The hazelnut market is expected to expand at a CAGR of 10.2% during the forecast period of 2023 to 2030. It is anticipated that increased awareness regarding the health benefits of consuming hazelnuts would drive enormous demand potential in the global hazelnut market throughout the period forecast from 2020 to 2030. Hazelnut is a specific variety of nuts that comes from the Corylus tree. As a result of the influence of COVID-19, there has been a trend toward consuming more nutritious foods, such as fruits, nuts, and other similar items. Because of the significant amount of lipids that they contain, nuts have a high energy density, which is why they are typically included in diets that are considered to be healthy. Linoleic acid, unsaturated fatty acids, and protein are all abundant in hazelnuts, making them a valuable nutritional addition. In comparison to other nuts, it has a significantly higher quantity of alpha-tocopherol, also known as vitamin E. Consuming hazelnuts may also assist in the regulation of immunologic and inflammatory responses. As a result, it is projected that there will be a greater need for hazelnuts in the years to come. Opportunity. The growth in popularity of natural flavors, the emergence of new food and beverage-related markets, and an increase in demand for organic malt ingredients and extracts are all factors that contribute to the expansion of profitable opportunities.
Health Benefits and Raising Awareness to Drive the Market for Hazelnuts
There is a variety of nuts known as hazelnut that is rich in oil, protein, and fiber. It is a source of omega-3 fatty acids, which have various benefits that are good for the heart, and it will minimize the risk of cardiovascular disease. The hazelnut market is anticipated to expand during the forecast period as a result of increasing consumer awareness regarding the numerous health benefits provided by hazelnuts as well as the widespread application of hazelnuts in the food and beverage, cosmetic and personal care, pharmaceutical, and dietary supplement industries. In addition, hazelnuts are utilized all over the world in the production of dairy, bread, confectionary, and chocolate-based goods. It is estimated that around 80% of the world's hazelnut production is utilized in the chocolate industry, 15% in the production of cake, biscuits, and sweets, and 5% in the sale of hazelnuts as appetizers. The fact that eating hazelnuts can both lower LDL cholesterol (the "bad" cholesterol) and increase HDL cholesterol (the "good" cholesterol), as shown in research studies, is driving up sales of hazelnuts. Desserts like cakes, muffins, chocolate dishes, praline, or pastries may call for the usage of hazelnuts as an ingredient. As a result of the steadily increasing demand for the product, an increasing number of manufacturers are entering the market with newly developed goods.
There are numerous different vitamins that can be found in hazelnuts, including vitamins B, E, and K. In addition to this, it is famous for being a source of proteins, minerals, and healthy fats. Aside from this, hazelnuts have a low salt content and the capacity to decrease the levels of cholesterol in the body. As a direct consequence of this, they are gaining popularity among the vast majority of the world's vegetarian population pool. When it comes to weight loss, hazelnuts are becoming an increasingly popular choice for many people. In addition to this, the expanding use of hazelnuts in the treatment of a variety of health conditions, such as celiac disease, is anticipated to drive promising sales prospects in the worldwide hazelnut market.
Expanding Demand from the Chocolate Industry
Chocolate producers are re-introducing their hallmark products with product lines that feature hazelnuts. This trend is emerging as an innovation in taste in the worldwide confectionery market. Spreads made of chocolate and hazelnuts are becoming increasingly popular, much like peanut butter. The majority of the nation's most well-known supermarket chains now stock their shelves with a variety of homemade variations of this condiment that are being produced by a rising number of food manufacturers. Ferrero's most famous goods, such as Nutella, Ferrero Rocher, and Kinder Bueno, all contain hazelnuts, which are a crucial component of the company's recipe and one of its most important ingredients. In the year 2020, the well-known hazelnut spread Nutella is a popular choice for an after-school snack for youngsters, particularly in Europe. In point of fact, the production of Ferrero chocolate uses up 25% of the global supply of hazelnuts. There have been heists of Nutella, there is now a World Nutella Day, and there are even Nutella bars popping up all across the United States. Nutella has become a gastronomic craze all over the world. The ever-increasing popularity of Nutella has resulted in an increase in the demand for hazelnuts from sectors that cater to the ever-increasing demand of consumers all over the world. Chocolatiers are also re-launching their products throughout the holiday seasons, with a combination of traditional and western styles. These new products often include luxury nuts incorporated into chocolates, which is increasing the need for hazelnuts.
Expanding Demand from Cosmetics Items
Cosmetics and other personal care items often contain hazelnut oil as an ingredient. Both roasting and pressing the hazelnuts under cold conditions are required to make hazelnut oil. When used in cosmetics and other types of personal care products, hazelnut oil fulfills the role of an agent that conditions the skin. First and foremost, hazelnut oil is utilized in the practice of aromatherapy as a means of treating and nourishing the skin with the essential vitamins and nutrients that are provided by hazelnut oil. Additionally, this oil can be combined with other cosmetic preparations such as creams and lotions. No matter what kind of skin one has, hazelnut oil should always be applied with the utmost caution. The use of hazelnut oil as a treatment for dry and damaged hair, as well as a means of defending the hair against the sun's drying and damaging effects, is an ideal addition to a hair care routine. It is possible to regrow hair with the help of hazelnut oil, and it also adds smoothness and gloss to the hair. As a consequence of this, the growing utilization of hazelnut oil in the production of cosmetics and other personal care items is anticipated to drive the market during the period covered by the analysis. However, the effect that high prices will have on consumer spending may impede the expansion of the worldwide hazelnut market. On the other hand, the worldwide market is able to take advantage of the unrealized market potential of hazelnut oil as a product for baby nourishment.
