Hazelnut Market Size

Hazelnut Market Analysis

The Hazelnut Market size is estimated at USD 512.62 million in 2024, and is expected to reach USD 756.70 million by 2029, growing at a CAGR of 8.10% during the forecast period (2024-2029).

• Nuts, included in most healthy dietary patterns, are characterized by their high energy density due to their high lipid content. Hazelnut is a rich dietary source of protein, unsaturated fatty acids, and linoleic acid. It contains a higher alpha-tocopherol (vitamin E) concentration than other nuts. The consumption of hazelnuts may also help regulate immunologic and inflammatory responses. Hence, the demand for hazelnuts is anticipated to grow in the future.
• Research studies show that consuming hazelnuts can lower LDL (bad) cholesterol and increase HDL (good) cholesterol, increasing sales. Hazelnuts are employed in various sectors, including food, beverage, oil, and cosmetics. They are used in desserts, such as cakes, muffins, chocolate dishes, praline, or pastries. Additionally, as it contains essential skin care elements, it is also used to make a variety of cosmetics, including lotions, soaps, creams, facial oils, and massage oils. The increased application of hazelnuts gave rise to the demand.
• Along with the growing demand and increased application for the product, various producers are entering the market with innovative products. For instance, in September 2022, Hershey India, a part of the Hershey Company, a leading global snacking giant and the largest producer of quality chocolates in North America launched a new variant of Hershey's Kisses called Hazelnut 'n' Cookies under a unique platform 'Nutty-For-You,' to enable consumers to express their emotions to their loved ones. This type of product innovation caters to the growth of the market.
• Moreover, according to Food and Agriculture Organization (FAO), the production and export of hazelnut are high in turkey, with an estimated share of 70% and 82% globally. Furthermore, the production volume in turkey accounted for 665,000 metric tons in 2020, and the provinces of Ordu, Samsun, and Giresun produce the majority of the world's hazelnuts, while Sakarya and Düzce produce them at a high rate.
• In terms of consumption, Europe is expected to register the highest growth due to the increasing demand for hazelnuts from the European chocolate industries. Additionally, the major import destinations of hazelnut are Canada, China, and Italy, with 28.3%, 22.7%, and 21% import share globally in 2021 as per ITC trade. Therefore, with increasing consumer demand and high health benefits, the market is expected to grow over the forecast period.