Their study forecast that due to its widespread applications, the global hazelnut market is expected to reach $9.45b in sales in eight years.
The most popular application for the nut is within the food industry, where it is used for both confectionary and bakery products. Chocolate companies are the largest consumers of hazelnuts, and the demand for hazelnut-based treats has grown. The second-most popular use is in the cosmetic industry and third most popular application for the hazelnut is in beverages.
Consumer preferences to use the ground hazelnuts as a gluten-free flour or dairy alternative, and as a popular additive to chocolate products has skyrocketed its demand. It is often the choice of nut spread for people with peanut allergies or as a source of protein for plant-based diets.
The largest markets for hazelnuts are the Middle East and Africa with 40.7 per cent of total market share, and Asia was forecast to gain a higher growth rate within the eight-year period, according to PMR.
Hazelnut market to grow by 5.9 per cent by 2026
Consumer research company, Persistent Market Research (PMR) observed the growing global demand for hazelnuts.
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