The global pecans market is experiencing a significant growth, andis anticipated to witness same trend in the next few years, owing to wide usage of pecan in food and beverage industry. Pecans belong to the species of hickory nut, native to south–central North America. It is widely used in preparation of snacks. Many types of pecan nuts are being sold in market. Caryaillonoinensis is a thin shell pecan nut, which has thicker kernel than the rest of species. Carya ovata and Caryacordiformis are another types of pecan nuts, which are large in sizewith thin shell. These species belong to the varieties, Mahan and Elisabeth, and are cultivated in the Spanish Costa del Sol. Mockernut is a hard pecan nut. Shagbark is an ovoid or shaped nut with thin shell. Other types of pecan nutsavailable in the market are Shellbark, Pignut, Bitternut, Hican, Witchita, Apache, Sioux, Shawnee, and Barton.
COVID-19 scenario analysis
The worldwide outbreak of COVID-19 has led to serious consequencesin all the economic sectors. The COVID-19 outbreak has created medical emergency, due to which the demand for food items, hygiene products, and medical products is increasing. Moreover, during this pandemic, the sales of traditional, healthy, and staple food items has increased considerably. Frozen non-veg food, fruits & vegetables, eggs, pulses, flour, and whole grains are further experiencing increased demand. However, nonessential products such as packaged foods, coffee, pastries, milkshakes, sweets, chocolates, cheese, and other bakery products have witnessed decline in their sale, due to which demand for pecan nuts in packaged and processed food industry has declined. Moreover, lockdown imposed across various countries has hampered the production and supply chain of pecan manufacturers. Furthermore, the consumer buying behavior may change permanently post COVID-19. On the contrary, companies have to build robust sales plan for recovery, for instance, they might have to adopt e-commerce platform and omnichannel in their supply chain.
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Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Pecan nuts are widely used in manufacturing of varieties of snacks, chocolate bars, biscuits, and other food items. Increase in usage of pecan in the food &beverage industry is boosting the demand for pecan in the market.
The organically grown pecan nut segment is expected to dominate the market during the projected years, due to rise in awareness about health benefits offered by organic food.
Increase in awareness about various health benefits offered by pecan is the key factor driving the market growth. Pecan have 14 types of vitamins and minerals. Pecan nuts consist of monounsaturated fats such as oleic acid and phenolic antioxidants, which reduce the risk of several heart diseases. In addition, it is rich in fiber, which helps in blood sugar control and enhances the function of digestive system. Pecans are known for its anti-inflammatory benefits due to presence of magnesium in it. Consumption of pecan prevents skin problems, shows anti-aging benefits and stimulates hair growth.
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The global pecansmarket trends are as follows:
New product launches to flourish the market
Food &beverage companies are introducing new range of pecan snacks in the market to serve the increasing demand of consumers. For instance, in September 2019, an American company Mars, Incorporated launched pecan bar under the brand name snickers.In addition, companies are focusing on promoting their pecan products to increase their customer base. For instance, Diamond Food is marketing and arranging promotional activities to raise the sale of pecan products. The company is engaged in knowing its consumers’ sentiments for its flavors to better understand their requirements.In August 2019, Cane River Pecan Company celebrated its 50 years in the market with a pecan pie festival. At the festival, Cane River sold pecan pies filled with Boudin and sweet potato soufflé, and got positive reviews and feedback from consumers.
Key segments covered
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Questions answered in the global pecans market research report:
Which are the leading players active in the global pecansmarket?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities of the market?
What future projections would help in taking further strategic steps?
Companies covered: U.S.Pecans, Tularosa Pecan, Royalty Pecan Farms, Nut Tree Pecan, Merritt Pecan, John B. Sanfilippo & Son, Global Bottomline, Navarro Pecan, Montz Pecans, Wharton Ranch, Amercorp International, Durden Pecan, Carter Pecan, Bar D River Ranch Pecans, Dennis Hardman, Hudson Pecan, San Saba Pecan, Whaley Pecan Company, Shamrock Ranch, The Alabama Pecan, South Georgia Pecan, The Green Valley Pecan, Calway Foods, Easterlin Pecan, Debbie Roy Brokerage, Cullers Farms, Durham-Ellis Pecan, Lamar Pecan, Lane Southern Orchards, and Ellis Bros. Pecans
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