Pecans Market: Overview
The drive for pecans stems from the demand for food that packed with nutrients and further show versatility with recipes. The increasing worldwide trend of healthy eating has propelled the prospects of the pecans market. A major part of the worldwide pecan crop production comes from New Mexico, Texas and Georgia in the U.S. and Mexico. According to a study in the Journal of Agricultural and Food Chemistry, pecans contain more antioxidants than any other tree nut. This aside, the spending of consumers in the pecans market has gathered momentum due to the vast range of healthy recipes that can be made with pecans, given the fact that pecan nuts are a treasure trove of minerals and vitamins.
The pecans market gained commercial impetus chiefly from the North American populations. They include this nut in several of their quintessential recipes in the culinary arts. Even in other parts of the world, pecan muffins and pecan biscuits have gathered steam, propelling the revenue generation in the pecans market. Pecans can be consumed whole or in processed form. They can be in-shelled or shelled forms.
Key application areas in the pecans market are beverage industry, dairy industry, bakery industry, and confectionery industry. All types of distribution channels can be grouped into hypermarkets/supermarkets, convenience stores, specialty retail, and online retail.
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Pecans Market: Competitive Analysis and Key Developments
Players in the pecans market are leaning in expanding the range of snacks made of pecans to allure prospective consumers. They are expanding their product portfolios. For instance, a few prominent confectionery manufacturers in developed countries are coming out with innovative flavor combinations. Over the past few years, food processors have expanded their investments to serve the needs of the snacking industry by tapping into the large popularity of pecans in North America. Global players in the pecans market have benefitted from the export of value-added agricultural products such as in ASEAN countries. They are looking for expanding their distribution channels in new geographic markets.
However, most players have been reeling under the disruptions due to COVID-19 pandemic and the worldwide lockdowns in recent months. However, they are trying to keep the distribution channel afloat.
Some of the players in the pecans market are Hudson Pecan Company, Navarro Pecan Company Inc., Golden Peanut and Tree Nut, Merritt Pecan, Inc., Ellis Bros. Pecans, Inc., Pecan Argentina S.A., Atwell Pecan Co., Inc., New Aces, Inc., Lamar Pecan Company, Guidry Organic Farms, LLC., Sahale Snacks, Inc., Farmers Investment Co., John B. Sanfilippo & Son, Inc., Royalty Pecan Farms, Diamond Foods, Inc., and The Kraft Heinz Company.
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Pecans Market: Key Trends
The drive for pecans market comes fundamentally from the adoption of healthy eating trends especially in popularity of plant-based source of proteins. Especially in the developing world, pecan-based recipes are attracting the attention of consumers who want to try new superfoods. This is evident in the rising consumer sentiment for new flavors based on pecans in snacking. Some of the purported health benefits of pecans are in reducing cardiovascular risk, digestion improvement, weight loss, lowering the risks of certain cancers, and anti-inflammatory and immunity benefits.
The direct-to-consumer models is a key trend in the pecans market. In recent years, the drive for tailored approach to marketing and product differentiation has expanded avenues in the global pecans market. Specialty stores and online retailing have been quick on capitalizing on these avenues. Developments being made by snacking manufacturers on brand marketing and promotional activities are boosting the pecans market.
Pecans Market: Regional Assessment
Some of the regions in the pecans market are North America, Europe, Asia Pacific, the Middle East and Africa. Of note, China and ASEAN countries are witnessing the revenue potential in the pecans market. European countries have seen rapidly rising consumption of pecan snacks, adding a large momentum to the evolution of the pecans market.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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