Nut Snacking is Fueling the Growth of the Pistachio Market
![]() |
Pistachio Market |
The pistachio market is estimated
to be valued at US$ 46.49 Mn in 2023
and is expected to exhibit a CAGR of
3.7% over the forecast period 2023 to 2030, as highlighted in a new report
published by Coherent Market Insights.
Market Overview:
Pistachios are edible seeds that
grow on pistachio trees. They are a nutrient-dense food providing protein,
fiber, vitamins, and minerals. Pistachios are consumed as snacks and used in
confectioneries, bakery products, and prepared foods. They are known for their
health benefits such as controlling blood sugar levels, lowering cholesterol,
and aiding weight management.
Market Dynamics:
Growing consumer awareness about
health benefits of pistachios is a major driver for the pistachio market
growth. Pistachios contain properties that aid in reducing risk of heart
diseases, diabetes, and certain cancers. Additionally, they are promoted as
snacks for weight management as they aid in feeling full for longer durations.
Furthermore, pistachios are rich in antioxidants that protect cells from damage
caused by free radicals. Increasing disposable incomes in developing countries
has led to rising demand for premium products including healthy nuts such as
pistachios. Expanding application of pistachios in prepared food products is
another factor driving their demand. They are increasingly used in ice creams,
candies, bakery items among others. However, pistachio cultivation is dependent
on climatic conditions which may affect production and supply, hindering market
growth.
SWOT Analysis
Strength:
- Pistachios are highly
nutritious and contain many heart-healthy antioxidants. They provide essential
vitamins, minerals, protein and healthy fats.
- The Wonderful Company LLC, one
of the largest producers, controls a large share of global production which
ensures consistent supply.
- Pistachios have a long shelf
life and hold their quality for over a year which makes them suitable for
export and long-term storage.
Weakness:
- Pistachios have high production
costs due to labor-intensive harvesting methods. Shelling pistachios by hand is
time consuming and expensive.
- Pistachio yields can be
vulnerable to weather conditions like drought, frost and heat waves which
threatens consistent production.
Opportunity:
- Rising health consciousness is
driving demand for nut-based snacks. Pistachios are well-positioned to benefit
from growing preference for healthy alternatives to fried snacks.
- Emerging markets like Asia
Pacific and Middle East offer high growth potential for pistachio producers
seeking to expand globally.
Threats:
- Pistachio trees are highly
susceptible to pests and diseases. Emerging pathogens can devastate entire
orchards posing production risks.
- Volatility in global commodity
prices directly impacts pistachio prices making profits unpredictable.
Key Takeaways
The Global
Pistachio Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period,
due to increasing health consciousness among consumers. Pistachios are nutrient-dense
and provide antioxidants with proven health benefits.
Regional analysis:
The United States dominates the
global pistachio market currently accounting for over 50% of global production
volume. Major producers like California and New Mexico have ideal growing
conditions. However, the Middle East region especially Iran is emerging as the
fastest growing market. With vast suitable lands for cultivation, Iran
accounted for 30% of global production in 2020.
Key players operating in the pistachio market are The Wonderful
Company LLC, Germack Pistachio Company, Primex Farms, LLC, Horizon Growers,
Nichols Pistachio, Keenan Farms and Setton Pistachio of Terra Bella Inc. Other
players are Santa Barbara Pistachio Company, Hellas Farms LLC, Del Alba International
and Ready Roast Nut Company. The Wonderful Company LLC, one of the largest
producers globally, controls approximately 40% of global pistachio supply.
Get More Insights Here
https://www.newsstatix.com/pistachio-market-size-share-growth-outlook-2023/
Comments
Post a Comment