Increasing inclination of the consumers towards maintaining a healthy lifestyle has led to an increase in consumption of healthy food products and food ingredients. Expanding demand for healthy food coupled with the usage of walnuts in end use industries are the primary drivers leading the global walnuts market during the forecast period. The market is also expected to continue being augmented by rising demand for convenience food, innovation in packaging, and expanding population willing to pay a premium for healthy fruits. One such growth in Walnuts market is increasing per capita consumption of walnuts globally.
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The global walnuts market is, however, currently restrained by the lack of vertical integration in the manufacturers in the global market. Increasing competition among key players is the main challenge for walnut manufacturers which will lead to decrease in the profit margin. As competition intensifies in the sector with price wars among leading players, industry players are expected to improve the efficiency of their value chain, from inbound logistics to distribution and, to a large extent, marketing and export of products. Revenue generated from walnuts market is estimated was valued at around US$6197.1 mn by the end of 2017 and is expected to increase at a CAGR of 4.1% over the forecast period. Global walnuts market are expected to be valued at approximately US$8534.5 mn by the end of 2025.
With a share of 69.9% in 2017, Raw Walnuts to Lead Global Market
By category, the Walnuts market is segmented into inshell walnuts, and shelled walnuts. The shelled walnuts segment is likely to be the most attractive segment in the forecast period owing to the increased usage of walnut meats into various end-user industries. On the basis of form, the walnuts market can be segmented into raw and processed. The processed segment is further sub segmented into powder and oil. The raw walnut segment is estimated to account for a significant revenue share of 69.9% in 2017 and is expected to register significant growth rate during the forecast period.
Furthermore, on the basis of product type, the Walnuts market is segmented into black and English walnuts. Amongst these segments, the English walnuts is anticipated to occupy the largest market share of 93.7% in 2017. By nature, the Walnuts market can be segmented into organic and conventional where the organic segment is anticipated to witness significant growth over the forecast period owing to the increasing proportion of consumers who wish to pay a premium for organic products. By end use, the Walnuts market is segmented into plain household and industrial. The industrial Walnuts segment is likely to be the most attractive segment in the forecast period.
Wider Consumer Base in Asia Pacific puts Regional Market on Top
On the basis of region, the market in Asia Pacific and Europe is expected to dominate over the forecast period followed by the Middle East & Africa. A large number of consumer base has been developed in Asia Pacific for the products such as walnuts as a snack, and in pharmaceutical formulations. Asia is expected to become a prominent player by the end of the forecast period with a significant CAGR attributed to increase in the per capita consumption of Walnuts in the region.
Some of the major companies operating in the global Walnuts market are Alpine Pacific Nut, Grower Direct Nut Co. Inc, Guerra Nut Shelling Company, Poindexter Nut Company, Andersen Shelling Inc, Webster Limited, Royal Saffron Company, Haleakala Walnut Shelling Inc, Kashmir Walnut Group, Morada Produce Company L.P., Synder’s Lance ,Inc., Gold River Orchards, Borges India Private Limited, Empire Nut Company, LLC, Agromillora Group, California Walnut Company, Crain Walnut Shelling Inc, Mid Valley Nut, Plantabul Ltd., Pepinoix, Mariani Nut Company Inc, Grimo Nut Nursery, Sacramento Valley Walnut Growers LLC.
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