May 21, 2024
Pistachio Market

The Global Pistachio Market is driving by increasing health consciousness among consumers

The global pistachio market provides a nutritious source of protein, fiber, vitamins, and minerals. Pistachios contain unsaturated fats that can help lower LDL or “bad” cholesterol levels and reduce the risk of heart diseases when consumed in moderation. They are a rich source of antioxidants like lutein and zeaxanthin that support eye health. Pistachios also contain important nutrients like phosphorus, copper, thiamin, vitamin K, and manganese. Due to their health benefits, pistachios are increasingly used as a snack, in baked goods, desserts, ice cream and are also consumed on their own.

The global pistachio market is estimated to be valued at US$ 46.49 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

One of the major trends in the pistachio market is the increasing demand for flavored pistachios. Pistachios are often roasted and flavored with sea salt, barbeque, chili lime or ranch flavors to enhance their taste. This makes pistachios more appealing as a snack for consumers. Flavored pistachios witness higher demand and sales compared to regular roasted pistachios. Manufacturers are introducing new and innovative flavors of pistachios to attract consumers and boost brand loyalty. For example, in 2022, Wonderful Pistachios launched limited-edition pumpkin spice pistachios and mint chocolate pistachios for the holiday season. The rising popularity of flavored pistachios is expected to drive the growth of the global pistachio market during the forecast period.

Porter’s Analysis

Threat of new entrants: Low investment requirement and low brand loyalty allows new players to enter the market easily.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes.
Bargaining power of suppliers: Farmers have moderate bargaining power owing to availability of alternative distribution channels.
Threat of new substitutes: Substitutes like peanuts and cashews pose moderate threat due to unique nutritional profile of pistachios.
Competitive rivalry: Intense competition exists among existing players to gain higher market share.

Key Takeaways

The global Pistachio Market Growth is expected to witness high growth over the forecast period. Growing health awareness and nutritional benefits of pistachios are driving the market growth. The global pistachio market is estimated to be valued at US$ 46.49 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

Regional analysis:

North America dominates the global pistachio market and is expected to maintain its position over the forecast period. The US accounts for the largest share in the region due to higher consumption of pistachios as snack items.

Key players:

Key players operating in the pistachio market are Merck KGaA, OriGene Technologies. Merck KGaA is a leading player offering diverse range of pistachio butter and flour. OriGene Technologies offers high quality pistachio for research applications. Rising demand for organic and non-GMO pistachios have increased partnership between farmers and key players globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it