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Hazelnut Market Segmented By Raw Form, Oil Form, Processed Form in Confectionery, Bakery, Frozen Desserts, Coffee, Liquors, Pharmaceutical, Cosmetics and Personal Care
Hazelnuts have a high nutritional quotient and is enriched with vitamins B, E, and K. Along with these vitamins, hazelnut provides minerals, good fats, and proteins, which makes it a viable ingredient in vegetarian products. It also contains low sodium and can lower cholesterol levels.
Consumption of hazelnuts is considered as one of the natural remedies for alleviation of various human health issues such as celiac disease. Additionally, can be used to aid in weight loss.
These properties make it a versatile ingredient with many applications in a wide range of industries. For instance, a large amount of hazelnut is used in food as well as beverage applications, and is used in powdered, whitened, sliced, pureed, and minced forms. Hazelnuts are used as side ingredients for preparation of various confectioneries, bakery products, frozen desserts, salads, and meals.
Hazelnut oil is already being used in the hair care products and as a carrier oil for the aromatherapy or massage oils. The hazelnut oil can also be used as the skin care product as it contains the essential fatty acids and vitamins which are considered as the skin nourishing elements and they protect again sun damage, and increases the collagen production. For instance, the hazelnut is used in the production of various cosmetics such as lotions, massage oils, creams, facial oil, and soaps owing to the presence of essential skin care ingredients.
In recent years, the chocolate industry has emerged as the largest consumer of hazelnut. Nonetheless, the global gap between demand and supply in hazelnut production will have a negative impact on the businesses of leading chocolate companies, including Ferrero, Nestlé, and Cadbury.
For instance, in 2014, the yield of hazelnut was affected due to climate volatility, which saw decline in productivity, which ultimately affected these large businesses globally. The prices of hazelnut have increased approximately by more than 60% in the last decade as a result of limited supply. This creates an urgent need for confectioners to find alternatives to hazelnut.
However, confectioners are investing in increasing the production of hazelnut to reduce scarcity. Additionally, this allows them to maintain the quality and ensure smooth supply of hazelnut required for production of their most popular confectionary products.
Emerging economies in the South Asian and East Asian regions are anticipated to experience high growth rate with regard to the global hazelnut market in 2019, as well as in the foreseeable future. Increasing disposable incomes and urbanization are factors driving the growth of the hazelnut market in these regions. Consumers are willing to pay premium prices for exotic products such as frozen and confectionery products. Increasing consumers' inclination towards products containing exotic ingredients such as hazelnut, including ice cream and chocolates, is expected to benefit manufacturers in the South Asia and East Asia regions.
Increasing usage of hazelnut in various cosmetic products is promoting the growth of the global hazelnut market. North America and Europe together hold the maximum share in the cosmetic industry, as well as in terms of hazelnut consumption. The flourishing cosmetic industry in these regions is also expected to boost the demand for hazelnut over the forecast period. Demand for hazelnut is increasing in various end-use industries, and is benefiting manufacturers associated with the global hazelnut market. However, uncertainties in climatic conditions are restricting the hazelnut market from reaching its full potential.
The global hazelnut market is witnessing substantial growth in emerging economies of South Asia and East Asia region over the forecast period. Increasing use of hazelnut for production of innovative products in different industries is anticipated to provide a boost to the growth of the global hazelnut market. Leading manufacturers in the global hazelnut market have strategically invested in leading hazelnut producing countries with an aim to increase production yield.
This allows manufacturers to ensure that the quality of their hazelnut-infused product is maintained. Leading market players also focus on strategic acquisitions to increase the production capacities of their units, and to improve their value chain in the global hazelnut market. However, the impact of changing global climatic conditions is expected to affect the growth of the global hazelnut market.
PMR’s study on the global hazelnut market offers information divided into four important segments- type, form, application, and region.