Walnut Market Size is Projected to Reach USD 11.1 billion, at a 4.3% CAGR by 2031 - Transparency Market Research, Inc.

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Jan 11, 2024, 06:59 ET

Walnuts can serve as convenient and healthy snack options, driving the market.

WILMINGTON, Del., Jan. 11, 2024 /PRNewswire/ -- Walnut sales in 2022 reached US$ 7.6 billion. By 2031, the market is predicted to reach US$ 11.1 billion. The market is expected to increase at a CAGR of 4.3% from 2023 to 2031. Walnuts are nutrient-rich foods that are likely to increase in demand as global eating habits improve. Sustained growth of walnut sales may be attributed to consumer awareness of walnuts' health benefits.

As the food industry has a reputation for innovation, consumers will likely expect new walnut-based beverages, spreads, and snacks in the future. Several regions or countries may become viable for walnut cultivation as growers search for suitable climates. As a result, global walnut supply may increase. Sustainable and ethical practices might influence consumer purchases. Environmentally friendly and sustainable practices may give walnut producers an edge.

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Walnut Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2021
Size in 2022	US$ 7.6 Bn
Forecast (Value) in 2031	US$ 11.1 Bn
Growth Rate (CAGR)	4.3 %
No. of Pages	267 Pages
Segments covered	Category, Form, Product Type, Nature, End-use

Walnut cultivation may be challenged by climate change due to changing growing conditions. Climate change, precipitation fluctuations, and adverse weather events could affect yields. The demand for walnuts can change over time based on changing consumer demands. The sustained popularity of walnuts may reflect their versatility in various cuisines and dishes.

Key Findings of the Market Report

Based on category, shelled walnuts have high demand from a wide range of consumers.
Over the next few years, walnut demand in North America is expected to increase
Walnut demand is expected to be strongest in Asia Pacific due to growing awareness about their cardiovascular-promoting benefits.
Due to growing awareness of the health benefits of walnuts, organic walnuts are becoming increasingly popular.
Walnut demand is likely to be driven by the food industry.

Global Walnut Market: Growth Drivers

The increased awareness of walnut consumption's health benefits has increased global walnut demand. Many health-conscious consumers choose walnuts because of their rich omega-3 fatty acids, antioxidants, and other nutrients. The nutritional value of walnuts has been recognized as a contributor to healthy heart functions, cognitive function, and overall well-being. Nutritional foods as walnuts are more in demand as consumers become more health conscious.
With an ever-increasing global population, there is a corresponding rise in food demand. The population growth will likely increase demand for walnuts, a nutritious and versatile food item. In addition to income levels and consumer purchasing power, economic conditions influence the demand for high-quality food products like walnuts. Consumer spending in emerging markets has increased because of economic growth.
Changing consumer tastes and the culinary industry contribute to walnut demand. Trends in food preferences can affect the market for walnuts, which are commonly used in various cuisines. As people become more aware of healthy eating habits and more inclined to follow plant-based diets, walnuts have become increasingly popular. Consumers seeking wholesome and natural snacks may drive demand for walnuts.

Global Walnut Market: Regional Landscape

Asia Pacific is expected to lead demand for walnuts in coming years. Health and nutrition awareness has grown in Asia-Pacific, increasing demand for nutrient-dense foods. The health-conscious public has become increasingly interested in walnuts, which contain beneficial nutrients like omega-3 fatty acids. Nut consumption, including walnuts, has grown as dietary patterns change, with more and more people adopting Western diets.
As the middle class grows in several countries in Asia-Pacific, walnuts are becoming increasingly popular as a premium and healthy food item. Asia-Pacific countries import walnuts in large quantities. Walnut consumption and imports from China have been significant players in the global walnut market.
A variety of traditional Asian cuisines uses walnuts. In recent years, walnuts have become increasingly popular as a snack and ingredient in various dishes. Walnut demand will likely continue to rise as consumers prioritize healthier food choices.

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Global Walnut Market: Key Players

Walnut processing is becoming easier with the development of increased efficiency and enhanced walnut cracking machines.

Alpine Pacific Nut
Poindexter Nut Company
Andersen Shelling Inc.
Webster Limited
Royal Saffron Company
Haleakala Walnut Shelling Inc.
Kashmir Walnut Group
Morada Produce Company L.P.
Snyder's Lance, Inc.
Gold River Orchards
Borges India Private Limited
Empire Nut Company, LLC
Agromillora Group
California Walnut Shelling Inc.
Crain Walnut Shelling Inc.
Mid Valley Nut
Plantabul Ltd.
Pepinoix, Mariani Nut Company Inc.
Grimo Nut Nursery
Scaramento Valley Walnut Growers LLC

Key Developments

In June 2023, the California Walnut Board and Whitworths partnershiped to install a freestanding display unit in 700 Tesco stores for 12 weeks showcasing 200g packs of California walnuts.
In December 2023, Kupwara reached a record level of walnut production for the second consecutive year in Jammu and Kashmir. In the entire state of Jammu and Kashmir, Kupwara district is still the top walnut producer. This district produced 37,010 metric tonnes of walnuts.

Global Walnut Market: Segmentation

By Category

In Shell
Shelled

By Form

Raw
Processed
- Powder
- Oil

By Product Type

Black Walnuts
English or Persian Walnuts

By Nature

Organic
Conventional

By End Use

Household
Industrial
- Food Industry (Snacks and Spreads, Sauces and Dressings, Bakery and Confectionery, and Desserts)
- Personal Care and Cosmetics
- Pharmaceuticals

By Region

North America
Latin America
Western Europe
Eastern Europe
South Asia
East Asia
Oceania
Middle East & Africa (MEA)

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