Market Research Report
Nuts and Nutmeals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Nuts and Nutmeals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
The global nuts and nutmeals market is expected to register a CAGR of 5.9% during the forecast period (2021-2026).
The nuts and nutmeals market hasn't been much affected by the COVID-19 pandemic as people changed their priorities and invested more in buying healthy and immunity-boosting food products. The staggeringly increased sales of nuts and nutmeals products were observed through online stores during the COVID-19 period, which sustained the demand in the market studied. Most people preferred to buy larger quantities at a time, fearing running out of products. Thus, large basket sizes remained a significant reason for the sustenance of nuts and nutmeals across all regions.
The market is mainly driven by the growing awareness of the health benefits of nuts as they are rich sources of fibre, protein, vitamins, antioxidants, and other essential minerals, and the increasing popularity of the paleo diet. They are a good source of saturated fats and help in maintaining a healthy heart and brain. Hence, due to the nutritional benefits offered by nuts, they serve as an excellent meal substitute. The market is also heavily driven by the growing vegan population across the world as they are broadly considered as a good alternative for fish and eggs for fulfilling calcium and vitamin B12 needs. In recent decades, almond has gained an excellent reputation for being a health nut, with its diabetic friendly attributes, such as its comparatively low-fat content and healthy omega-3 fats.
Although being a healthy snacking option, the high amount of fats and calories, which is responsible for the obesity level, is one of the factors restraining the global market of nuts and nutmeals. Another major deterring factor is the prevalence of nut allergy among people, with 1.4% of the population in the United States alone suffering from peanut allergies.
Healthy organic snacking, along with convenience and taste, is raising the demand for health consciousness among consumers. Organic nuts are cultivated in a certified organic environment, right from the sourcing of raw materials. The nuts are completely free from any artificial additives/ingredients and trace amounts of chemical fertilizers. A few of the companies offering organic nuts and nutmeal products are HBS Natural Choice, Tierra Farm, and Sun Organic Farm. Furthermore, with the increasing internet penetration, the online market for the purchase of such food products has seen rapid growth globally, in the last 3-4 years. This has attracted a few vertical specialists, like Amazon, Walmart, and Carrefour, that are riding on increasing e-retailing growth and vying for a significant pie in the online organic snacking space.
North America accounts for a significant share in the global market for nuts, owing to the rising demand and consumption of nutmeals and the high disposable income of the consumers in the region. Nuts, such as almonds and peanuts, have gained an excellent reputation for being a healthy snacking alternative with diabetic-friendly attributes, such as comparatively low-fat content and healthy omega-3 fats. Also, its rising application of raw nuts and nutmeals in cooking and blends in savouries such as trail mixes have attracted a large number of health-conscious consumers in North America.
Global nuts and nutmeals includes the leading players such as Bob's Red Mill, Honeyville, Inc, Blue Diamond Growers, Royal Nut Company, and Sun Organic Farm. The market for nuts and nutmeals is competitive, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers.