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Albany, New York, Aug. 20, 2019 (GLOBE NEWSWIRE) -- A latest report on global pistachio market by Transparency Market Research states that the market is expected to witness a steady growth over during the forecast period of 2017 to 2026. The growth of the market is anticipated to be the result of growing popularity of pistachio because of its extensive application in food and beverages industry and high nutrition value. Moreover, the growth is also attributed to the huge potential of pistachio hulls in nutraceuticals.
Market to Generate US$ 5,000 Mn by 2026
The report suggests that the global pistachio market is projected to exhibit 2.8% CAGR during the projected tenure. This growth rate of the market is expected to the rising demand for pistachios in variety of food products. Additionally, various health benefits of pistachio has attracted multiple pharmaceutical companies to include the fruit in their medicines. This is also a major factor that is supporting the market to growth with projected CAGR.
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The report also suggests that the market is projected to generate US$ 5,000 Mn by the end of 2026. This revenue generation by the market is projected to the multiple opportunities that various sectors of the market presents to the players. Also, various skincare companies are willing to include pistachio in their products which is again expected to support this revenue generation of the market.
Europe to Dominate the Regional Market during the Forecast Period of 2017 to 2026
The reach of the global pistachio market has spread in regions across the globe. North America, Europe, Asia Pacific are few to name. Amongst all the region, Europe is expected to showcase maximum opportunities for the players of pistachio market. This dominance of the region is the result of use of pistachio in multiple bakery, and other food products. It is noticeable that Europe is expected to contribute US$ 1,500 Mn in the overall revenue generation by market. Hence, it has a largest opportunity window for the players of global pistachio market.
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Fiber and Antioxidants Constituents of Pistachios to Boost the Growth of the Market
Pistachios are excellent source of fibers and antioxidants. This factors attracts various healthcare and skincare products manufacturers to incorporate pistachio abstracts into their medicines. This as a result is expected to fuel the growth of global pistachio market during the forecast period.
Moreover, rising awareness about the benefits of pistachios in treating type-2 diabetes is another factor that is influencing the growth of global pistachio market these days. Also, the application of pistachios in various edible items such as desserts, cakes, pastries, cakes, and biscuits has grown exponentially in various countries in recent times. This is yet another factor that is expected to influence the growth of the global pistachio market in the forecast period of 2017 to 2026.
Furthermore, increasing number of food products with pistachio flavors is also expected to drive the growth of global pistachio market in coming years.
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The Competitive Market to Pose Tough Challenge for the Vendors
The global pistachio market has a highly competitive landscape. Various vendors across the globe restricts the entry of new players in the market. However, the lucrative opportunities of the market are attracting numerous players to enter in the global pistachio market. To surpass the completion, new players are implementing various strategies such as mergers, collaborations, and partnerships. These strategies are expected to provide necessary resources to the players to have a sustainable future in global pistachio market in coming years.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Pistachio Market (Form - Whole, Powdered, Roasted, and Splits; End-Use - Bakery & Confectionery, Flavored Drink, Breakfast Cereals, Snacks, Butter & Spread, Dairy Products, and Others; Distribution Channel - Wholesaler/Distributor, Modern Trade, Convenience Stores, Online Sales, and Other Distribution Channels) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026.”
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The global pistachio market is segmented on the basis of:
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