LONDON--(BUSINESS WIRE)--The global nut meals market is expected to grow at a CAGR of more than 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global nut meals market by products such as inorganic nut meals and organic nut meals. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing demand from millennials
Millennials seek for a healthy variety of food options and alternatives to traditional foods. Therefore, the food players have been introducing new and healthier alternatives to cater to the needs of this consumer segment. Millennials consider food variation and customization as a need rather than a luxury.
Nutmeals are an affordable healthy flour option that is very rich in nutrition as it includes the health benefits of nuts. Also, nut meals can be used for different cooking applications and are also quite popular with other consumer segments such as kids and the working population in APAC countries like China and Japan. This is one of the key factors behind the growth of the nut meals market in APAC.
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Market trend: increase in sales through online channels
With the rise in e-commerce business across the globe, vendors of nutmeal industry have potential to increase their visibility and profitability. E-commerce business accounts for nearly 12% of the world's retail trade. There has been an increase in the amount of money spent on per online transaction and also in the number of online transactions made across the globe. This is fostered by the "buy it now" attitude among consumers that are contributing toward the growth of the market.
According to a senior analyst at Technavio for food research, “Consumers prefer to purchase products through the online medium as it enables them to avoid time-consuming, billing queues. This trend is encouraging various nut meals and nut flour vendors to enter online retail formats. Moreover, the online format will help vendors to save on operating and overhead costs, which are lesser in the online retail format compared to the physical store format.”
Market challenge: competition from other flours
With growing popularity of gluten-free cooking, consumers are gaining greater interest in different gluten-free foods. Manufacturers of gluten-free ingredients are aggressively marketing their products under gluten-free labels. There are numerous gluten-free meals and flours available in the market, and these meals are made from different raw materials such as seeds, grains, roots, and more.
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