Producers Of Hazelnuts Are Planning to Capitalise on The Willingness of Consumers to Pay a Higher Price for Exotic Ingredients
During the forecast period from 2023 to 2030, it is projected that developing economies in the South Asian and East Asian regions would evidence a strong growth rate with reference to the global hazelnut market. Rising per capita earnings and rising rates of urbanization are two of the primary forces behind the expansion of the hazelnut market in these regions. Consumers are willing to pay a premium price for unusual products such as frozen and confectionery products. It is anticipated that manufacturers in the South Asia and East Asia regions will benefit from an increasing preference among customers for items that contain unusual ingredients like hazelnut. This preference includes ice cream and chocolates, among other things.
Stringent Regulations and Fluctuating Costs Restraining the Market Growth
However, the expansion of the market will be hampered by the imposition of rules designed to circumvent concerns over the safety of workers and by the usage of unnatural items in excess of a predetermined threshold. In addition, shifts in the prices of raw materials, combined with insufficient supplies and fewer farming practices, will act as additional barriers to market expansion.
Hazelnut Flour Remained the Most Dominant Type
In 2021, the hazelnut flour segment held the largest share of revenues. There are a lot of companies that sell hazelnut flour, which contains fine hazelnut powder that's high in protein and has a delicious flavor. Smoothies, gluten-free pastries, and cereals can all benefit from the ingredient due to their fine texture and robust nut flavor. Because of its growing application in the kitchen and in salad dressings, the hazelnut oil market is anticipated to experience the highest compound annual growth rate (CAGR) during the period of analysis. Additionally, it is frequently used in products for the treatment of hair and skin, as well as in aromatherapy and massage oils.
Raw Hazelnut Dominated the Market
In 2021, the raw segment held a considerable share of the market. Raw hazelnuts can be purchased in a variety of different forms, including whole, chopped, sliced, ground kernels, paste, or oil. Raw nuts have a superior quality, which is why their costs are so expensive. The most significant market for hazelnuts is the industry that deals with snack foods. In the United States, the companies that make bread, breakfast cereal, and candy all employ hazelnuts, both domestically grown and imported.
F&B Sweep the Share of Revenues
In terms of application, food and beverage makers use around 90% of hazelnuts in the food business in the form of roasted, whitened, minced, sliced, powdered, or pureed hazelnuts. When they make chocolate, biscuits, candies, pastries, and ice cream, hazelnuts are used in the background as a supporting element. Due to the high quantities of fiber, vitamins, and moderate levels of protein that are present in hazelnuts, they are utilized in the production of cough syrups and ointments within the pharmaceutical business, as well as within the cosmetics industry. It's not uncommon to see hazelnuts in chocolate truffles or ground into flour to use in baked goods like cakes, cookies, and bread. Spreads made of chocolate and hazelnuts are more popular than peanut butter.
B2C Anticipated being the Growth Leader
During the forecast period, the business-to-consumer market is expected to experience significant growth. Because hazelnuts are produced by an increasing number of food manufacturers, they can be found in the majority of major grocery stores. This, in turn, contributes to the expansion of the business-to-consumer market.
Europe to Remain as the Growth Leader
The production of hazelnuts is dominated by Turkey, which is estimated to account for 65% of the total global production. However, Italy is the country that consumes the most hazelnuts and is the second-largest producer of hazelnuts. Both hazelnuts in their shells and hazelnuts that have had their shells removed are sold in Italy. The hazelnuts that are sold in their shells are used to make snacks, while the hazelnuts that have had their shells removed are sold primarily to bakeries and confectioneries. It is estimated that ninety percent of the hazelnuts produced in the country are sold to enterprises that process them, while the remaining ten percent are used for fresh consumption. Due to the rising demand for hazelnuts from the chocolate industries in Europe, Europe is predicted to register the highest CAGR of 10.5% over the projection period. This will cause Europe to post the most growth in terms of consumption. It is anticipated that the market will expand over the period of forecasting due to the rising demand from customers and the numerous positive effects on health. The United States of America, Canada, Japan, China, and Europe will be the primary revenue contributors. China will continue to be one of the markets in this cluster of regional markets with the greatest growth. The market in the Asia-Pacific region is expected to cross US $1 Billion by the year 2025, driven by nations such as Australia, India, and South Korea. Meanwhile, the market in Latin America is expected to rise at a CAGR of 7.5% during the forecast period.
Manufacturing Capabilities Remain as the Key Competitive Factor
Olam International, Ferrero International S.A., Barry Callebaut AG, Kanegrade Limited, Arslantürk, Karimex, Oregon Hazelnuts, DurakFindik, Geonuts Limited, and GursoyTarimsalUrunler Gida SanayiiVeTicart A.S. are some of the key market players in the worldwide hazelnut market. The market participants are currently working on the development of new products in order to increase their market share and gain traction in the global marketplace. In order to increase their market share and gain a competitive advantage through the use of combined synergies, the companies are engaging in strategic acquisitions such as product launches, agreements, and collaborations. In the worldwide hazelnut market, there are a lot of players actively competing with one another. As a direct consequence of this, it would appear that the level of competition in the hazelnut market is exceptionally fierce. Businesses operating in this market are employing a variety of strategies in order to gain a competitive edge in the current scenario. A significant number of companies that currently operate in the global hazelnut market are shifting their attention increasingly toward improving their manufacturing capacities. In addition to this, numerous businesses operating within the international hazelnut market are stepping up their efforts to deliver items of superior quality. All of these factors indicate that the global market for hazelnuts is going to show growth at a prodigious pace during the forecast period.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Hazelnut market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Forms
| |
Applications
| |
Distribution Channels
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
