What To Expect From The Walnut Industry Going Forwards?
It shouldn’t come as a surprise that the outbreak of coronavirus has affected the walnut (and every other) industry. In fact, the interruption in walnut production has caused disruptions in the market, further adding to the already existing issues with packing, distributing and shipping the crop. The unexpected lockdown affected consumption and the demand worldwide.
Projected Market Trends
With the growing inclination towards maintaining a healthy lifestyle, nutritional content, and health benefits associated with walnuts, it shouldn’t really be too surprising to see that people have started consuming this nut.
The rising per capita consumption of walnuts coupled with rising demand and the population willingness to pay a premium for healthy fruits are some prominent factors propelling the market growth.
Increasing Demand in the Food Processing Industry
Previously, the percentage of globally traded walnuts largely consisted of it being used as an ingredient in industries such as bakery, confectionery, chocolate, nut butter, and similar. Now we are seeing walnuts finding their way into snacks, ready-to-eat meals, and other products.
The versatility of walnuts has been enhanced over the past few years with the increase in international trade of walnuts as a commodity. This is evident as consumers are using walnuts more frequently.
Increasing Walnut Consumption in the Asia-Pacific Region
Asian countries contribute to 36.0% of global consumption of walnuts, dominated by China. The per capita consumption of walnuts, by China, is also increasing yearly and has shown a growth of 10.5 times in the past 21 years.
While the demand has always been met through domestic production, in recent years, China has had to import as well. However, China continues to be an exporter of walnuts with Chinese walnuts making their way to European countries as well.
Overall, it is expected that walnuts will continue to rise in popularity as an essential to the snacking, restaurant and other types of ready-to-eat food productions.
