The global hazelnut market to grow at a CAGR of 6.76% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global hazelnut market for 2017-2021. To calculate the market size, the report analyzes business dimensions with an eye on individual growth trends and contribution of upcoming market segments. The report also includes a discussion of the key vendors operating in this market.
One trend in market is growing demand for hazelnut milk. Hazelnut milk has a mild, sweet, and nutty taste and contains vitamins B1, B2, B6, and E, antioxidants, proteins, and low fat content. It is gluten-free, soy-free, and does not have a high lactose content. It also helps to prevent anemia, cancer, and heart diseases. It is considered as an alternative to dairy milk and can be used with cereals or as a hot beverage.
According to the report, one driver in market is increased awareness about health and nutrition. Hazelnuts are rich in vitamins, folate, protein, and antioxidants. Folate is beneficial for pregnant women to prevent neural defects in babies. Antioxidants help to fight diseases like cancer and diabetes. Beta-sitosterol present in hazelnuts kills the cancer cell responsible for causing breast cancer. Due to the presence of manganese, vitamin E, and thiamine, hazelnuts help to improve brain function and reduces the chances of any degenerative disease. It helps to control cholesterol and cardiovascular diseases. The consumption of hazelnuts is also good for muscles, bones, and skin.
Further, the report states that one challenges in market is effect of natural conditions. Wide applications of the hazelnuts have increased the demand for hazelnuts in the market, but bad weather conditions have affected the production of the hazelnuts in past few years. Shortage of hazelnuts has increased the price and affordability issues among the end-users. The production of hazelnuts has reduced year on year from 2012 to 2014.
In 2014, Turkey was affected by adverse weather conditions during winter, frosts during spring, followed by drought conditions. The production of hazelnuts was severely affected, leading to an increase in prices. In order to combat this, companies had to reduce hazelnut consumption in their products or increase product prices. For example, in 2015 Nutella reduced hazelnut usage from 17% to 13% and RITTER SPORT increased the price of its hazelnut bar by 8%.