As forecasted by XploreMR in a recent market study, the global pecans market is on a positive growth trajectory during the forecast period (2018 - 2026). The ability of pecans to enhance the taste of food products, coupled with their nutritional composition and texturizing properties makes them an ideal additive in bakery, confectionery, and snack items. The health benefits associated with the pecan nuts are also a key driving factor in increasing the consumption among end-users. Furthermore, the antioxidant properties they possess and the related benefits are attracting health-conscious consumers, thereby creating a revenue opportunity from the food industry. However, the unforeseen outbreak of COVID-19 has disrupted the market's projected growth trajectory, with national lockdowns and supply chain disruptions playing adversaries. On a positive note, the impact is expected to be short term, and the market will regain lost ground post the pandemic.
Nutritional Composition Bolsters Adoption in Various End-use Segments
Over the years, people have become highly aware of the various health benefits associated with pecans. A strong constitution of minerals, vitamins, and antioxidants makes pecans befit in applications across various segments such as food production, household, commercial and other industries. Backed by its nutritional composition, the pecans market is gradually gaining traction in non-traditional regions such as China, South Africa, Vietnam, and Mexico, among others. Besides, China is emerging as a leading exporter of pecans, catering to the growing demand for pecans. Likewise, expanding production capacity and favorable import policies are giving a boost to the market
Increasing Awareness and Affordability of Nuts Drive Market Growth
Pecans market is experiencing tremendous growth in consumption across the world on the back of growing awareness among people regarding the nutritional value and affordability of pecans. Moreover, pecans are rich in vitamins and minerals such as manganese, potassium, calcium, iron, zinc, etc. thus gaining traction among health-conscious consumers. Pecans are available in the form of nuts, oil, and flour, thus providing the feasibility for end-users to choose the type of their preference. Among these forms, pecans in the nut form are expected to remain the most sought-out form as it poses as an affordable alternative to other expensive nuts. High-priced nuts like pistachios are slowly being replaced by pecans, owing to similarities in taste and nutritional value, with affordability being an added perk to consumers. The low cost of pecans makes it ideal for middle and low-income households, thereby witnessing high demand in developing economies. On the back of the aforementioned factors, the pecans market will witness significant growth during the forecast period.