Chestnut Market to Grow with a CAGR of 4.5% through 2029
The
global chestnut market is driven by increasing consumer awareness about the
nutritional benefits of chestnuts and their versatility in culinary
applications
According to
TechSci Research report, “Chestnut Market - Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029F”, the global chestnut market was valued at USD 2.19 billion in 2023 and is expected to reach USD 2.86 million by 2029 with a CAGR of 4.5% during the forecast period. Chestnuts, unlike other nuts, are low in fat and high in
carbohydrates, making them a popular choice for health-conscious consumers.
They are rich in dietary fiber, vitamins, and minerals, including vitamin C, B
vitamins, potassium, and magnesium. This unique nutritional profile has
bolstered their demand in various regions. The market is segmented based on
product type, end use, distribution channel, and region. Product types include
fresh chestnuts, dried chestnuts and chestnut-based products such as flour and
paste. Distribution channels encompass supermarkets/hypermarkets, specialty
stores, online, and others. The growth of e-commerce and the rising trend of
online grocery shopping have significantly contributed to market expansion. The global chestnut market is poised for substantial
growth, supported by rising health awareness, expanding culinary applications,
and increasing demand for sustainable and organic food products. Price competition is a significant challenge.
Chestnuts are often more expensive than other nuts due to labor-intensive
harvesting and processing methods. Reducing production costs through
mechanization and improving supply chain efficiencies can help make chestnuts
more competitively priced. Further, expanding distribution channels and
increasing the visibility of chestnuts in retail stores and online platforms
are essential to reaching a broader consumer base. Collaborations with food
manufacturers, chefs, and culinary influencers can also help raise awareness
and promote the culinary versatility of chestnuts.
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"Global Chestnut Market.”
The global chestnut
market is poised for significant growth in the coming years, driven by factors
such as there is an
increasing trend towards organic and sustainable farming practices in the
chestnut market. Consumers are becoming more conscious of the environmental
impact of their food choices and are seeking organic and sustainably produced
products. Organic chestnuts, grown without synthetic pesticides and
fertilizers, are gaining popularity. This trend is supported by certifications
and labelling that highlight the organic and sustainable nature of the
products, appealing to environmentally conscious consumers. Chestnuts hold a
prominent place in the culinary traditions of many Asia Pacific countries. In
China, chestnuts are a staple ingredient in various traditional dishes, such as
stir-fried chestnut chicken and braised pork with chestnuts. They are also used
in desserts and snacks, contributing to their widespread consumption. The
cultural significance of chestnuts extends to South Korea and Japan, where they
are featured in both everyday cuisine and special festive dishes.
The
global chestnut market is segmented into product type, end use, distribution channel,
region, and company.
The chestnut
market is segmented based on distribution channel into supermarkets/hypermarkets,
specialty stores, online, others. The online segment of the chestnut market is
experiencing rapid growth, driven by several key factors and trends that cater
to modern consumer behaviors and preferences. The convenience, accessibility,
and variety offered by online platforms are transforming how chestnuts are
marketed and purchased, making this segment the fastest growing in the chestnut
market. Online platforms provide access to a broader variety of chestnut
products compared to traditional retail stores. Consumers can find an extensive
range of options, including fresh chestnuts, dried chestnuts, chestnut flour,
chestnut puree, and ready-to-eat chestnut snacks. This wide selection caters to
diverse culinary needs and dietary preferences, making it easier for consumers
to find specific chestnut products that may not be available locally. Online shopping
platforms often feature detailed product descriptions, customer reviews, and
ratings. This wealth of information helps consumers make informed purchasing
decisions. Reviews and ratings provide insights into product quality, taste,
and customer satisfaction, building trust and confidence in online purchases.
Additionally, detailed product descriptions highlight the nutritional benefits
and usage suggestions, educating consumers about the versatility of chestnuts. The
online segment of the chestnut market is thriving due to the convenience,
accessibility, wider product variety, consumer reviews, marketing
opportunities, pandemic-induced shifts, and global reach offered by e-commerce
platforms. As consumers continue to embrace online shopping, the chestnut
market is poised for sustained growth in this dynamic segment.
Europe and North
America have emerged as significant markets for chestnut-based products, driven
by rising imports and growing consumer interest. This trend is fueled by the
increasing awareness of chestnuts' nutritional benefits and their versatility
in culinary applications. The global chestnut market is highly competitive,
with major players striving to differentiate themselves through product
innovation and quality enhancement. Companies are investing in research and
development to create new chestnut-based products, such as snacks, flours, and
beverages, catering to diverse consumer preferences. Quality enhancement is
another critical focus area, with producers adopting advanced processing
techniques to ensure superior taste and longer shelf life. Strategic
partnerships and collaborations are also pivotal in expanding market presence.
Key players are forming alliances with local farmers, distributors, and
retailers to strengthen their supply chains and enhance market reach.
Additionally, marketing strategies emphasizing the health benefits and unique
flavors of chestnuts are helping to attract a broader consumer base. Overall,
the dynamic nature of the chestnut market, characterized by continuous
innovation and strategic initiatives, is expected to drive sustained growth in
Europe and North America.
Major companies
operating in global chestnut market are:
- Chengde Shenli Food Co. Ltd.
- Qinhuangdao Yanshan Chestnut Co., Ltd.
- Chestnut Growers Inc.
- Roland Foods, LLC
- Royal Nut Company
- Shandong Maria Food Co. Ltd
- Shandong Zhifeng Foodstuffs Co. Ltd
- SupHerb Farms
- Windmill Organics Ltd
- Conagra Brands, Inc.
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“Sustainable
farming practices and organic chestnut production are gaining traction, driven
by consumer preferences for organic and environmentally friendly products.
Governments and agricultural organizations in various countries are supporting
chestnut cultivation through research and development initiatives and
subsidies, propelling the market growth“. Said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based management consulting firm.
Chestnut Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product
Type (Fresh Chestnuts, Dried Chestnuts, Chestnut Flour, Chestnut Puree,
Chestnut Cream, Others), By End Use (Food & Beverage Industry, Confectionery
Industry, Bakery Industry, Others), By Distribution Channel
(Supermarkets/hypermarkets, Specialty Stores, Online, Others), By Region & Competition, 2019-2029F”, has evaluated the future growth potential of global
chestnut market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global chestnut market.
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