June 18, 2024

The Global Pistachio Market Witness High Growth owing to Rising Health Benefits

Pistachios are nutritious nuts containing high levels of protein, fiber, iron, vitamin B6, thiamin, phosphorus and other minerals. Rich in antioxidants, pistachios help improve heart health, lower risks of obesity and diabetes, strengthen bones and promote eye health.

The global pistachio market is estimated to be valued at US$ 53.56 Billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period of 2024-2030.

Key Takeaways

Key players operating in the pistachio market are Merck KGaA, OriGene Technologies, Inc., Thermo Fisher Scientific Inc., Feldan Therapeutics, ACROBiosystems, Abcam plc., Randox Laboratories Ltd., SOL GROUP, Proteintech Group, Inc, Planet Biotechnology, Inc., INFINITE ENZYMES, INC., ORF Genetics, GenScript, BTL Biotechno Labs Pvt Ltd., Prospec-Tany Technogene Ltd., BPS Bioscience, Inc., Sino Biological, Cape Bio Pharms, Abnova Corporation, GeNext Genomics. The global pistachio market is gaining traction in Asia Pacific due to rising health consciousness coupled with increasing disposable incomes in developing countries like India and China. Key opportunities in the pistachio market include product innovation catering to specific health needs, increased usage in bakery, confectionery and savory snacks, and strategic collaborations with food chains to promote pistachios.

Market Drivers

One of the key drivers for the Global Pistachio Market Size is the increasing recognition of pistachios as a superfood. Pistachios contain the highest amount of protein among nuts, providing essential amino acids that aid in building muscles. They are a good source of plant-based protein and fiber, which keeps one feeling full for longer and aids in weight management. As obesity and diabetes rates rise globally, more consumers are incorporating pistachios in their diet for its associated health benefits. This is expected to significantly drive the demand for pistachios over the forecast period.

PEST Analysis

Political: The pistachio market is affected by various trade policies and regulations imposed by governments across major producing and consuming nations. Any changes in import-export policies can influence the demand-supply dynamics in this industry.

Economic: The growth of the global economy and rising disposable incomes are fueling the demand for premium food items like pistachios. However, economic fluctuations impact the purchasing power of consumers.

Social: Pistachios are gaining popularity due to increasing health consciousness. Rising obesity rates are driving consumers to opt for healthier snack options like pistachios. Changing dietary habits influence product innovation.

Technological: Advanced harvesting and sorting techniques help improve crop yields and quality. Investments continue in research for developing disease-resistant varieties and adapting crops to different agro-climatic conditions to boost production.

Around 57% of the total pistachio market value is concentrated in the Middle East and Africa region. Major producers like Iran, Turkey, the U.S., Syria and Greece are located in this area. Warm weather conditions of this region provide suitable agricultural climates for growing pistachio crops on a large commercial scale.

The fastest growing regional market for pistachios is Asia Pacific. Increasing health awareness coupled with rising living standards in populous nations like India and China is fueling the demand. Availability through e-commerce and modern retail channels is also facilitating market growth in Asia. Pistachio suppliers are targeting this region through innovative packaging and flavored product variants suited to local tastes.

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