The global baru nuts market size is valued at US$ 5.1 Million in 2022 and it is poised to exhibit a CAGR of 24.8% during the forecast period (2022-2032). As per the report, the global baru nuts market is expected to reach a valuation of US$ 47 Million by 2032.
Rising demand for healthy food products due to ongoing trend of health and wellness across the globe is driving the baru nuts market and the trend is likely to continue during the forecast period. Baru nuts are a rich source of fiber, vitamins, minerals, antioxidants, and several other nutrients.
Key Takeaways:
- By product type, processed baru nuts segment is expected to account for a significant portion of the global market during the forecast period.
- Based on end use, the food processing and personal care & cosmetics together hold the largest share of the global baru nuts market and the trend is likely to continue during the forecast period.
- North America is expected to dominate the global market of baru nuts in the coming years.
- Brazil holds a significant share of the global baru nuts market and is likely to exhibit strong growth during the next ten years.
- With rising consumption of healthy food products, demand for baru nuts across the U.S. is likely to rise at a prolific pace through 2032.
Growth Drivers:
- Increasing demand for superfoods is expected to drive the global baru nuts swiftly during the projected period.
- Growing demand for healthy snacks for munching among millennials to improve the demand for roasted and flavored baru nuts.
- Rising usage across food processing industry and increasing efforts to maintain environmental & ecological balance will aid the growth in baru nuts market
Restraints:
- Limited production and a lack of awareness are impeding the growth of baru nuts market.
Competitive Landscape:
Key companies in the baru nuts market are innovating to introduce new products in the market. They are also investing in research and development operations and adopting merger & acquisition strategy to gain a competitive edge in the market.
For instance,
- In May 2019, Baru nut company Barùkas launched its line of trademarked baru nut products online and into a range of natural retailers in the U.S.
- In July 2019, Young Living Essential Oils, the market leader in essential oils, announced the Kalipay Coconut Farm as its newest partner farm in the Philippines