Pistachios are edible nuts commonly known for their nutritional profile, rich flavor and various beneficial health properties. Widely consumed as snacks or used in confectionary products, pistachios are a good source of proteins, fiber, vitamins, minerals and antioxidants. Their high nutrient density makes them suitable for various applications in food & beverage industry.
The global Pistachio Market is estimated to be valued at US$ 46.49 Mn in 2023 and is expected to exhibit a CAGR of 50% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Expanding Applications: One of the key trends driving growth in the pistachio market is its expanding applications in food industry. Earlier primarily consumed as snack, pistachios are now increasingly being used in bakery, dairy and savory products owing to their versatility. For example, pistachio milk and ice-creams are gaining popularity. Their use in confectionary items like nuts brittle, bakery products like pistachio nut bread and pastries is on the rise. This has augmented demand and boosted overall market revenues over the years. Growing experimentation and innovation around diversifying pistachio applications is anticipated to present lucrative opportunities for market players over the forecast period.
Segment Analysis
The global pistachio market is dominated by shelled pistachio nuts segment. This is because shelled pistachio nuts are more popular among consumers as they can directly use it as snack without shelling. The shelled pistachio nuts segment accounted for over 60% market share in 2023 owing to higher demand from food processing and snacks industry.
Key Takeaways
The global Pistachio Market Growth is expected to witness high growth over the forecast period. The market is anticipated to grow at a CAGR of over 50% between 2023-2030. The global Pistachio Market is estimated to be valued at US$ 46.49 Mn in 2023 and is expected to exhibit a CAGR of 50% over the forecast period 2023 to 2030.
Regional analysis:
Middle East & Africa dominated the global pistachio market with over 30% share in 2023 and is expected to continue its dominance during the forecast period. Countries like Iran, Turkey, and Afghanistan have ideal agro-climatic conditions for pistachio cultivation and accounts for over 70% of world's pistachio production.
Key players:
Key players operating in the pistachio market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others. The major players are focusing on investments in pistachio farms to expand their production capacities and meet the growing demand. Companies also focus on strategic partnerships with nut processors and distributors to strengthen market presence globally.
For more insights, read- https://www.ukwebwire.com/pistachio-market-trends-size-and-share-analysis/
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