Pistachio is a single-seeded fruit of the Pistacia vera species of the Anacardiaceae family. It is native to regions of Central Asia, Middle East and Mediterranean. Pistachios are rich in proteins, fiber, vitamin B6, thiamin, phosphorus, and contain antioxidants like carotenoids, flavonoids, phytosterols and phenolic compounds. They have anti-inflammatory, cholesterol-lowering and blood sugar lowering properties which make them beneficial for heart health and diabetes management. The rising health consciousness among consumers especially in developed regions has fueled the demand for nutrient-rich pistachios.
The global pistachio market is estimated to be valued at US$ 53.56 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2030.
Growing demand for snacks and dried fruits along with increasing use of pistachios in confectionery, bakery and dessert preparations are driving the market growth. Pistachios are widely used in ice creams, biscuits, honey roasted nuts, bakery fillings, and cookies due to their characteristic texture and flavor. Rising per capita disposable incomes in developing countries present remunerative opportunities for manufacturers to expand their product offerings.
Key Takeaways
Key players operating in the pistachio market are Merck KGaA, OriGene Technologies, Inc., Thermo Fisher Scientific Inc., Feldan Therapeutics, ACROBiosystems, Abcam plc., Randox Laboratories Ltd., SOL GROUP, Proteintech Group, Inc, Planet Biotechnology, Inc., INFINITE ENZYMES, INC., ORF Genetics, GenScript, BTL Biotechno Labs Pvt Ltd., Prospec-Tany Technogene Ltd., BPS Bioscience, Inc., Sino Biological, Cape Bio Pharms, Abnova Corporation, GeNext Genomics. The companies are involved in new product launches, agreements, collaborations and mergers to gain competitive advantage in the market.
The key opportunities in the market include expanding applications of pistachios in confectionery, ice cream and dessert industries. Asia Pacific region presents significant growth potential owing to rising health awareness and increasing expenditure on dairy and bakery products. North America and Europe are expected to continue their dominance as major markets. However, countries like China, India, Brazil and Mexico are likely to emerge as high potential markets over the forecast period.
Market Drivers
The major driver for the Global Pistachio Market Size is its various health benefits which attract health conscious consumers. Pistachios are rich in nutrients and plant compounds that are beneficial for heart health, diabetes management and weight control. Their antioxidant and anti-inflammatory properties help reduce risks of chronic diseases. As consumers become more health-focused, demand for nutrient-rich superfoods like pistachios is increasing significantly.
Market Restraints
High production costs and dependency on climatic conditions are some of the key challenges for pistachio market. Over 70% of global pistachio supply comes from Iran, United States, Greece and Turkey which are affected by droughts and diseases. Pistachio cultivation requires intensive labor and has low yield rates making production an expensive process. Fluctuating pistachio prices due to unstable supply also restrain market growth.
Segment Analysis
The pistachio market can be segmented into shelled and unshelled pistachio. Shelled pistachio dominates the market as it is directly consumed as snacks or used in confectionaries and bakeries. Shelled pistachio accounts for over 70% of overall pistachio consumption worldwide due to its easy availability and usage in the food processing industry.
Global Analysis
North America is expected to be the fastest growing as well as dominating region in the pistachio market during the forecast period. This is majorly attributed to the increasing awareness regarding health benefits of pistachios among consumers in the US and Canada. Also, the growing usage of pistachio in confectionary, bakery and nutritional products is spurring the demand in North America. Europe is also expected to witness significant growth in pistachio consumption owing to rising health-conscious populace and changing dietary preferences towards natural and plant-based food ingredients in countries like Germany, Italy and UK.
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