PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462718
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462718
According to Stratistics MRC, the Global Pistachios Market is accounted for $4.5 billion in 2023 and is expected to reach $7.27 billion by 2030 growing at a CAGR of 9.4% during the forecast period. Pistachios are the seeds of the plant Pistachia vera. Renowned for their distinct green colour and unique flavour profile, pistachios are rich in protein, fiber, healthy fats, vitamins, and minerals. They are prized for their culinary versatility and are commonly consumed as a snack, added to salads, desserts, and various dishes, or used in the production of pistachio-based products like butter and ice cream.
According to the International Dried Fruits and Nuts Council, North America is the largest producer of pistachio worldwide and accounted for 58% of the global production in 2018, with a volume of 450,794 MT.
Rising health consciousness
The benefits of consuming pistachios, coupled with rising health consciousness among people, are fueling the growth of the pistachio market. Furthermore, the rising prevalence of cardiovascular diseases is driving pistachio market growth, as pistachios have high nutritional value and help lower the level of bad cholesterol. The pistachios are high in fiber. Consuming fiber may help you lose weight because it keeps you fuller for longer and lowers your calorie consumption, both of which aid in weight reduction.
High production costs
Cultivating pistachio trees requires substantial investments in land, irrigation systems, labor, and inputs such as fertilizers and pesticides. Additionally, pistachio trees have specific climatic requirements, limiting cultivation to regions with suitable conditions, which can further escalate costs. These high production costs contribute to reduced profitability for growers, especially in areas with less favourable growing conditions or where input prices are elevated, which limit market demand.
Demand in food and cosmetic industries
The pistachio market experiences a notable increase in demand stemming from the food and cosmetic industries. They are used in a wide range of products, including snacks, confectionery, baked goods, sauces, and salads. With the growing trend toward healthier snacking options, pistachios have gained traction as a nutritious and flavourful addition to snacks and meals. Moreover, pistachios are increasingly recognized for their potential cosmetic benefits, particularly in skincare products. The oil extracted from pistachio kernels is rich in antioxidants, vitamins, and essential fatty acids, offering moisturizing, anti-inflammatory, and anti-aging properties.
Climate change
Pistachio trees are sensitive to environmental conditions, particularly temperature and water availability. Increased temperatures can accelerate the rate of evaporation, leading to soil moisture depletion and water stress for pistachio trees. Extended periods of drought or irregular precipitation can impact pistachio yields, quality, and overall tree health. Moreover, fluctuations in temperature can disrupt the timing of pistachio tree dormancy and flowering, affecting pollination and fruit set. As a result, climate change is a significant element hindering market demand.
Covid-19 Impact
The COVID-19 pandemic significantly impacted the pistachio market in various ways. Initially, the global lockdowns and restrictions disrupted supply chains, leading to logistical challenges in transporting pistachios from producers to consumers. Furthermore, changes in consumer behavior during the pandemic also influenced the pistachio market. With people staying at home more and seeking healthier snack options, there was a surge in demand for nutritious foods like pistachios. This increased demand, coupled with supply chain disruptions, resulted in fluctuating prices and shortages in some regions.
The shelled segment is expected to be the largest during the forecast period
The shelled segment is estimated to hold the largest share. Shelled pistachios are preferred by consumers for their convenience and ease of consumption compared to in-shell pistachios. Shelled pistachios are commonly used in various culinary applications, including baking, cooking, and snacking. Moreover, shelled pistachios are also popular in the production of pistachio-based products such as pistachio butter, spreads, and pastes, where the smooth texture and vibrant green colour of the kernels are highly desirable.
The salted pistachios segment is expected to have the highest CAGR during the forecast period
The salted pistachios segment is anticipated to have lucrative growth during the forecast period offering a unique flavour profile that combines the natural nuttiness of pistachios with the savoury enhancement of salt. The appeal of salted pistachios lies in their balance of flavors, with the salt amplifying the nut's inherent richness while providing a satisfying contrast. This combination makes them a favoured choice among consumers seeking a flavorful and indulgent snack option.
North America commanded the largest market share during the extrapolated period. Within the region, the United States stands out as a major player, particularly in California, where the majority of domestic pistachio production occurs. California's ideal climate and soil conditions contribute to high-quality pistachio yields, making it a key hub for cultivation. Moreover, with growing interest in healthy snacking options, pistachios have gained popularity as a nutritious choice, further boosting demand in the region.
Europe is expected to witness profitable growth over the projection period. There is an increasing awareness among consumers about the health benefits associated with pistachios, such as their high protein and fiber content as well as their heart-healthy properties. This has led to a surge in demand for healthier snack alternatives, where pistachios have found a strong foothold. Additionally, the culinary versatility of pistachios has contributed to their popularity in Europe, with chefs incorporating them into various dishes, from savoury to sweet, adding both flavour and texture.
Key players in the market
Some of the key players in the Pistachios Market include Wonderful Company LLC, Santa Barbara Pistachio Company, Nichols Pistachio, Setton Pistachio of Terra Bella, Inc., Primex Farms, LLC, Del Alba International, Horizon Growers, Keenan Farms, Germack Pistachio Company and Hellas Farms LLC.
In January 2024, Setton Pistachio of Terra Bella, Inc., the nation's second-largest pistachio grower and processor, announced the launch of its Pistachio Pub Mix, a new SKU in their innovative line of premium pistachio snacks.
In April 2023, Nichols Farms, a fourth-generation farming family, announced the launch of their complete line of organic flavoured pistachios. The company's popular organic roasted with Sea Salt Pistachios are now complemented by six new flavoured products.