The global pistachio market is estimated to be valued at US$ 46.49 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pistachios are edible seeds that grow on Pistachio trees. They are a good source of protein, fiber, vitamins, minerals and antioxidants. Pistachios help in maintaining heart health, managing weight and improving digestive health. They have a slightly salty and rich flavor which makes them a popular snack item. The health benefits associated with pistachio consumption along with its unique taste have resulted in rising popularity of pistachios globally. It is used in various bakery, confectionery and savory snack products to add texture and flavor. The pistachio kernels can be consumed raw, roasted or used in products such as pistachio butter.
Market key trends:
The global pistachio market is expected to witness significant growth over the forecast period owing to rising health conscious consumer base and increasing demand for nutritious snack options. According to a survey, over 65% of consumers are willing to pay more for healthy snacks. This changing preference towards healthier snacks is positively impacting the demand for pistachios. Introduction of various product innovations centered around health by key players is also fueling the market growth. For instance, pistachio nuts mixed with fruits and yogurts are gaining popularity among consumers. Rising disposable incomes in developing nations is another key factor contributing to the increased consumption of premium nuts including pistachios. Expanding applications of pistachios in bakery and confectionery industry act as an opportunity for market players.
Porter's Analysis
Threat of new entrants: Low barrier to enter market limits the threat of new entrants as starting a pistachio farming requires low capital investment. However, established brands have strong customer loyalty and distribution networks.
Bargaining power of buyers: Large buyers have significant bargaining power due to bulk purchasing. However, differentiated brand value limits substitutability.
Bargaining power of suppliers: Pistachio farmers have moderate bargaining power due to specialized crop and dependence of processors on consistent quality supply.
Threat of new substitutes: Established substitutes like almonds and cashews pose threat. However, pistachios have maintained niche demand due to distinct taste and nutritional profile.
Competitive rivalry: Intense competition between major producers to gain market share.
Key Takeaways
Global Pistachio Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing health consciousness. Pistachios are rich in protein, fiber, antioxidants and offer various health benefits.
The US represents the largest regional market. Favorable production conditions and growing domestic demand drive the US pistachio market. However, Middle Eastern countries are emerging as the fastest growing markets attributable to conducive weather conditions and government support.
Key players operating in the pistachio market are The Wonderful Company LLC, Germack Pistachio Company, Primex Farms, LLC, Horizon Growers, Nichols Pistachio, Keenan Farms and Setton Pistachio of Terra Bella Inc. These major players are focusing on implementing advanced technologies to improve yields and meet the growing demand.
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