From 2014 to 2023, the North American nuts market showed a growth trajectory with periodic fluctuations. The market volume increased from 1.13 million metric tons in 2014 to 1.46 million metric tons in 2023. The year-on-year variations indicate robust growth in 2015 and 2018, while 2019 saw a slight decline. Over the last two years, the market grew at a steady annual rate of around 1.32%. The compound annual growth rate (CAGR) from 2019 to 2023 was 0.79%, suggesting moderate, consistent growth.
Looking ahead to the forecast period from 2024 to 2028, the nuts market is expected to continue its upward trend, albeit at a slightly accelerated average annual rate of 0.97%. The forecasted volume for 2028 is projected to reach 1.55 million metric tons, reflecting cumulative growth of approximately 4.94% over five years.
Future trends to watch for in the North American nuts market include:
- Increasing consumer demand for healthier snack options
- Innovation in nut-based products
- Potential impacts of global supply chain dynamics and climatic changes on nut production
