The global packaged nuts & seeds market size is expected to reach USD 83.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.3% over the forecast period. Shifting customer preference for nutritious food products is boosting the demand for the packaged nuts & seeds.
Moreover, increasing application of cashew, almonds, sesame, and sunflower seeds in confectionary, bakery, and other processed food products is expected to remain a favorable factor. Demand for sesame, chia, and sunflower seeds for the production of confectionary, bakery, ready to eat products, and medicinal products is on the rise. These seeds have numerous nutritional benefits and they act as anti-oxidants. Moreover, they are beneficial in the prevention of the cancer cells.
Asia Pacific countries such as India, Japan, and China are anticipated to witness substantial growth on account of increasing awareness regarding healthy food products. According to a report of the International Nut and Dried Fruit Council (INC), in 2016, the almond consumption of India was 82,915 million tons, whereas the consumption of Japan and China was 28,059 million tons and 21,885 million tons, respectively. In the similar line, India is the largest consumer of cashew nuts with a consumption of 301,719 million tons in 2016. This significant consumption of nuts in the countries of Asia Pacific is expected to remain a favorable factor prompting the industry participants to launch new packaged product forms.
Major manufacturers are adopting various strategies such as new product launches and mergers and acquisitions to cater to increasing demand and consumption in the packaged nuts & seeds market. Moreover, they are collaborating with snacks and ready to eat food chain companies and restaurants in order to launch new products in the market. For instance, in April 2016, Future Consumer Enterprise Ltd., a subsidiary of Future Group, launched a product line of premium nuts and dry fruits under the brand name ‘KARMIQ- Food that celebrates your youth’. These product launches will boost the product demand over the forecast period.
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Further key findings from the study suggest:
- By product, packaged nuts are expected to reach USD 45.8 billion by the end of 2025. Hazelnuts are expected to expand at a CAGR of 5.6% from 2019 to 2025
- North America dominated the global market in 2018 and accounted for 56.8% share of the global revenue. This trend is projected to continue over the next few years
- Key players include Bayer AG; Syngenta; SunOpta; Blue Diamond Growers; ADVANTA SEEDS PTY LTD.; ITC Limited; DuPont (Pioneer Hi-Bred); Select Harvests Limited; McCormick & Company, Inc.; and Olam International. Product innovation is projected to remain a key success factor over the next few years.