(MENAFN- Ameliorate Digital Consultancy)
The hazelnut market is expected to grow voraciously in the next 10 years. The food vertical is experiencing turbulence with respect to dairy flavors, mouthfeel, and dairy-free products. The groceries are also not behind. The nostalgic tastes are being brought back, i.e. feeling of real dairy could be had, that too, without actually consuming the dairy products, especially for those allergic to lactose. This would be the thing with food industry in the forecast period.
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Global hazelnut market has experienced significant growth over the recent past, which will continue at a promising pace in the following years. The approximately US$ 6 Bn market for hazelnut is set to exhibit a healthy 5% CAGR during 2019 – 2029 . As indicated by a new research study of Persistence Market Research (PMR), over 80% of hazelnut consumption is accounted by the confectionary sector that uses it as a base or side ingredient. Bakery and confectionery collectively accounted for over 80% of hazelnut consumption in 2018 . Confectioners in particular have been extensively using hazelnut in chocolates, candies, cookies, cakes, and pastries, which would be a strong factor upholding hazelnut consumption at a global level. Retail industry is projected for a solid growth outlook, and traditional confectionary and baker's confectionary will remain among the top beneficiaries.
Hazelnut-starring products have been the bestsellers for key chocolatiers such as Ferrero, Nestlé, Mondelez, and Hershey. Ferrero is a key stakeholder in the hazelnut fused confectionery products market. Its popular products such as Nutella Spread, Ferrero Rocher chocolate, and Kinder Merendo candy are some of the bestselling varieties from a single company.
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Key Takeaways – Global Hazelnut Market Report
Diversity of hazelnut usage in the food industry is evidently seen in many regions and countries. In countries like Italy, Spain, and Turkey, hazelnut is used as an ingredient in a variety of dishes, whereas in countries like India and UAE, hazelnut is identified as an ingredient primarily used in chocolates and spread. The beverage industry is projected to create lucrative opportunities for manufacturers in the hazelnut market, as consumers make an increasing demand for hazelnut flavored drinks such as coffee, tea, and hard-drinks. For Instance, along with Frangelico, which is an herb, hazelnut-flavored liquor is used to make a variety of cocktails such as Frangelico Colada and Hazelnut Martini. Emerging economies are projected to witness significant growth in the hazelnut market, owing to increasing demand from the food & beverage industry, as well as the cosmetics and personal care industry. India and China are expected to show substantial growth, due to the thriving food & beverage industry in the South Asia and East Asia regions.
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Market Participants Targeting Retail Channels
Key manufacturers in the global hazelnut market are transforming their strategies according to current trends in the hazelnut market. Leading manufacturers are focusing on improving their product portfolios and exploring new retail channels to increase market penetration in various regions.
Oregon Hazelnut, a leading hazelnut producing company, aims to offer a wide variety of hazelnut offerings in different form, as well as hazelnut products. The company also came up with the concept of a specialty shop, which offers a wide range of its hazelnut products, including hazelnut shells, raw or natural hazelnut, as well as various types of processed hazelnut, hazelnut beers, hazelnut fudge sauce, and hazelnut candy.
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