The tiger nut market value is estimated to total USD 275.3 million in 2024. By the time 2034 rolls along, the value of the industry is expected to have more than doubled to USD 580 million. This means the market is forecast to progress at a CAGR of 7.7% over the next decade.
One of the pillars the tiger nut market stands on is the healthy nature of the product. Benefits such as helping digestion and improving blood sugar levels, in addition to perceived effects like improving immunity and sexual drive, help along the market’s progress. With the youth transfixed with healthy products, tiger nut adoption is on the up.
It is not just the food and beverage industry that is helping the progress of the market. The nut is also being used in cosmetics due to its skin-improving qualities. Dietary supplements are making enhanced use of the product.
Request Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-19701
Both raw and cooked versions of tiger nuts have a rich history. With importance being given to making snacks healthier, tiger nuts are emerging as a viable option. Tiger nut demand is also increasing through its use in making alcoholic, mainly beer, and non-alcoholic beverages, such as horchata de chufa and kunu, drinks.
Key Takeaways from the Tiger Nut Market:
- The tiger nut market value is expected to total USD 275.3 million in 2024.
- Based on type, powder segment accounted for a value share of 57% in 2023.
- By application, food and oil industry accounted for 45% of the market share in 2023.
- South Korea is expected to record a CAGR of 10.0% from 2024 to 2034.
- Japan and the United Kingdom are poised to register CAGRs of 9.4% and 9.0% respectively.
“A common strategy for market players is to improve demand through the oil and milk products. Tiger nut oil is emerging as a healthy substitute for traditional oil while tiger nut milk is becoming popular among the vegan population,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Who is Winning?
The tiger nut market is seeing significant partnerships emerge and acquisitions being made. Several players are
focusing on launching new products in eco-friendly packaging to expand their customer base. Recent Developments in the Tiger Nut Market
- In February 2023, Sweet Aya Bites introduced three new tiger nut products comprising the flavors sea salt, smokey BBQ, and dark chocolate.
Key Industrial Developments
- In May 2023, WNWN Food Labs launched a vegan milk chocolate that makes use of tiger nuts.
- In February 2023, United States-based Sweet Aya Bites unveiled tiger nut products in three flavors: sea salt, smokey BBQ, and dark chocolate. With the new products, the company is aiming to strengthen its presence in the region and boost revenue.
Key Companies in the Tiger Nut Market:
- Tiger Nuts USA
- Tigernuts Traders, S.L.
- Ecoideas
- Henry Lamotte Services GmbH
- KCB International
- Others
Comments
0 comment