Transparency
Market Research observes that the competitive landscape in the global
walnut market is highly fragmented due to the strong presence of
several players. Furthermore, lack of entry barrier for new players
is expected to further fragment the market and intensify the
competition. Some of the prominent players operating in the global
walnut market are Alpine Pacific Nut, Poindexter Nut Company, Guerra
Nut Shelling Company, and Grower Direct Nut Co. Inc. To stay ahead of
the competition companies are likely to make investments to improve
their product grading facilities to meet international standards and
consumer demands. Companies are also expected launch innovative
walnut-based products to lure in a wider consumer base. Expanding
businesses to international markets through various distribution
channels will be a key expansion strategy of the companies.
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According
to the research report, the global walnuts market was valued at
US$6,197.1 mn in 2017 and is expected to reach a valuation of
US$8,534.5 mn by the end of 2025. During the forecast years of 2017
and 2025, the global market is expected to rise at a CAGR of 4.1%.
Out of the two categories, the shelled walnuts are expected to lead
the global market as the segment is slated to exhibit a CAGR of 4.4%
during the forecast period. Geographically, Asia Pacific held a share
of 54.7% in the global walnut market in 2017 and is expected to
dominate the global market in the forthcoming years.
Widening
Application of Walnuts and Rising Disposable Income of Middle Class
to Spike Demand
Walnuts
are being exhaustively used as an ingredient in the food industry,
pharmaceutical industry, personal care and cosmetics industry which
is supporting the market growth in the near future. Due to an
increasing lactose intolerant population across the globe, consumer
demand is shifting more from cow’s milk to nut based milk, leading
to a substantial increase in the consumption of walnut milk, owing to
its lactose-free characteristics.
Increasing
consumer inclination towards maintaining a healthy lifestyle has led
to the higher consumption of healthy food products and food
ingredients. Off late, consumers have become more conscious about
their food intake and diet. There has been a significant rise in the
consumption of tree nuts, which include almonds, pistachios,
hazelnuts, walnuts, cashew nuts, etc., over the past few years,
primarily supported by a shift towards healthier eating habits and
preferences among the fast-growing middle-class section of consumers,
especially in developing countries.
Furthermore,
government bodies and various private companies are creating more and
more awareness among consumers regarding the health benefits of
edible nuts, including walnuts, almonds, pistachios, and hazelnuts,
which thereby, is resulting in further growth of the market.
Moreover, increasing walnut demand and usage in various industrial
sectors like food, pharmaceuticals, personal care and cosmetics as an
ingredient are some of the important factors that are expected to
drive the growth of global
walnut market over the forecast period.
Poor
Vertical Integration Amongst Manufacturers to Hamper Market Growth
Some
of the restraints that are lack of vertical integration in the
manufacturers of the walnut and products plagued the industry’s
development over the years. This has also led to an increase in the
prices of the walnuts reaching after different processing
destinations to the consumers. Furthermore, another prospective
restraint of Walnuts market is the cultivation of walnuts is
surrounded by specifications required for flourishing of the plant.
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