Walnut Market Expected to Grow up to US$8534.5 mn by 2025
The global walnut market mainly depicts the presence of a highly fragmented and competitive vendor landscape. This is majorly due to innumerable players operating in the field. With new companies entering the market on a regular basis, the competition is expected to increase dramatically during the upcoming years. Many prominent companies are facing stiff competition from local vendors. This is mainly due to the low entry barrier present in the market, wherein numerous local players are striking gold since several decades.
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Alpine Pacific Nut, Grower Direct Nut Co. Inc, Guerra Nut Shelling Company, Poindexter Nut Company, Andersen Shelling Inc, Webster Limited, Royal Saffron Company, Haleakala Walnut Shelling Inc, Kashmir Walnut Group, Morada Produce Company L.P., Synder’s Lance ,Inc., Gold River Orchards, Borges India Private Limited, Empire Nut Company, LLC, Agromillora Group, California Walnut Company, Crain Walnut Shelling Inc, Mid Valley Nut, Plantabul Ltd., Pepinoix, Mariani Nut Company Inc, Grimo Nut Nursery, and Sacramento Valley Walnut Growers LLC, are key players operating in the global walnut market.
walnut marketThis market had gained revenue worth US$6197.1 mn in 2017, which is further expected to grow up to US$8534.5 mn by 2025. This growth is projected to occur at an impressive CAGR of 4.1% during the forecast period from 2017 to 2025.
As walnuts as packed with several nutrients, many consumers showcase a high demand for this dry fruit variety, consequently driving the walnut market to rake in impressive growth. With changing lifestyles, many people are ushering in healthy habits that primarily includes consumption of nutrient rich foods such as walnuts. Owing to a rise in such fitness freaks, the demand for these items is increasing, thereby making the global walnut market grow at a steady pace. Widespread expansions occurring in the end use industries owing to mushrooming requirement of the walnuts is propelling the market too. In addition, a rising demand for convenience food, innovative and attractive packaging, and rising population with a high disposable income to spend on premium dry fruit products is boosting growth in the global walnut market too.
In spite of the above described growth inducing factors, poor vertical integration among walnut manufacturers is notably hindering the global walnut market. This is not only being observed with respect to the management of the manufacturers, but also is noted in terms of production capacity. Such mediocre vertical integration has also caused many vendors to sell walnut products at expensive prices, thus making it difficult for those having less disposable income to buy them. Lastly, a shortage of walnuts and difficulty in transportation of the goods to remote and underdeveloped regions too is restraining the global walnut market substantially. Nevertheless, many businesses are keen to introduce quality and less expensive products in future, thus offsetting the restraints affecting the market.