Market Trends of Walnut Industry
This section covers the major market trends shaping the Walnut Market according to our research experts:
Increasing Demand in the Food Processing Industry
- The percentage of globally traded walnuts consumed as an ingredient in industries such as bakery, confectionery, chocolate, nut butter, and similar processed products has increased. Due to their nutritional benefits, walnuts also find their way into beef jerky snacks, ready-to-eat meals, and other products.
- Apart from bakery items, walnuts are incorporated into savory dishes, traditional sweets, and local restaurants. The versatility of walnuts as an ingredient has been enhanced over the past few years with the increased international trade of walnuts as a commodity. This is evident as consumers use walnuts in beverages, breakfast cereals, and in-home baking.
- Additionally, dietary guidelines by government authorities in different countries such as Australia, the U.S., and European nations promote the consumption of walnuts. For instance, in July 2021, the California Walnut Board launched Snacking Retail Campaign to bring more attention to the benefits of walnuts as a nutritious snack. The new campaign includes walnut displays and promotions in more than 7,400 food retailers across the United States. Further, ongoing developments in walnut processing technologies are expected to foster market expansion during the forecast period.
- Furthermore, production across the countries has been growing steadily to cater to this growing demand. The overall output of walnut in the shell in 2020 surpassed the 3.32 million metric ton mark by 2.99 million metric tons from the previous season. China was the largest producing country, followed by the United States, Chile, Ukraine, and France.
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Asia-Pacific dominates the market
- Asia Pacific's Walnut market is predicted to hold the highest position in the global Walnut market over the forecast period. The region's walnut consumption is dominated by Chinese consumption. China's per capita consumption of walnuts is likewise expanding yearly, having increased 10.5 times in the last 21 years. Domestic production meets the majority of demand, with the baking and processed food sectors accounting for roughly half of the walnuts consumed in the country.
- The snacking business uses the majority of total walnuts, which is predicted to expand further during the projection period. For instance, according to International Nut and Fruit Council (INFC), China is the largest producer of walnuts and has the highest consumption rate globally, with 433,742 metric tons in 2020. In India, over 29 thousand metric tons of walnuts were consumed in 2020, an increase over the previous year's consumption of over 19 thousand metric tons.
- Processed walnut brands that feature light kernel varieties, food safety certification, and follow sustainable packaging and manufacturing standards are highly favored by Asian consumers. The use of walnuts in pies, cakes, and other homemade dishes further boosts the sales of processed walnuts in Asia.
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