May 22, 2024
Pistachio Market

Pistachio Market Is Expected To Be Flourished By Growing Demand For Nutritious Snacks

Pistachios are edible seeds that grow on Pistachio trees. They are commonly used as nuts and in various food products such as ice-creams, desserts, and baked goods due to their nutty flavor and nutritional profile. Pistachios contain essential vitamins, minerals, fiber, and antioxidants, which make them a healthy snack option. They are increasingly being incorporated into trail mixes, granola bars, and other on-the-go snack products due to demand from health-conscious consumers for nutritious snack alternatives. The global pistachio market is primarily driven by growing demand for protein-rich nuts and snacks.

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 Dynamics:

Growing Demand for Nutritious Snacks: Health-conscious consumers are increasingly opting for healthy snacks that provide nutrients and keep them full for longer. Pistachios are gaining popularity as a nutritious snack owing to their nutritional profile. The high demand for protein-rich snacks is expected to drive the growth of the global pistachio market over the forecast period.

Increasing Product Launches: To cater to the rising demand, companies are introducing various pistachio-based innovative products. For instance, companies are launching chocolate-coated, salted, flavored pistachios and incorporating pistachios into cereals, granola bars, trail mixes etc. The increasing new product launches are expected to boost the pistachio market growth during the forecast period.

Segment Analysis

The global pistachio market can be segmented into shelled and unshelled pistachios. The shelled pistachios segment dominates the global pistachio market and accounts for around 85% market share. This is because shelled pistachios are more convenient for direct consumption as pistachios have an outer shell that needs to be cut open. Moreover, most of the pistachio production is sold in the shelled form as processing shelled pistachios helps increase the shelf life of pistachios.

Pest Analysis

Political: The pistachio market is influenced by trade policies and regulations in major producing and consuming countries. Tariffs on pistachio imports significantly impact prices.
Economic: As consumer incomes rise globally, demand for high value nut and dried fruits such as pistachios increases. The market is sensitive to economic conditions that impact discretionary consumer spending.
Social: Rising health consciousness is driving demand for nutritious nuts like pistachios which are rich in nutrients. Changing dietary patterns favor incorporating nuts in snacks and desserts.
Technological: Advanced sorting and shelling equipment help increase pistachio processing efficiency. Investments in cold storage and transportation technologies aid in extending pistachio shelf life.

Key Takeaways

The global Pistachio Market Growth is expected to witness high growth over the forecast period of 2023 to 2030, driven by rising health awareness and demand for plant-based nutrition-rich snacks.
Regional analysis: Iran dominated the global pistachio production in 2023 with around 53% share due to suitable climate conditions. The USA was another major producer, accounting for around 17% of global production in 2023. In terms of consumption, Middle Eastern countries like Iran, Jordan and Syria collectively accounted for majority share in 2023 owing to traditional use of pistachios.

Key players operating in the pistachio market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID. Key players are focusing on developing advanced sorting technologies to improve processing efficiency of pistachios.

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