Walnut Market Size (2024 - 2029)

Walnut Market Analysis

The Walnut Market size is estimated at USD 8.83 billion in 2024, and is expected to reach USD 11.22 billion by 2029, at a CAGR of 4.90% during the forecast period (2024-2029).

• The walnut market is experiencing steady growth, driven by increasing demand for healthy and nutritious food products, particularly due to walnuts’ high omega-3 content and recognized health benefits. Walnuts are primarily consumed as a snack, used in the food processing industry (confectionery, bakery, and dairy), and valued for their oil. The global production of walnuts is concentrated in a few key regions, with China, the United States, and Chile leading the market.
• China stands as the largest producer, accounting for over half of the global walnut production with the production of 1.4 million metric tons in 2023 according to the United States Department of Agriculture. The country’s extensive walnut cultivation is supported by favorable climate conditions and governmental incentives to boost nut production. The United States, particularly California, is another major player, contributing around 30% of global walnut production annually, according to the Dried Fruit Association of California. The United States walnut industry benefits from well-established infrastructure, advanced agricultural practices, and substantial research efforts to improve yield and resistance to diseases. Chile is another major country concerning walnut production and accounted for 198 million metric tons in 2023. However, it is often constrained by older farming techniques and political issues affecting exports.
• On the consumption side, walnuts are popular in North America, Europe, and parts of Asia-Pacific. The United States and China are not only major producers but also significant consumers. In China, walnuts are a common snack and ingredient in traditional dishes, driving domestic consumption which was 398.4 thousand metric tons in 2021 according to the International Nut & Dried Fruit Council-Statistical Yearbook, 2023. The walnut oil industry is also growing, driven by demand from the cosmetics and skincare sectors, which use walnut oil for its moisturizing and anti-aging properties. Additionally, walnut meal, a byproduct of oil extraction, is gaining popularity in the food industry as a protein-rich ingredient. Therefore, the walnut market is expected to grow, driven by rising consumer interest in healthy eating and increased demand from the food processing, cosmetics, and health food industries.

Walnut Industry Segmentation

Walnuts are round, single-seeded stone fruits that grow from walnut trees. The walnut market is segmented by geography (North America, South America, Europe, Asia-Pacific, and Middle-East and Africa). The report provides the production analysis (volume), consumption analysis (value and volume), export analysis (value and volume), import analysis (value and volume), and price trend analysis. The report also offers the market size and forecasts in terms of value in USD and volume in metric tons for the above-mentioned segments.