Global Walnut Product Market - Forecast(2023 - 2028)

Global Walnut Product Market Overview

The Global Walnut Product Market size is estimated to reach $8.7 Billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.2% over the forecast period of 2022-2027. Walnuts are high in essential fatty acids and tocopherols, making them one of the healthiest foods on the planet. Protein and polyunsaturated fat are the main components of walnuts. They have a high proportion of omega-3 fat, which has been linked to a variety of health advantages. Walnuts help in improving brain health and prevent various types of diseases such as heart diseases, cancer, and many more is driving the global walnut product industry size. Walnuts are typically eaten raw as a snack or dessert, either alone or in combination with other meals. It can be found in a variety of foods, sauces, and ice creams. The walnut is primarily sold in the shell. The shelled walnuts are normally kept for two or three months. Walnuts contain higher amounts of antioxidants. Walnut butter is a rich and flavorful spread. It provides diversity in a market that is moving toward healthful goods with distinct flavor profiles, clean labels, all-natural ingredients, and ease of use. Walnut butter is also used in cookies, soups, smoothies, entrees, oatmeal, desserts, and sandwiches. Walnut milk is non-dairy milk made by blending soaked walnuts and water together that helps in reducing cholesterol levels. Walnut pie is a kind of pie that is made with walnut and various ingredients. Walnuts are the third fastest-growing product on the nuts market and recently production has increased steadily, at a rate of 4% per year. Moreover, the growing adoption of walnut in various applications such as confectionaries, dairy products, bakery products, snacks, bars, and others are some of the factors driving the walnut product Industry forward in the projected period of 2022-2027.

Global Walnut Product Market Report Coverage

The report: “Global Walnut Product Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Global Walnut Product industry.

By Type- Walnut Powder, Walnut Milk, Walnut Biscuits, and Others.
By Distribution Channel- Supermarket, Convenience Store, Online Store and Others.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (the Middle East, and Africa).

Key Takeaways

• Geographically, North America held a dominant market share in the year 2021. It is mainly owing to the presence of robust manufacturing capabilities in this region. Moreover, rising demand for walnuts in the food and beverage industry, and growing consumer awareness of a healthy diet. Additionally, increasing lactose intolerance among the population is further increasing the consumption of walnut products.
• Rising trends of using walnut in confectionaries, dairy products, bakery products, snacks, and bars are some of the factors driving the Global Walnut Product Market. However, the high cost of walnut is one of the factors impeding the market growth.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Walnut Product Market Report.

Global Walnut Product Market Segmentation Analysis- By Type

The Global walnut product market based on type can be further segmented into Walnut Powder, Walnut Milk, Walnut Biscuits, and Others. Walnut Powder held a dominant market share in the year 2021. Walnut power has antioxidant properties as well as contains healthy fats and they can be a useful source of protein in the diet. It also aids in the reduction of cholesterol, the regulation of blood sugar, the improvement of heart health, the enhancement of brain function (particularly memory), the improvement of skin health, and the regulation of weight. Owing to this, the usage of walnut powder increases in the food and beverage industry and is thus surging the demand for walnut powder among consumers.

However, Walnut Milk is estimated to be the fastest-growing, with a CAGR of 5.1% over the forecast period of 2022-2027. Walnut milk is also rich in calcium, iron, vitamins B-12 and E which help to regulate the heart rate and boosts brain functionality as well as reduce inflammation. Recently, the demand for plant-based milk increased as people are shifting towards dairy-free products which give rise to the adoption of walnut milk. Moreover, 68% of people are suffering from lactose intolerance which also increases the demand for walnut milk among consumers.

Global Walnut Product Market Segmentation Analysis- By Distribution Channel

The Global Walnut Product market based on distribution channels can be further segmented into supermarkets, Convenience stores, Online stores and Others. Supermarkets held a dominant market share in the year 2021. The use of walnut products in supermarkets increases owing to the growing production of bakery items like cookies, muffins, and bread. In supermarkets, all kind of walnut product is easily available and products are delegated in a proper way that gives consumers to choose the products in a simple way. Recently, the trend of consuming walnut biscuits has increased owing to the rising number of health-conscious people so, people are visiting more supermarkets as products are available in large quantity.

However, Online Store is estimated to be the fastest-growing, with a CAGR of 5.7% over the forecast period of 2022-2027. During the pandemic, people are becoming more concerned about their health so, the intake of walnut products increases, and owing to the pandemic, people are using online sales channels. With the help of an online channel, there is no need to go outside as all types of walnut products are available. In online stores, the sales of raw walnut are gradually increased as people are preferring more pure products. Furthermore, products are offered at a deep discount which pushes the market for grasp in developing countries, where prices play a key role during purchasing decisions. For example, powdered walnut shell powder is advertised on the likes of a third-party vendor such as Amazon on a deep discount of 32% against the MRP. Owing to such reasons, the online segment would penetrate the market deeper.

