Most individuals around the world now have greater disposable income. Therefore, it is projected that this demographic base is likely to spend more money on expensive food products. Due to this, producers of confectioneries, including dry fruits.
The hazelnut market, which was estimated to be worth US$ 17.69 billion in 2023, is poised to record by 8.8% CAGR to US$ 41.12 billion by 2033. The expanding health benefits of eating hazelnuts are predicted to fuel substantial demand potential over the forecast period.
The Dynamics of the Global Hazelnut Market
Sales of Hazelnut Spurred by Growing Usage in Treatment of Medical Ailments
Among the many vitamins that hazelnuts are regarded as a rich source of are vitamins B, E, and K. It is well known for providing good lipids, proteins, and minerals. Hazelnuts have a low salt content and may help lower cholesterol levels. Thus, they are becoming more and more well-liked among the number of vegetarians worldwide. This condition is creating promising sales opportunities in the global hazelnut industry.
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More people are turning to eat hazelnuts to reduce their weight. Hazelnut sales are predicted to increase as a result of the rising usage of these nuts in the treatment of several illnesses, including celiac disease.
Hazelnut Market to Experience Sales Growth Due to Increased Demand from Confectionary Makers
A significant part of the population from all over the world is raising its consumption of hazelnut in various forms as a result of increased awareness of the health advantages of this nut. Many confectionary manufacturers are integrating hazelnut into their products to earn more revenue from this growth trend. Due to the rising demand from producers of chocolate, spreads, and other food products, the hazelnut market is likely to see impressive sales opportunities.
Most individuals around the world now have greater disposable income. Therefore, it is projected that this demographic base is likely to spend more money on expensive food products. Due to this, producers of confectioneries, including dry fruits, have excellent market prospects. This component ought to create lucrative business potential.
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Key Takeaways
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Competitive Assessment
The worldwide market is home to a large number of active competitors. Therefore, it appears that there is intense competition in the hazelnut industry. Businesses in this sector are currently employing a range of strategies to get a competitive edge.
Many firms in the global industry are paying more and more attention to increasing their manufacturing capacities. A lot of businesses on the market are also striving harder to produce high-quality products. All of these indicate that the hazelnut market is anticipated to experience rapid expansion in the years to come.
Recent Developments
Cadbury Dairy Milk Silk’s novelty Silk Hazelnut chocolate, which contains whole Turkish hazelnuts, was first released in March 2019. Farmers are also working to produce organic hazelnuts to meet the rising demand for organic foods and beverages.
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Mar 19, 2023