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Pecans Market Segmented By Product Type - In-shell and Shelled having form such as Raw Whole, Processed with End User such as Food Industry, Dietary Supplements, Cosmetics and Personal Care
The market for pecan can be expected to expand at a value based CAGR of 5.8% and show an increase in revenue from US$ 1,906.5 Mn to around US$ 3,649.8 Mn by 2033.
Pecan Market Size (2023E)
US$ 1,906.5 Mn
Projected Sales of Pecan (2033F)
US$ 3,649.8 Mn
Value CAGR (2023-2033)
Value Share of Top 4 Countries (2022E)
The global pecan market has witnessed significant growth in the historical period registering a CAGR of 5.5% in the historical period and was valued at US$ 1,906.5 Mn in 2023. The market is expected to grow steadily with increasing awareness about applications of pecan.
Increasing number of customers are turning to healthy eating, and nutritious nuts are emerging as a major source of healthy food, which includes pecans. The demand for pecan nuts has been witnessing a substantial rise in the global nuts market, owing to increasing consumer awareness regarding their health benefits. Pecan contains 14 different types of vitamins and minerals in a single serving, and this acts as a major contributing factor for its nutritional composition. Additionally, strong natural food antioxidants and protein sources are also considerable aspects.
Considering the availability of other healthy nuts, pecan is still emerging as a healthy source for consumers. Pecan-based food products are currently trending, as they have become one of the preferred nuts among health-conscious consumers; for instance, pecan-based products such as pecan muffins, pecan biscuits, and many other pecan-based bakery products are becoming popular as a part of healthy diets.
As the health and nutrition factor would continue to dominate consumer food preferences, rising pecan consumption is expected to drive the market over the coming years. The global market for pecan is estimated to reach an approximate valuation of US$ 3,649.8 Mn in the forecast period.
“Consumers Welcoming Diverse Range of Pecan Snacks”
Pecan is widely consumed as a snack across the U.S., Canada, Mexico, and Western European countries, owing to its nutty flavour, taste, and availability in multiple varieties and sizes. Food processors are emphasizing on targeting individual consumers by offering multiple types of pecan snacks.
Salted, unsalted, BBQ, and roasted pecans are some of the snacking categories available that most consumers are favouring. Moreover, innovative product categories are also coming up in the market, such as glazed pecans, butter-roasted pecans, maple glazed pecans, and others. Additionally, pecan-based confectionery products such as pecan candies, pecan chocolate, pecan pralines, honey glazed pecans, milk chocolate pecans, and others are trending in the confectionery market.
“Direct-to-consumer Model Supporting Pecan Market Growth”
The direct-to-consumer model is gaining popularity in the global nut industry, which allows producers to gain valuable insights into consumer behaviour and a more tailored approach to marketing and differentiation. D2C allows companies to build a direct relationship with consumers that are not available through other channels.
“‘Snackification’ Trend Supporting Pecan Market Growth”
Since customers are increasingly substituting snacks for meals, the phenomenon of snacking has increased. Snacking is becoming more popular among consumers as a way to increase daily nutrient intake. The addition of plant-based proteins, vitamins, and minerals has changed the nutritional composition of snack foods. Bowls have become clever containers for combining the flavors and textures offered by pecans and other nuts. Products made from pecans are more suited to be used as nutritious snacks since they provide both delightful nutty flavor and health and nutritional benefits.
““Pecan, a more than Pie” an Effective Campaign for Growth of Pecan Market”
Pecan, a native of America, is one of the most popular nuts in the United States, but it lags behind other nuts in terms of consumption. 'Pecan, more than Pie' is a campaign or trend that is sweeping the United States in an attempt to change consumers' attitudes toward pecans. Consumers are more likely to think of pecan as a bakery, confectionery, and snacking ingredient, and they are unaware of its health benefits. The trend is expected to change consumer behaviour toward pecan products in the near future. Local food service restaurants are also influencing customers by supporting this trend.
