Pistachio Market Thrives Amid Rising Demand and Expansion Plans
The Pistachio Market to Witness Strong Growth Due to Increasing Pistachio Production
Global Pistachio Market, by Product Type (Shelled and Unshelled), by Distribution Channel (Hypermarkets, Supermarkets, Specialty Stores, Convenience Stores, and Online Channel), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2019-2027
The global pistachio market was pegged at 657,380.0 tons in 2017 and is expected to exhibit a CAGR of 3.2% in terms of volume over the forecast period (2019 – 2027), to reach 851,582.0 tons by 2027.
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Market Overview:
Pistachio are seeds of the plant Pistachia Vera. Pistachios are rich in xanthophyll carotenoids, phytosterols, γ-tocopherol, magnesium, iron, manganese, phosphorus, copper, thiamin, vitamin B-6, vitamin K, dietary fibers, proteins, and others. Pistachios have a rich, buttery flavor that can be addicting. About a handful (1.5 ounces) is a good amount to shoot for each day.
The benefits of consuming pistachio include reduced risk of heart diseases and diabetes, weight management, improved digestion system, nervous system, and immune system. Even though they have health benefits, it’s always a good idea not to overdo it.
Competitive Landscape:
Major players operating in the global pistachio market are Ready Roast Nut Company, Del Alba International, Hellas Farms LLC, Santa Barbara Pistachio Company, Keenan Farms, Nichols Pistachio, Horizon Growers, Primex Farms, Germack Pistachio Company, Wonderful Company LLC, and Setton Pistachio of Terra Bella Inc.
Key Market Drivers:
Increasing prevalence of cardiovascular diseases across the world (as pistachios help lower the level of bad cholesterol) is expected to propel growth of the pistachio market during the forecast period. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death worldwide, taking an estimated 17.9 million lives each year.
Moreover, Increasing demand for nutritious food and growing awareness among people about the health benefits of pistachio is expected to augment the growth of the pistachio market. For instance, in October 2020, Wonderful Pistachios launched a new marketing campaign starring Pro Football Hall of Famer Tony Gonzalez and world-class weightlifter and Olympic athlete Kendrick Farris; both of whom follow a plant-based diet.
COVID-19 Impact Analysis:
The outbreak of COVID-19 is a global public health emergency that has affected almost every industry, so for and, the long-term effects expected to impact the pistachio industry growth. However, the pistachio market is growing steadily due to the increasing demand and increasing awareness among people about the health benefits of pistachios, such as help reduce the risk of heart diseases and diabetes and improve digestion, nervous, and immune system.
Key Takeaways:
- The pistachio market is expected to exhibit a CAGR of XX % during the forecast period owing to the increasingly popularity of pistachios as consumers distinguish nuts as a better source of nutrients. For instance, in February 2021, on the World Pistachio Day, Wonderful Pistachios launched two new flavors, such as BBQ and Sea Salt and Vinegar Wonderful Pistachios No Shells in Canada.
- Among regions, North America and Europe are expected to witness significant growth in the pistachio market due to increasing demand for pistachios and increasing production of pistachios. For instance, according to the American Pistachio Growers (APG), the states of California, Arizona, and New Mexico represent 100% of the U.S. pistachio production. Moreover, California comprises 99 percent of the total, with over 312,000 acres planted throughout 22 counties.
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