Pecans Ingredient Market Size, Share, Growth, and Industry Growth, By Type (Halves, Pieces, and Granules & Meal), By Application (Recipe Pecan, Directly Eat, Confectionery & Bakery, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2022 To 2030

Updated On: 11 September 2023

pecans ingredient market REPORT OVERVIEW

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The global pecans ingredient market size is expected to grow from USD 5162 million in 2021 and market is projected to touch USD 6234.2 million by 2028, at a compound annual growth rate (CAGR) of 2.7% during the forecast period.

A kind of hickory tree native to northern Mexico produces the nut known as the pecan. It has tones’ of vitamins and minerals and is a nutritional powerhouse. Pecans are fatty test nuts because of their high monounsaturated oil content, which gives them a distinctive flavor and texture. Both savory and sweet meals, most notably pecan pie, pair well with it. Up to 80% of the world's pecan is exported from the United States. Monounsaturated fatty acids, a type of fat that may be good for heart health, are abundant in it. Pecan gives my recipes the same crunch and flavor as maple syrup, bourbon, chocolate, and even sweet potatoes.

The demand for foods that are nutrient-dense further demonstrates dish variety is the driving force for pecans. The possibilities for the pecans ingredient industry have been boosted by the growing global trend of healthy eating. New Mexico, Texas, and Georgia in the United States and Mexico produce the majority of the world's pecan harvest. Pecans contain more antioxidants than any other type of tree nut, according to a study published in the Journal of Agricultural and Food Chemistry. Aside from this, the pecans ingredient market for pecans has seen a rise in consumer spending because of the numerous nutritious recipes that can be produced using pecans, which include a wealth of vitamins and minerals.

COVID-19 Impact: Change in Consumers' Buying Behavior Due to the Lockdown Hampered Growth

All economic sectors have suffered significantly as a result of the global COVID-19 outbreak. Because of the medical emergency caused by the COVID-19 outbreak, there is a rising need for food, hygiene, and medical supplies. Additionally, traditional, wholesome, and tack food items have seen a marked surge in sales during this pandemic. The need for fruits, vegetables, eggs, legumes, wheat, and whole grains is also rising. Frozen non-vegetarian food is also in high demand. However, the sale of non-essential items such as coffee, packaged foods, pastries, candies, cheese, chocolates, milkshakes, and other bakery goods decreased, which reduced the need for pecan ingredients in the processed and packaged food industries. The supply chain and production of pecan manufacturers was also been affected by the lockdown that has been imposed in numerous nations.

LATEST TRENDS

"Rising Health Concerns to Cater Product Demand"

Pecan ingredients are still establishing themselves as a healthy source for consumers, even with the availability of other beneficial nuts. As one of the favorite nuts among health-conscious customers, pecans are currently prominent in food trends. For example, pecan-based items such as pecan biscuits, pecan muffins, and many other pecan-based bakery products are expected to become famous as a part of healthy diets. Rising consumption of pecan ingredients is anticipated to boost the pecans ingredient market over the upcoming years as the health and nutrition aspect of consumer food choices is anticipated to foster pecans ingredient market growth. The pecans ingredient market growth is expected to be driven by a rising number of consumers who are concerned about their health. The global recipe pecan market's sales are being impacted by the increased demand for plant-based food products. Products made from pecans are popular because they have various health advantages, including anti-inflammatory qualities that lower the risk of heart disease. These factors are anticipated to gain traction in the pecans ingredient market.

RESTRAINING FACTORS

"Lack of Awareness about Product Benefits to Retard Growth in the Market"

Pecans ingredients have various benefits. Still, the lack of awareness about the health benefits associated with the product is most likely to hamper the growth of the market. 

pecans ingredient market Segmentation

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• By Type Analysis

By type, the market is segmented into halves, pieces, and granules & meals.

• By Application Analysis

Based on application, the market is classified into recipe pecan, direct eat, confectionery & bakery, and others.

The confectionery and bakery segment is estimated to dominate the market as it makes delicious toppings for various desserts. The high oil content in the pecans provides a delicious and distinct flavor, which is expected to gain traction in the market.

DRIVING FACTORS

"Accelerating Number of Food Manufacturers to Boost Market Growth"

The food and beverage industry is consistently rising due to the growing demand for food products. To meet consumers' growing demand, food and beverage firms are launching a new line of pecan snacks on the market. For instance, an American firm called Mars, Incorporated introduced a pecan bar under the name Snickers in September 2019. Additionally, businesses are concentrating on marketing their pecan items to broaden their clientele. Various companies organize promotional events and market pecan products to increase sales. The business is interested in understanding how its customers feel about its tastes in order to better meet their needs.

"Various Benefits Associated With the Consumption of the Product to Surge Growth"

An increasing number of consumers are focusing on eating healthily, and pecans are one of the most popular nutritional nuts. Due to growing consumer awareness of their health benefits, pecan nuts have seen a significant increase in demand in the global nut industry. One serving of pecan comprises 14 different types of vitamins and minerals, which significantly contributes to the nutritional profile of the nut. Protein supplies and potent natural dietary antioxidants are other important factors. Pecan is still establishing itself as a healthy source for consumers, even with the availability of other beneficial nuts. Pecan-based foods are popular right now because health-conscious consumers now choose them over other nuts.

pecans ingredient market REGIONAL INSIGHTS

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"North America to Dominate the Market Owing to the Growing Product Demand from the F&B Sector"

North America is forecasted to hold approximately 53% of the overall pecans ingredient market share owing to the rising demand for the product due to its growing demand in the region. Presence of major food and beverage companies purchase pecans in large quantities, which is expected to be a major factor in the growth of the market.

Asia Pacific is expected to show significant growth in the global market due to the consistently rising demand for the product from developing countries such as India, China, and Japan. These countries are the major consumer of pecans ingredients owing to the constantly rising consumption. 

KEY INDUSTRY PLAYERS

"Key Players Striving To Develop Tasty Ingredients to Expand Their Market"

Businesses are developing the latest technology to provide simpler ways to broaden their product offerings. Businesses also use cutting-edge methods and procedures to develop new technology. Key players are constantly emphasizing on the development of advanced products to gain traction in the market. Key companies are increasing their investments in developing efficient medicine coupled with favorable trade policies for the transportation of products. Companies are creating diversification in product portfolios to prove themselves better than the other players existing in the global market. The key companies are focusing on gaining collaborations and mergers in the global market to gain growth in the market. 

List of Market Players Profiled

• John B. Sanfilippo & Son (U.S.)
• Navarro Pecan Company (U.S.)
• Green Valley (Netherlands)
• ADM (U.S.)
• San Saba (U.S.)
• Lamar Pecan Co. (U.S.)
• Hudson Pecan Co. (U.S.)
• National Pecan Co. (U.S.)
• Oliver Pecan Co. (U.S.)
• Whaley Pecan Company (U.S.)
• South Georgia Pecan Company (U.S.)
• La Nogalera Group (Mexico)
• Sun City Nut Company (Mexico)
• MACO (India)

REPORT COVERAGE

An organization's management relies heavily on the business report. Business reports are created on a regular basis to assist the business in keeping an eye on routine operations and keeping a close watch on both short-term and long-term company goals. They are an essential tool for assessing the organization's progress and potential areas for improvement in order to strengthen its brand. These reports need much research and work from the experts in the field, which is reflected in the accurate observations and conclusions they provide about the organization's growth.