Chestnut Market

Global Chestnut Market Size (2024 to 2029)

Global chestnut market is expected to reach USD 3.07 billion by 2029, and it will be valued at USD 2.71 billion by 2024 registering a CAGR of 2.5% during the forecast period 2024 to 2029.

Chestnuts come from the beech family of the genus Castanea. The plants are generally deciduous and are found in the temperate regions of North America. Chestnut is a glossy brown nut that can come from trees or shrubs and often contains a bristle coating on top. They are roasted and consumed most commonly. Chestnuts are considered dry fruit as they contain a single seed, a hard shell, and a protective husk. Often seen being consumed by squirrels, chestnuts are famous due to their sweet, buttery, and soft flavor when adequately toasted. Chestnuts are more similar to fruits than nuts and are highly beneficial to the body. Chestnuts can be eaten raw or toasted, ground, and put into sweets like pastries. Today, the most commonly sold chestnut species is Castanea sativa, the European chestnut. Still, there are also a variety of other chestnuts like Japanese or Korean chestnuts, American chestnuts, Chinese chestnuts, etc.

Global Chestnut Market Drivers:

The chestnut market size is growing because it has a lot of health benefits. Chestnuts are rich in vitamin C (around 35 to 40 percent of an individual's total vitamin c intake) and contain low fats, meaning they are a low-calorie food. They are also rich in minerals like magnesium and are good antioxidants. Therefore, they are suitable for cardiovascular health. They are also suitable for digestion and gut health due to their fiber content, and they are an excellent source to balance blood sugars and are suitable for people with diabetes. The growing health-conscious populations and the growing rates of chronic diseases support the chestnut market growth. Chestnuts are highly nutritious and packed with multiple vitamins and minerals like C, E, A, B complex, Zinc, Iron, Calcium, etc. They can also support an individual's weight loss journey and reduce inflammation. 

The chestnut market demand is also growing due to the rising celiac disease population needing gluten-free food and people with diets that avoid gluten. In addition, it is also said to have anti-tumor properties and immunity-boosting effects, further supporting the chestnut market growth. Additionally, chestnuts are easy to add and are used in various cuisines worldwide, like, salads, pastries, soups, stuffing, appetizers, candied chestnuts, casseroles, etc. The growing vegan population is also expected to support the growth of the chestnut market revenue. Chestnuts are widely used in several vegan foods like vegan sausages and wellingtons. Rapid urbanization and growing disposable incomes also support the rise of the chestnut market. The growing popularity of chestnuts as healthy food and more packaged chestnut snacks drive the growth of the chestnut market. They may also help improve cognitive function, prevent survey, and support bone mineral density. Additionally, chestnuts are a very profitable crop to grow as they start producing chestnuts in only 3-5 years of planting, and when they reach ten years, they can produce up to 10-20 Ibs of chestnuts. The growing use of chestnut flour in the baking industry supports the chestnut market industry. The growing use of chestnuts in the cosmetics industry due to their advantages for the skin also supports the growth of the chestnut market.

Global Chestnut Market Restraints:

The high possibility of infestation in chestnut trees leading to failure of proper crop growth and losses in harvest and business is a significant drawback for the chestnut market. Additionally, many consumers can be allergic to chestnuts, which can cause eczema, itchiness, difficulty breathing, rashes, dermatitis, etc. therefore, it is essential to be careful when consuming chestnuts. Furthermore, chestnuts are seasonal and need more production and awareness about the nut leading to more restraints for the chestnut market. They also have less shelf life, and the market is receiving heavy competition leading to more growth in the chestnut market. 

Impact of covid-19 on the chestnuts market:

The pandemic impacted many significant markets and industries and led to a severe economic crisis. On the other hand, the chestnut market received a positive impact from the pandemic as the population grew more health-conscious and started to consume healthy foods. The health benefits of chestnuts led to more demand for the market. However, the production and supply restrictions led to several drawbacks for the market. Nevertheless, the immunity-boosting abilities of chestnuts led to more demand for the product during the pandemic. And even after the pandemic, the demand for the product is on the rise due to more awareness regarding the benefits of chestnuts. Therefore, the pandemic left a positive impact on the chestnut market. 

