May 23, 2024

Pistachio Market Estimated to Witness High Growth Owing to Increasing Demand for Plant-based Protein Sources

Pistachios are a nutrient-dense food containing essential vitamins, minerals, and antioxidants. They provide key nutrients like protein, fiber, and healthy fats while being low in sodium and calories. The delicious flavor and crunch of pistachios also make them a popular snack.

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 of 2024 to 2030.

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 key opportunities in the pistachio market include product innovation and emerging applications of pistachios in bakery, snacks, ice cream and other food products. Additionally, the increasing popularity of vegan and plant-based diets is contributing to the demand for pistachios as a healthy snack and ingredient.

Advances in cultivation techniques are helping boost pistachio yields worldwide. New varieties of dwarf and self-pollinating pistachio trees requiring less water are being developed through research. Processing technologies are also improving to maximize the nut quality and shelf life of pistachio products.

Market drivers:

The increasing awareness about the nutritional benefits of pistachios is a key factor driving the market growth. Health conscious consumers are incorporating pistachios into their diets for obtaining protein, fiber, antioxidants and healthy fats. Growing consumption of on-the-go snacks and rising disposable income levels in developing regions are further propelling the demand for pistachios.

Challenges in Pistachio Market

Global Pistachio Market Size  is facing challenges due to fluctuating pistachio production caused by unfavourable weather conditions and pests & disease outbreaks. Major pistachio producing countries including USA, Iran, Turkey and Syria have witnessed reduced pistachio yields in recent years owing to droughts, excessive rains and pest attacks negatively impacting overall market supply. Rising operating and input costs associated with pistachio farming also pose a challenge. High labour costs required for hand harvesting and shelling process further adds to production costs. Additionally, the lack of cold storage facilities in certain developing regions negatively impacts pistachio shelf life leading to supply disruptions.

SWOT Analysis

Strength: Dominant global production base with USA, Iran, Turkey and Syria accounting for over 80% of total output. Growing preference for nutritious and high protein nuts and snacks acts as a major demand driver.

Weakness: Vulnerable to adverse weather conditions and climate change impacts. Pistachio production heavily dependent on rain-fed farming increasing susceptibility to droughts and excessive rains.

Opportunity: Growing vegan populace and allergen-free food trend opens up new prospects. Emerging Asian markets like India and China present vast untapped potential given increasing health awareness.

Threats: Rising input and labour costs put pressure on pistachio grower margins. Threat from new pests and diseases emergence due to climate change impacting yields.

Geographical Regions: The USA is currently the largest market for pistachios in terms of value accounting for over 30% of global pistachio revenues. Iran is also a major regional hub with strong domestic consumption and exports.

Fastest Growing Region: The Asia Pacific region excluding China is emerging as the fastest growing regional market for pistachios driven by rising health consciousness, western influence on diets and growing spending power in countries like India. The APAC pistachio market is forecast to expand at a CAGR of over 13% through 2030.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it