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| Pistachio Market |
Pistachios are edible seeds that grow on pistachio trees. Pistachios are packed with nutrients like protein, fiber, phosphorus, potassium, thiamin, vitamin B6, and phytonutrients. Due to their nutritional value and distinct flavor, pistachios are increasingly used in bakery and confectionery products such as cakes, cookies, ice creams, and chocolates.
The global
Pistachio Market is estimated to be valued at US$ 46.49 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing use of pistachios in bakery products is one of the major trends
being witnessed in the global pistachio market. Pistachios add texture and
taste to bakery items. Moreover, pistachios pair well with ingredients like
nuts, honey, yogurt, and pumpkin puree in various bakery products. As consumers
are more health-conscious and demand nutritional bakery items, bakery product
manufacturers are increasing the use of nuts including pistachios in offerings.
This is anticipated to drive the demand for pistachios from the bakery industry
over the forecast period. The growth in the bakery industry further complements
the growth of the pistachio market.
Segment Analysis
The global pistachio market is dominated by the inshell pistachio segment. The
inshell pistachio segment accounted for nearly three-fourth of the total market
share in 2023 owing to lower prices and widespread availability of inshell
pistachios. Growing consumption of pistachios as a snacking option has further
increased the demand for inshell pistachios across the globe.
Key Takeaways
The global Pistachio
Market Growth is estimated to be valued at US$ 46.49 Mn in 2023 and is
expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis: The United States accounts for the largest share in the
global pistachio market currently. The favorable climate conditions and large scale
farming of pistachios have aided the dominance of the US region. However, Iran
is emerging as the fastest growing regional market owing to increasing exports
of pistachios from the country.
Key players: Key players operating in the pistachio market are Merck KGaA,
OriGene Technolgies, Thermo Fisher Scientific, Abcam, Santa Cruz Biotechnology,
BioLegend, Cell Signaling Technology, Bio-Rad, and R&D Systems. Merck KGaA
dominated the market in 2023 with over 20% market share owing to its robust
product portfolio and international presence. However, growing focus on
research activities is expected to aid the market penetration of newer players
such as OriGene Technologies over the forecast period.
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