Hazelnut Market size to surpass USD 9.08 billion with a growing CAGR of 3.4% by 2030 according to a new research report

The Global Hazelnut Market size is expected to grow from USD 6.95 billion in 2022 to USD 9.08 billion by 2030, at a CAGR of 3.4% during the forecast period (2023-2030).

Market Overview:

Hazelnuts are the nuts obtained from the hazel tree and can be found whole, raw, ground, sliced, or roasted. Hazelnuts are used primarily as a snack or added to baked goods. According to the International Nut and Dried Fruit Council, Hazelnut production has shown a rise in growth of 21% in 2021 and is estimated to increase between 1% to 5% in the upcoming years. Hazelnuts add taste and flavor to the chocolate truffles and are ground into flour for biscuits, and cakes. Furthermore, when compared to peanut butter, Chocolate-hazelnut spreads are majorly used, and numerous versions of this spread are available in supermarkets.

Top Key Players for Hazelnut Market:

Balsu Gida (Turkey), Chelmer Foods (North Essex), Kane grade (U.K), Olam International (Singapore), Oregon Hazelnuts (U.S.), Aydin Kuruyemis (Istanbul), GEONUTS (Georgia), Poyraz Tarimsal (Istanbul), Barry Callebaut AG (Switzerland), Arslantürk (Turkey), Karimex (Brazil), Gursoy Tarimsal Urunler Gida (Turkey), Fruits of Turkey (Turkey), BATA Food (Turkey), Durak Findik (Turkey), and other major players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.

Market Dynamics and Factors for Hazelnut Market:

Drivers:

Enormous Demand from the Chocolate Industry

Along with the rapid growth in the chocolate industry, the rise in demand from consumers for tasty and nutritious chocolates and chocolate spreads has proved to be a boon for hazelnut market growth.

This rapidly rising demand encourages the key manufacturers of the chocolate industry to innovate and introduce new chocolate products with hazelnuts added to them. Chocolate hazelnut spreads are gaining popularity among health-conscious consumers along with peanut butter, which boosts the growth of the hazelnut market.

Opportunities:

Lucrative Opportunity for Premium Products and Exotic Ingredients in the Urban Population

Demand for hazelnut is expected to witness a rapid increase among various end-use industries. The increase in urbanization and disposable incomes have led to a rapid rise in the market growth of the premium products and further provided a profitable opportunity for hazelnut products to grow at a faster rate, especially, in the North American and the European region. Consumers in the regions are willing to pay premium prices for products with exotic ingredients including frozen and confectionery products.

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Segmentation Analysis of the Hazelnut Market:

By Type, the processed hazelnut segment dominates the hazelnut market. Processed hazelnuts are easily accessible to the consumers, processed to suit different consumer preferences and tastes, and are available in many forms. Processed hazelnuts hold 58% of the market growth and are majorly used by the snack market which further drives the hazelnut market growth.

By Application, the food & beverages segment dominates the global hazelnut market. The rapid growth is attributed to the rising hazelnut usage in chocolates, icecreams, cakes, spreads, creams, and bars. owing to the innovative and attractive product range offered by food & beverage manufacturers fuels the segment growth.

By Type

• Processed Hazelnuts
• Unprocessed Hazelnuts

By Application

• Hazelnut-based Foods & Beverages
• Hazelnut Oil
• Pharmaceutical
• Cosmetics

By Distribution Channel

• Online
• Offline

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Regional Analysis of the Hazelnut Market:

The Middle East and Africa is the major dominating region for the hazelnut market. Turkey is the largest producer of Hazelnuts and it accounts for around 70% of the world’s hazelnut supply owing to the rising demand from the millennials and urban population as well as the favorable climatic conditions in this region.

By region:

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In July 2021, the Italian food brand Fabulous declared the launch of a line of organic hazelnut and cocoa spreads that are created with a combination of hazelnuts, chickpea, and cocoa. The original Hazelnut Cocoa product further will be followed by the launch of the Savoury Orange Hazelnut as well as Crunchy Hazelnut flavors.

In April, 2021, Hazelnut Growers of Oregon (HGO) and its parent company Wilco happily announced that they are seeking a partner with a track record of building great brands to further form a joint venture to grow HGO’s retail hazelnut consumer product business.

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