Hazelnut Market is estimated to grow with a CAGR of 10.35% during the forecast period- By PMI
Prophecy Market Insights latest research report on the Hazelnut Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Oct. 03, 2023 (GLOBE NEWSWIRE) — Hazelnuts, scientifically known as Corylus avellana, are the edible nuts of the hazel tree, native to Europe and Asia but now cultivated in various parts of the world. These small, round nuts are encased in a hard shell that is typically removed before consumption. Hazelnuts are known for their rich, sweet flavor and are used in a variety of culinary applications.
Hazelnuts are used in a wide range of culinary applications, from baking to gourmet dishes. The versatility of hazelnuts in both sweet and savory dishes contributes to Hazelnut Market growth.As consumers become more health-conscious, they are seeking out nutritious and natural snacks. Hazelnuts, with their health benefits and rich flavor, fit this trend well.
- In April 2021,Apis India launches Hazelnut Chocolate spread. Frequently used as a source of protein and calories is Apis Hazelnut Chocolate Spread. The new hazelnut chocolate spread from Apis India wants breakfast to be exciting for chocolate lovers. It is very delicious and enjoyable to eat with anything because of the wonderful combination of ingredients. Simply adding Apis Chocolate Spread will improve the flavors of many different foods, making them even more delicious. It goes well with pancakes, toast, waffles, shakes, smoothies, and even ice cream.
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|Report Attribute||Report Details|
|Market Size in 2022||US$ 14.94 Billion|
|Market Forecast in 2030||US$ 40.6 Billion|
|Growth Rate||CAGR of 9.9%|
|Key Companies Covered||BalsuGidaSanayiVeTicaret AS , Chelmer Foods Ltd., Kanegrade Ltd., Archer Daniels Midland Company , Olam International Ltd., Hazelnut Growers of Oregon, Inc., Barry Callebaut AG , Kerry Group plc., Soparind SCA and The Hershey Company|
Hazelnut Market Trends:
Some of the key trends driving the growth of the hazelnut market include:
- Craft Hazelnut Products: Smaller producers are focusing on crafting artisanal hazelnut products like oils, nut butters, and gourmet confections.
- Local and Direct Sales: Small hazelnut farmers are selling their products directly to local consumers through farmers’ markets, online platforms, or on-farm stores.
- Organic and Niche Varieties: Some growers are turning to organic farming and cultivating unique, lesser-known hazelnut varieties.
- Collaborations with Local Businesses: Small producers are collaborating with local bakeries, chocolatiers, and restaurants to create exclusive hazelnut-infused products.
- Educational Initiatives: Some growers offer educational experiences like orchard tours, workshops, and tastings to inform consumers about hazelnuts’ cultivation and uses.
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- Processed Hazelnuts
- Unprocessed Hazelnuts
- Food and beverage
- Hazelnut Oil
By Distribution Channel
- Convenience stores
- Online retail
- North America
- Europe, Asia Pacific
- Latin America
- Middle East & Africa
Hazelnut Market: Growth Factors and Dynamics:
- Rising consumer preference for hazelnut-based products.
- Increased use in confectionery and bakery items.
- Expanding global export opportunities.
- Perceived health benefits boost demand.
- Product innovation and flavor diversification.
- Price fluctuations due to supply and weather.
- Demand driven by confectionery and spreads.
- Sustainability and ethical sourcing considerations.
- Competition among growers and processors.
- Regulatory compliance for food safety.
The rise in plant-based diets and the demand for plant-based ingredients have boosted the popularity of hazelnuts. They are a common ingredient in plant-based milk alternatives and vegan products.The production and use of hazelnut oil in cooking are expected to increase. Hazelnut oil is valued for its unique flavor and is finding applications in gourmet cuisine.
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Prominent Players in Hazelnut Market:
- BalsuGidaSanayiVeTicaret AS
- Chelmer Foods Ltd.
- Kanegrade Ltd.
- Archer Daniels Midland Company
- Olam International Ltd.
- Hazelnut Growers of Oregon, Inc.
- Barry Callebaut AG
- Kerry Group plc.
- Soparind SCA
- The Hershey Company
In conclusion, the hazelnut market is experiencing growth due to increased demand from confectionery manufacturers and a rising consumer preference for hazelnut-based products. This growth is fueled by factors such as product innovation, expanding export opportunities, and the perceived health benefits of hazelnuts. However, market dynamics include price fluctuations, competition, and the need for sustainability and regulatory compliance. Overall, the hazelnut market presents opportunities for those in the industry to capitalize on this trend.
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