Pistachio Market Set for Rapid Growth And Trend by 2025
Pistachio are seeds of the plant Pistachia vera. They are rich in various nutrients such as proteins, dietary fibers, vitamin K, vitamin B-6, thiamin, copper, phosphorus, manganese, iron, magnesium γ-tocopherol, phytosterols, xanthophyll carotenoids, and others. The benefits of pistachio consumption includes weight management, reduced risk of diabetes and cardiovascular diseases, improved immune system, nervous, and digestion system.
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Increasing health awareness and preference for healthy food are the key factors driving the growth of pistachio market. The growing demand for pistachio oil in food and cosmetic industry, as a gourmet ingredient is fuelling the growth of pistachio market. Also, the use of pistachio paste as flavoring agent in sauces and others is further propelling the growth of pistachio market. Increasing popularity of pistachio as flavoring agent in desserts such as ice-cream, cakes, cookies, and others has augmented the growth of pistachio market.
However, high cost of pistachios as compared to other nuts and contamination of pistachios by carcinogenic substance such as aflatoxins is restraining the growth of pistachio market. Various regulatory bodies has set stringent regulations such as Commission Regulation (EC) No. 1881/2006 by Europe Union on aflatoxins content in food and animal feed.
In-shelled pistachio market accounted for the highest market share, owing to their use as snacks. Increasing demand for in-shelled pistachios blended with flavors and seasonings accounted for largest segment among the distribution channel, supermarkets, and hypermarkets.
Pistachio -Market Outlook:
Asia Pacific is the largest and fastest growing region in the pistachio market, owing to increasing demand for nutritious food due to growing health awareness and increasing demand in bakery confectionary and food services. According to the India Food Service Report 2013 by the National Restaurant Association of India (NRAI), the Indian food serves industry is estimated to reach US$ 68.16 billion by 2018. The growth in food services sector is expected to drive the pistachio market in India.
North America region is the second largest market for pistachios due to the increasing snacks market and growing demand for healthy snacks. For instance, according to the report published in September 2016 by Agriculture and Agri-Food Canada, snack products are estimated to grow at CAGR of 2.3% from 2016 to 2020 while nuts snacks segment is estimated to reach US$ 5.3 billion by 2020 by CAGR of 2.1% from 2016 to 2020. According to the United States Department of Agriculture (USDA), approximately 98% of pistachios are produced in California making the U.S second largest producer and exporter of pistachios.
Pistachios market in Europe is significantly growing, owing to demand for pistachio as flavoring agent in bakery and confectionary products. Also, increasing demand for healthy snacking is further driving the growth of the market. According to Global Agricultural Trade System (GATS), the total sale of pistachios in Europe was US$ 426 million in 2015.
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Latin America, Middle East, and Africa has lucrative demand for pistachios from food processing and snacks industry. Also, increasing consumer awareness on health benefits of pistachio is further driving the growth of pistachio market in this region. Iran is the largest producer and exporter of pistachio and accounts for more than 50% of the global pistachio production.
Key players operating in the pistachio market include Germack Pistachio Company, Santa Barbara Pistachio Company, The Wonderful Company LLC, Hellas Farms LLC, Keenan Farms, Farm Fresh Nuts, Setton Pistachio of Terra Bella, Inc., Pistachio Provenance, and Ready Roast Nut Company.
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