family Orchards (U.S.), and Harris Woolf Almonds (U.S.).
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