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 types of vitamins and minerals in a single serving, and this acts as a major contributing factor for its nutritional composition. Additionally, strong natural 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 pecan market over the coming years.
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- Royalty Pecan Farms
- The Kraft Heinz Company
- Diamond Foods, Inc.
- John B. Sanfilippo & Son, Inc
- Farmers Investment Co.
- Sahale Snacks, Inc
- Guidry Organic Farms, LLC
- Lamar Pecan Company
- New Aces, Inc.
- Atwell Pecan Co., Inc.
- Pecan Argentina S.A.
- Ellis Bros. Pecans, Inc
- Merritt Pecan, Inc
- Golden Peanut and Tree Nut
- Navarro Pecan Company Inc
- Cane River Pecan Co.
- Hudson Pecan Company
- Stahmann Farms Enterprises Pty Ltd.
- Missouri Northern Pecan Growers, LLC
- South Georgia Pecan
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 flavor, 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 favoring. 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.
- For instance, in September 2019, one of the major confectionery manufacturers launched a pecan bar under its popular brand - Snickers. This limited edition of Pecan Snickers has stormed the market and worked really well.
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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 behavior 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.
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 behavior, and launching new pecan-based products in the market.
- For instance, Diamond Food is increasingly involved in brand marketing and promotional activities to increase the buzz for its products. The company is involved in tracking its consumers’ sentiments for its flavors to better understand their requirements.
- In August 2019, Cane River Pecan Company celebrated 50 years with a pecan pie festival. At the festival, the company sold pecan pies filled with Boudin and sweet potato soufflé, and received positive feedback from consumers.
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Regional Analysis of Global Pecan Market
The pecan market is expanding due to increasing consumption in non-traditional markets such as China and 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.
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COVID-19 Effect on Pecan Market
The widespread of coronavirus has affected the global economy, and this global pandemic has affected various industries across the globe. The global food and beverage industry is struggling to attain stability between demand and supply. Pecan is prominently consumed in the North American nuts market, which is also the leading producer of pecans in the world.
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. However, processing and distributing and retail sales have been affected during this pandemic.
As far as supply is concerned, it would have a minimal impact due to less time-consuming activities for bringing pecans from the farm to the table. Moreover, producers keep large stocks of pecans, which also implies that pecan distribution would be affected for a certain time during this pandemic.
The global pecan market is expected to witness substantial growth over the forecast period of 2020-2030. South Asia and East Asia will offer increasing growth opportunities. The growing use of pecans in the food processing industry, along with increasing sales of nutritional nuts, are some of the key factors for the substantial growth of the global pecan market in the near future.
Key Segments of Global Pecan Market
PMR’s report on the global pecan market offers information divided into five segments - product type, form, end use, distribution channel, and region.
Key Questions Answered in PMR’s Global Pecan Market
- Which region will hold the highest market share in the global pecan market during the forecast period?
- Which region is experiencing the highest growth (CAGR)?
- Which factors are impacting the global pecan market?
- What are the global trends impacting the pecan market?
- What strategies must be emerging players adopt to capture opportunities in various regions in the pecan market?
- What is the structure of the global pecan market?