According to a recent report, Oregon’s hazelnut market is expected to observe high demand with the surge of over 64 percent over the past few years. The key factor attributing to the growth is the existence of healthy prices of hazelnut in the region. Although, the industry is witnessing several challenges presently. With a supply of more than 75 percent of the world’s hazelnuts, Turkey is said to be the biggest producer and exporter of hazelnuts. Though, according to a recent journal, the market is besieged after two years of low market costs. The industry has flowed nearly 10 percent in the past two weeks and is likely to surge in the coming month of Ramadan. This has encouraged the Turkish government to support the market.
More than 948,876 metric tons of hazelnuts were used across the world in the year 2016. The current market for hazelnuts is estimated at US$ 7,200 million. It will further grow at the lucrative CAGR of 5.9%. It is further collect for over US$ 12,730 million revenues during the forecast period (2016-2024).
Hazelnut Sales to Grow Beyond Food Industry
Several countries are developing a range of hazelnuts. Along with that, they are introducing hybrid hazelnuts in the market, driving the demand in the food industry. Hybrid hazelnuts are a perpetual with an assessed life anticipation of at least 30 to 50 years and theoretically into the hundreds of years. The widespread root system of hybrid hazelnuts helps decrease or eradicate soil erosion complications once plants are adequately established.
Protein rich hazelnuts products are gaining considerable demand in the overall hazelnut market. Projections say that raw hazelnuts will experience high demand in the coming times. In order to experiment with their culinary skills, individuals in the coming times will escalate their purchase for hazelnuts. The top most food manufacturers are said to be the biggest consumers for hazelnuts. Food products including the confectionary items, protein shakes or bars will contribute significantly to around 80% of the total revenues in the coming years.
The demand for hazelnuts is notably rising among the beverage producers. With the elevated usage of hazelnuts in the beverage industry, its revenues are likely to contribute for US$ 1,000 million with the growing CAGR of 6.4% during the predicted period of time. Also, cosmetic and pharmaceutical manufacturers will buy for over US$ 1,000 million of the hazelnuts across the globe, eventually stimulating the overall market growth for hazelnuts.
Regionally, Asia Pacific will grow at the significant pace
Western Europe consumes for over half of the production of hazelnuts. Multinational food& beverage manufacturers in this region significantly contribute towards the growth of the hazelnuts market in this region. On the other hand, North America’s revenues from hazelnuts consumption will value for over 10% of the total shares. Japan will grow at the sluggish rate and will rise to 11% by the end of the predictable period.
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Italy being the second biggest market for hazelnut, is attracting several players of confectionary market for the manufacturing of hazelnut. Eastern Europe will contribute to around 20.1% of shares of revenues. Asia Pacific excluding Japan is expected to expand lucratively with the CAGR of 7.2% during the assessment period.