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Albany, New York, July 29, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report that talks about the global walnut market and its overall dynamics. As per the report, the global walnut market was initially valued at US$6,197.1 mn in 2017. The growth of the market is expected to be achieved with the help of CAGR of 4.1% over the course of the given forecast period of 2017 to 2025. With such stable growth rate, the market valuation is projected to reach a valuation worth US$8,534.5 mn by the end of 2025.
The segment of shelled walnuts is projected to be the segment with the highest growth potential. Depending upon the type of product, the market is expected to continue being dominated by the English walnut. The product had the largest share in the global walnut market accounting for 93.7% in the year 2017. From a regional perspective, Asia Pacific and Europe dominate the market. During the course of the forecast period, these regional market are expected to continue their dominance followed by the Middle East and Africa.
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The overall vendor landscape of the global walnut market showcases a stiff competition and fragmentation. The companies in the market are focusing on enhancing the overall quality of products to attract customer loyalty and build a sustainable brand name. Some of the key players in the global walnut market include names such as Guerra Nut Shelling Company, Poindexter Nut Company, Anderson Shelling, Alpine Pacific Nut, and Grower Direct Nut Co. Inc., among others.
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Ability of End-users to Pay Premium for Quality Products Boosting Market Growth
As walnut are stuffed with good amount of nutritional supplements, several customers are highly interested in this dry organic product. This is one of the key driving factors of the global walnut market. With constantly evolving lifestyles, several individuals are preferring to consume food with high nutritional content. Walnuts are an excellent example for such consumables. In addition to this, growing awareness among people about health and nutrition is also helping propel the development of the global market.
Walnuts are very easy to carry, requires less storage space, and a type of convenience food product. There has been a growing demand for convenience food products all across the world and has helped in fueling the growth of the walnut market in the recent times. Furthermore, people, with their growing disposable incomes, are now ready to pay premium amounts for high-quality products. This is significantly helping manufacturers to develop high quality products and hence is propelling the overall growth of the global market.
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Price Wars among Brands to Slow Down Market Growth
However, there are some factors that are negatively affecting the growth of the global walnut market. One such restraining factor for the growth of the market is the lack of vertical integration among the walnut manufacturers. The completion in the market is only growing and a great challenge faced by the manufacturers is to maintain their profit margins. The price wars among the prominent companies in the market is also a big threat for the growth of the global walnut market.
However, this intense competition is also helping in creating opportunities for the growth of the global walnut market. In an attempt to secure customer loyalty, companies are now focusing on improving the overall efficiency of the product value chain – from the inbound logistics to the distribution channels, and from product marketing to export.
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This information is encompassed in the report by TMR, titled, “Walnut Market (Category - Inshell and Shelled; Form - Raw and Processed; Product - Black Walnuts and English Walnuts; Nature - Organic and Conventional; End Use - Household, Industrial (Food Industry (Snacks and Spreads, Sauces and Dressings, Bakery and Confectionary, and Desserts), Personal Care and Cosmetics, and Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
For the study, the walnut market has been segmented as follows:
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