by The pistachio nut is one of the most nutrient-dense dry fruit providing various health benefits. Rich in healthy fats, proteins, vitamins, minerals and antioxidants, pistachios are known to improve heart health, boost immune function and manage weight. They have found widespread applications in bakery products, confectionaries, dairy items and other snack items due to their unique taste and nutritional profile. The growing demand for healthy and nutritious food products along with expanding on-the-go food culture has significantly driven the growth of pistachio in various prepared food items. Continuous branding and marketing of pistachio emphasizing its health benefits have made it a favorite nut among health-conscious consumers across the world.
The global Pistachio Market is estimated to be valued at US$ 46.49 Mn in 2023 and is expected to exhibit a CAGR of 50% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing cases of lifestyle diseases like diabetes, obesity, cardiovascular problems have compelled people to adopt healthy eating habits worldwide. This has tremendously propelled the demand for nutritious dry fruits like pistachios globally. Various studies highlighting the potential of pistachios in managing weight and improving heart health have further reinforced their popularity. In order to tap growing opportunities in health-conscious demography, companies are extensively focusing on new product launches of pistachios in various forms like roasted, salted, flavored variants and incorporating them in novel food products.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the pistachio market is low as it requires large scale production to be economically viable. Significant capital is also required to gain brand recognition in this competitive market.
Bargaining power of buyers: The bargaining power of buyers in the pistachio market is high as pistachios can be substituted with other nuts. Buyers can easily switch between suppliers based on quality and pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as a few large farmers dominate the global pistachio supply. However, new suppliers from emerging regions are increasing competition.
Threat of new substitutes: The threat of substitutes is high as pistachios compete with other tree nuts and seeds. Almonds and peanuts are the major substitutes that can affect the pistachio market.
Competitive rivalry: The competitive rivalry in the pistachio market is high among leading brands. Players compete based on pricing, quality, marketing and distribution reach.
Key Takeaways
The global Pistachio Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 46.49 Mn.
Regional analysis:
The Middle East and Asia Pacific regions currently dominate the global pistachio market. Iran is the leading producer with over 60% share in global pistachio supply. China, India and other Asian countries are exhibiting rapid increase in pistachio consumption.
Key players:
Key players operating in the pistachio market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others. Leading brands are focusing on new product launches, targeted marketing and expansion in emerging regions to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