“Increasing Popularity of ‘Keto Diet’ to Promote Use of Pecans”
Consumption of low carbohydrate, moderate protein, and high fat diet is becoming widely popular. Keto diet is popular among millennials and the working population, which is opening new avenues for manufacturers of pecan products. The prime focus of a Keto diet is lowering the carbohydrate intake and increasing consumption of protein and fats. Pecan has an excellent nutrient profile for the Keto diet as they are high in saturated fat and low in carbohydrates. One ounce of pecan contains 4 grams of carbs, and 20 grams of fat, which may become a perfect ingredient for the Keto diet.
“High Availability of Substitutes for Pecan to Limit Sales”
Pecan is one of the most health beneficial nut and also widely consumed for its nutty flavour. Nevertheless, other popular nuts such as almonds, cashew, walnut, hazelnut, pistachios, and other nut products are also becoming a barrier to the pecan sales. Especially, the demand for almond is rising in the U.S. which is also affecting the growth of the pecan market. Moreover, outside North America, consumers aren’t aware of the pecan nut as the other nut consumption is high in different regions. Even while containing the same nutritional composition as other nuts, pecan nuts are facing tight competition from other nuts, which is limiting the sales of pecan products across the world.
What does the global pecan market look like?
The pecan market is expanding due to increasing consumption in non-traditional markets such as China and the ASEAN countries. These countries are major consumers of in-shell pecans, while Europe has seen a rise in the consumption of shelled pecans. Major consumers for shelled pecans are countries such as the Netherlands, U.K., and other Western European Countries.
In China, the demand for pecans is increasing at high rate, compelling producers in the country to boost their production capacities and also explore opportunities to expand their import base. In response to this demand, Mexico is also tapping into this market by prioritizing pecan as a key export product to the Chinese market.
According to the Agricultural Marketing Resource Center, which is a national information base for value-added agriculture, exports of the U.S. have grown by 28% since 2013. Exports in ASEAN countries exhibited the highest increase, which was nearly 170%. In a similar way, Mexico exhibited a 42% increase for in-shell pecans, and The Netherlands and the U.K. have exhibited nearly 19% and 13% increase in exports in the shelled segment, respectively, since 2013.
This upsurge in exports is attributed to the booming demand for pecans in emerging markets. Other leading producers such as South Africa and Australia are also expanding their production capacities in order to cater to the huge consumer demand for pecan nuts in emerging markets.
What is the Outlook for U.S Pecan market?
The U.S. alone supplies 70-80% of pecans across the world. Major food and beverage manufacturers purchase these pecans in large quantity, which has further ensured the stock of pecan. The market in the United States is expected to reach a valuation of approximately US$ 891.5 Mn in 2023 and holds around 96% of the market value share.
Which Form of Pecan Accounts for High Revenue Generation?
The largest share is contributed by raw/whole pecan nut which attained a valuation of US$ 1,829.7 Mn in 2023 with a value CAGR of 5.1%. Raw nuts being easy to source are preferred as processing of pecan nuts drives up the input and subsequently raises the final cost of the product.
Which Distribution Channel Accounts for Greater Footprint in the Pecan Market?
Specialty stores and online retailing are helping producers identify new upcoming trends and improvise products according to consumer demand. Major pecan producers are also utilizing the consumer interaction strategy to get to know consumer buying behaviour, and launching new pecan-based products in the market.
The global pecan market is dominated by a large number of multinational corporations. Companies with a global presence account for 40-45% of the market. Due to the rising demand for pecan in non-traditional regions, players in the pecan market are focusing their product offerings specifically on international food manufacturers. Some of the major players in the global pecan market include The Kraft Heinz Company, John B. Sanfilippo & Son, Inc., and Diamond Foods, Inc. Regional multinational players account for 35-40% of the market, while local players account for 5-15%. These companies are in the pecan proving business, operate on a small scale, and are more export-oriented.
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The global market for pecan has a value of US$ 1,906.5 Mn in 2023.
The global market for pecan has a value CAGR of 5.5% from 2018-2022.
The global market for pecan has a value of US$ 3,649.8 Mn in 2033.
The global market for pecan has a value CAGR of 5.8% from 2023-2033.
The top 4 players hold more than 50-55% of the market share. They include The Kraft Heinz Company, John B. Sanfilippo & Son, Inc., Diamond Foods, Inc., Farmers Investment Co.