REPORT COVERAGE: 

This research report on the Global Chestnut Market has been segmented and sub-segmented based on species type, distribution, application & region. 

Global Chestnut Market - By Species Type:

• Chinese chestnut
• European chestnut
• American chestnut
• Japanese chestnut

The European chestnut segment is expected to dominate the chestnut market due to the high availability of the variety. In addition, the spread of a fungal infection wiped out the american chestnut variety, leading to most of the chestnuts being grown today in the European region. 

The Chinese chestnut segment is also expected to have a significant chestnut market share due to the country being a major producer and consumer of chestnut. The American chestnut is also expected to grow due to growing interest. 

Global Chestnut Market - By Distribution Channel:

• Convenience Stores
• Online Stores
• Hypermarket and Supermarket
• Others

The hypermarkets and supermarkets segment is expected to dominate during the forecast period due to the high influx of consumers in the spaces and the availability of various options. Additionally, the presence of supermarkets at multiple locations also boosts the market presence in the segment.

The Online store segment is also expected to grow during the forecast due to the growing shift of the population toward the online market and growing internet penetration, especially after the pandemic. 

Global Chestnut Market - By Application:

• Cosmetic Industry
• Food and Beverage Industry
• Others

The Food and Beverages segment is expected to dominate the chestnut market due to the heavy use of chestnuts as food in multiple dishes and snacks, along with its usage in health supplements and drinks. 

The cosmetic segment is also expected to grow due to the rise in awareness regarding the benefits of chestnuts in the skin and hair industry. 

Global Chestnut Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• MEA

The Asia-Pacific region is expected to dominate the market during the forecast period due to the high production and consumption of chestnuts in the region. Chestnuts are often used in multiple Asian cuisines. Additionally, China is the world's largest producer of chestnuts, with around 1,703,653 tonnes produced in 2021. Countries like Japan and Korea also have a high production rate of chestnuts. The high rates of exports and imports around the Asian countries led to revenue for the market in the region. The growing business around the chestnut industry and the rising disposable incomes and health-conscious populations in the region also support the market growth. The growing imports of chestnuts in countries like Vietnam and Thailand also support the market growth in the region. 

The chestnut market is also expected to grow in the North American region due to the growing health-conscious populations. The rising ways to prevent infestation from fungus and blight and ink in the chestnut production industry are encouraging more players in the market, leading to growth in the region. Countries like the US and Canada are constantly introduced to new health-related products, and the chestnut market stays on the trend. Additionally, the growing snacks related to chestnuts and the popularity of roasted chestnuts support the growth of the market in the region. 

KEY MARKET PLAYERS:

Key market players of global chestnut market are Chengde Shenli Food Co. Ltd, SupHerb Farms, M'Lord Excellent, Swapna Flour Mills Limited, ConAgra Foods Inc, Chestnut Growers Inc, Windmill Organics Ltd, Treeborn, Royal Nut Company, Bakery Bills.Ltd.

RECENT DEVELOPMENTS IN THE MARKET:

• On March 24, 2023, it was announced that the Kalorama chestnut festival would be held on May 7. The event is a voluntary run festival that has been conducted every year for the past 30 years to raise funds for the Mt Dandenong Primary School and Mt Dandenong Kindergarten. The festival will have food stalls with chestnuts in various forms and from different companies. 
• On May 5, 2020, Prova. Inc, an extract and flavors expertise french company, launched a new line of chestnut flavor goods. The company believes that chestnuts have long been a part of the European and Asian culture and that its benefits must also be expanded to the North American market. The flavors and extracts of chestnuts from prova will be available in powder and liquid forms, with easy addition to multiple gourmet meals. In addition, they were made available in allergen-free and organic varieties as well. 
• On June 21, 2022, Librizol Life Science Beauty launched AlgaPūr, an HSHO algae oil that is good for the scalp, moisturizes the hair, and provides frizz management. The oil has been derived from microalgae sourced from the sap of a chestnut tree. This bio-oil sourced from chestnut tree sap is exceptionally effective against hair problems and ensures strong, healthy hair.