Global Walnut Product Market Segmentation Analysis- By Geography

The Global Walnut Product market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 37% in the year 2021 as compared to its other counterparts. It is owing to the robust demand from the end-use industries and rising awareness of a healthy lifestyle. Various manufacturing pertaining activities are now being transferred to North America as the overall cost can be bought significantly down. Furthermore, the region is estimated to offer lucrative growth opportunities to marketers. For example, the U.S. has been a leading exporter of walnut ingredients, and the demand within the country is also growing owing to a diverted method of production. Over 63% of the California walnut ingredient was exported in the year 2020. Owing to such reasons, the projected period of 2022-2027 would prove beneficial for North America.

However, Asia-Pacific is estimated to be the fastest-growing region over the forecast period of 2022-2027. Walnut consumption in the region is mainly by Chinese consumers. According to Produce Reports, Walnut consumption per capita in China is also increasing year after year, having climbed 10.5 times in the last 21 years. The majority of demand is met by domestic production, with the baking and processed food industries accounting for about half of the walnuts consumed in the country. The snacking industry consumes the bulk of total walnuts, and it is expected to grow even more during the forecast period.

Global Walnut Product Market Drivers

Rising awareness of a healthy diet has readily aided the market growth

Nowadays, people are more concerned about their health and they are mostly preferring a healthy diet which gives rise to the adoption of walnut among consumers. With the rise of obesity and disease, people are getting more concerned about their health and recently about 50% of people are health conscious. Owing to the extraordinary health benefits of walnuts, the demand for walnut increases among health-conscious people. The coronavirus outbreak has led to an increase in the consumption of walnut as concerns about health and the need for a stronger immunity increase among consumers in their diet. The research found that walnut helps to reduce the 25% risk of dying from cardiovascular diseases which increases the demand for walnut and recently, about 3 million tonnes of walnut are produced every year worldwide in 2020 which helps in driving the market growth.

Increasing demand for walnut products in the food processing industry is set to drive market growth

The number of walnuts used as an ingredient in businesses including baking, confectionery, chocolate, nut butter, and other processed foods is rising. Walnuts are widely used in beef jerky snacks, ready-to-eat snacks, and other items owing to their nutritious value. Apart from bakery items, walnuts are being used in savory recipes, traditional delicacies, and local restaurants. The surging international trade of walnuts as a commodity has increased the adaptability of walnuts as an ingredient in recent years. Recently, it is predicted that 60% of the walnuts consumed by the global food industry move into the confectionary channel.

Global Walnut Product Market Challenges

High cost of walnuts is impeding the market growth

The demand for walnut increases all over the world but owing to its little production, the price is raising day by day. In India, the government increased tariffs on walnuts which makes walnut unaffordable for the population. This increase in tariff makes the price raised by Rs. 2,000 per kg which limits the consumption among consumers. Furthermore, official apathy, the lack of adequate infrastructure in the production areas, long gestation periods, poor orchard management, and uneven yields have limited walnut production in various parts within the likes of India.

Global Walnut Product Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the market. Global Walnut Product top 10 companies include:

1. ADM (Archer Daniels Midland Company),
2. Royal Nut Company,
3. Kanegrade,
4. Blue Diamond Growers,
5. Barry Callebaut,
6. Diamond of California,
7. OLOMOMO Nut Company,
8. Bonn Group of Industries,
9. California Walnut,
10. Sacramento Valley Walnut Growers LLC.

Recent Developments

• In February 2020, California Walnuts launched the “power of 3” campaign in order to educate consumers about how eating walnuts is a simple way to boost overall nutrition. “The power of 3” campaign helps to spread awareness of the nutritional benefits of walnuts.
• In December 2020, Bonn group of Industries launched an eggless walnut brownie for health-conscious people. This product is also available in online or offline retailers which further rising the sales of this product.
• In August 2020, Diamond of California announces the launch of its newest innovation, ready-to-eat Snack Walnuts. For a nutritious, delicious, and economical on-the-go snack, each walnut is organically treated to remove bitterness, roasted, and lightly seasoned before being wrapped in a resealable bag.

Relevant Titles

Plant Based Beverages Market- Forecast (2022-2027)

Report Code- FBR 66825 

Edible Nuts Market - Forecast (2022 - 2027)

Report Code- FBR 92267

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