June 16, 2024
Pistachio Market

Pistachio Market is Estimated To Witness High Growth Owing To Increasing Inclusion in Snack Foods

The 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 of the pistachio tree. They are green in color when raw, which transforms to light reddish-brown when roasted and salted. Pistachios are rich in proteins, healthy fats, dietary fiber, vitamins, and minerals which make them a wholesome snack. Their nutrition content and distinct nutty flavor has gained popularity globally leading to their growing demand in snack foods, desserts, trail mixes and recipes.

Market key trends:
The increasing demand for healthy and nutritious snacks is driving the pistachio market. Snack manufacturers are incorporating pistachios into a variety of snack products like biscuits, granola bars, and trail mixes to cash in on the health halo around nuts. Pistachios are high in nutrients like vitamin B6, thiamin, phosphorus, and contain antioxidants compared to other nuts. Their inclusion in snack foods appeals to health-conscious consumers. In addition, pistachios boast of low glycemic index which helps manage weight and sugar cravings. The growing health awareness and prevalence of lifestyle diseases will continue propelling the demand for nutrient-dense pistachio snacks over the forecast period.

Porter’s Analysis

Threat of new entrants: New entrants face high production and processing costs for pistachio farming. Bargaining power of buyers: Large buyers such as retail chains have significant bargaining power over pistachio producers and processors. Bargaining power of suppliers: Specialized equipment and seed producers exert bargaining power over pistachio farmers. Threat of new substitutes: Almonds and cashews are substitutes but pistachios have distinct flavor profile. Competitive rivalry: Competition in pistachio production is intense as major producers continually invest in expanding production capacity.

SWOT Analysis

Strengths: High nutritional value, distinct flavor profile, growing popularity as healthy snack. Weaknesses: Temperamental crop, susceptible to diseases, production dependent on climatic conditions. Opportunities: Rising health awareness, product innovation, untapped regional markets. Threats: Price volatility due to supply and demand fluctuations, stringent food quality and safety regulations.

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 among consumers. Pistachios are rich in minerals, vitamins, protein and good fats that promote heart and digestive health.

Iran is currently the leading producer and exporter of pistachios in the world. Other major producers include United States, Turkey, Syria and Greece. California in the US is one of the fastest growing regions for pistachio farming due to suitable dry climate and expanding domestic demand.

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. Other players are Santa Barbara Pistachio Company, Hellas Farms LLC, Del Alba International and Ready Roast Nut Company. These companies are focusing on new product launches, strategic mergers and acquisitions to strengthen their footprint in global pistachio market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it