A CAGR of 5.2% is predicted for the global nut and nut meal market, and veganism is thought to be a driving factor. With more and more people turning to vegan and paleo diets, nuts are growing in popularity as a protein source. Nut meal is often used as a flour substitute in baking; meanwhile, nuts may be favoured as a meat substitute, as they contain many vital nutrients such as Omega-3 fatty acids, folate and vitamin E. They are linked to heart and brain health, and can help diabetic individuals to maintain their insulin levels.
Surge in demand
Partly due to the rise of vegan and paleo diet, nuts and seeds now feature in 37% of snack food launches. Many people now consume nuts daily, leading to a huge surge in demand. Prominent brands in this market include Blue Diamond Growers Inc, McCormick and Co and Nut-Tritious Foods.
However, the market for nut products is restrained by consumers’ worries about the high fat content of nuts. Many nut products also contain added oil and salt, deterring health-conscious consumers. Another limiting factor is that nut allergies are relatively common worldwide.
Currently, the Asia-Pacific region has the highest market share for nuts, followed by Europe and North America. The latter also has the greatest market share for nut meals. This is because American consumers are prone to following food trends and often have disposable income to spend on health foods.