Pecan Market Size
|Fastest Growing Market:||North America|
|Largest Market:||North America|
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Pecan Market Analysis
The Pecan Market size is expected to grow from USD 2.20 billion in 2023 to USD 2.99 billion by 2028, at a CAGR of 6.33% during the forecast period (2023-2028).
- The pecan is a tree nut that is native to North America. Pecans are rich in dietary fibers and other nutrients such as manganese, phosphorous, and thiamin. They are also good sources of protein and vitamin B. Owing to these factors, the global production of pecans has increased over the last decade.
- North America dominates the market. The United States is the world's largest pecan-producing country. The United States and Mexico together accounted for more than 93% of the overall production in the world, while the rest was from countries like South Africa and Australia, among others. Other countries producing pecans include Australia, Brazil, Israel, Mexico, Peru, and South Africa.
- Moreover, the United States is not only a mere contributor to the pecan supply but also one of the world's major pecan consumers. For instance, in 2020, the country consumed nearly 68,344 metric tons of pecan, contributing to more than half of the global pecan supply for the same year.
- The increasing per capita spending on vegan foods, coupled with the increased nutritional awareness among various consumer groups, is driving the market for pecan across the globe. The demand for pecan has been growing around the world. For instance, in 2020, The Georgian Renaissance Group exported the first batch of pecan kernels to the European Union (Poland). Hence, the increased demand for pecan aids the market's growth in the forecast period.
Pecan Industry Segmentation
Pecan is defined as an edible nut, which is also termed Carya illinoinensis. It is native to the warmer parts of the United States and Mexico. For the purpose of the study, both shelled and in-shell nuts have been considered for evaluating the consumption patterns of pecan across global demographics. The Pecan market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Africa). The report includes production (volume), consumption (volume and value), import (volume and value), export (volume and value), and price trend analysis. The report offers market size and forecasts in terms of value (USD million) and volume (ton) for all the above segments.
|Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Market Analysis by Value and Volume, Export Market Analysis by Value and Volume, and Price Trend Analysis)|
Pecan Market Trends
This section covers the major market trends shaping the Pecan Market according to our research experts:
Increased Health Benefits and Enough Supply is Driving the Consumption
- The pecan is usually referred to as a tree nut native to the North American region. Increasing consumer awareness regarding their health benefits and rising demand for plant-based food products. Pecans are a good source of calcium, magnesium, and potassium, which help lower blood pressure.
- Additionally, Pecan-based food products are increasing, as they have become one of the favored nuts among health-conscious consumers. For instance, pecan-based products such as pecan muffins, pecan biscuits, and many other pecan-based bakery products are becoming popular as a part of healthy diets. This is driving the consumption of pecans all over the globe.
- Along with this, the consumption of pecans is driven by the effortless supply. Farmers can sell the produced pecans in-shell or shell straight to consumers through farmers’ markets and online websites for retail prices or to accumulators, wholesalers, and shellers for wholesale prices. This shows the flexibility in supply for the increased demand.
- Furthermore, the increased production leads to an increase in the supply of pecan nuts. The United States is the largest producer of pecans. For instance, according to the United States Department of Agriculture (USDA) 2023, pecan production went up from 2019 which is 255 million pounds to 274.5 million pounds 2022 with some ups and downs in between. The supply chain is also well established in the country, which leads to an increase in the supply, thereby leading to easy availability and a rise in consumption.
- Thus, the aforementioned reasons could result in higher potential pecan consumption over the forecast period.
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North America Dominates the Global Pecan Market
- The United States is the leader in terms of the production of pecans. It contributes 80-90% of the world’s pecan production. Over three-fourths of US, pecans were produced in Georgia, New Mexico, and Texas. According to the United States Department of Agriculture (USDA), the US pecan production for the 2020-21 marketing season amounted to 302 million pounds utilized in-shell basis, increasing from 255 million pounds in 2019.
- Along with the higher production, the United States is one of the world's largest pecan consumers. They include this nut in several of their quintessential recipes in the culinary arts. This is increasing consumption. Also, per consumption statistics released by the US Department of Agriculture, the per capita consumption of pecan settled at 0.6 kg per person per year in 2021. Despite the higher consumption trend, pecan production in the country was also termed high and peaked at 119,250 tons in 2019.
- Pecan nutmeat can be used in a variety of ways. This is increasing the consumption demand, which leads to an increase in the production of pecans. Fresh pecans have a slightly buttery taste and are an extremely healthy snack on their own or can be added to meals. Fresh pecans have the highest antioxidant content of all tree nuts. Shelled pecans are used in cakes, pies, pralines, and brittles.
- Furthermore, the increasing awareness of the nutrient composition of the pecan, especially its high dietary fiber and several other nutrients such as manganese, phosphorous, and thiamine, is spiking the demand from various consumer groups, especially vegan consumers. Also, relatively higher stocks of shelled pecans in the US cold storage shelves are likely to further translate into demand over the forecast period.
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Pecan Market News
- September 2022: Argentina launched a domestic and international pecan marketing campaign highlighting the pecan’s superior nutritional contents and remarkable versatility and the contribution pecans can make to a healthy diet to increase domestic consumption and position itself in international markets.
- June 2022: The Agricultural Marketing Service (AMS) proposed to revise the US Standards for Grades of Pecans in the Shell by replacing the current grades with US Extra Fancy, US Fancy, US Choice, and US Standard grades.
- October 2021: The US Department of Agriculture (USDA) announced an investment of more than USD 243 million in grants to support specialty crops, including pecans and nursery crops, through two USDA programs—the Specialty Crop Block Grant Program and the Specialty Crop Research Initiative Grant Program.
Pecan Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Market Analysis by Value and Volume, Export Market Analysis by Value and Volume, and Price Trend Analysis)
5.1.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
5.1.4 South America
126.96.36.199 South Africa
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pecan Market Research FAQs
What is the study period of this market?
The Pecan Market is studied from 2018-2028.
What is the growth rate of Pecan Market?
The Pecan Market is growing at a CAGR of 6.33% over the next 5 years.
What is Pecan Market size?
The Pecan Market is expected to reach USD 2.20 billion in 2023 and grow at a CAGR of 6.33% to reach USD 2.99 billion by 2028.
Which region has highest growth rate in Pecan Market?
North America is growing at the highest CAGR over 2018-2028.
Which region has largest share in Pecan Market?
North America holds highest share in 2022.
Pecan Industry Report
Statistics for the 2023 Pecan market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Pecan analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.