August 16, 2019 by Amanpreet
Baru nuts market continues to be a niche industry that awaits the dawn of prominence, specifically as an increased number of consumers shift their focus towards healthy eating, in line with the growing health and wellness trend. Though not many consumers and food processing companies are aware of baru nuts yet, the popularity of this emerging super food that is better than counterparts is likely to turn the table around in the years to come. This can be envisioned for the fact that baru nuts are a healthier form of peanuts, contain more nutrients per calories as compared to most nuts, and a better environmental option than almonds.
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The production of baru nuts is only limited to Cerrado, a vast tropical savanna ecoregion of Brazil, and are harvested just once a year, which has been arresting the prominence and thereby, adoption of these highly nutritional nuts for several years. However, the shifting consumer focus towards health and wellness trend and an increased focus of food processing companies towards leveraging rich-in nutrition ingredients are likely to change the dynamics of baru nuts market in the coming years. Though the current market for baru nuts is extremely small and managed to account for US$ 2.1 Mn in 2018, the future holds high stakes of growth for it, with these nuts increasingly penetrating developed countries.
The trade flow of baru nuts has been restricted to a few countries so far, with ~60 of the baru nuts getting exported from Brazil. In view of the potential growth in the lucrativeness of highly nutritional nuts in the forthcoming years, the market stakeholders in Brazil are increasingly exporting produce to countries that hold high consumption potential. For instance, of its total baru nuts production, Brazil exports ~25% produce to Europe and ~22% produce to United States. The trade pace of the market continues to remain complex, with several market players that operate in multiple regions, including Brazil, collecting raw baru nuts from the country to later export the processed and flavored versions of these nuts from overseas facilities. Brazil, for instance, imports ~ 2% flavored baru nuts from Canada. Amid the growing import-export race, the market of baru nuts is anticipated to emerge as a victor, only if the product awareness among masses takes a leap of growth.
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The market for baru nuts is highly consolidated with top five companies, including Brukas, Inc., Baru Baron, Brazil Barn Group, Atina Ativos Naturais Ltda., and BIOBRAZIL BOTANICALS, collectively accounting for ~80% market share. As the market continues to witness restricted growth due to lack of awareness and limited production, several market players are increasingly getting associated with organizations to create consumer awareness regarding baru nuts. As per pertinent literature, the amount of baru nuts harvests continue to pick pace every passing year, as multiple companies are working to increase the number of involved families for harvest, with sustaining efforts considerably prevalent in Cerrado region.
Furthermore, while baru nuts market holds potential for significant growth in the upcoming years, leading players don’t want to risk sales due to very less product awareness even in the developed regions such as North America and Europe. The Fact.MR analysis estimates Latin America to represent highest market value share in baru nuts market by 2019 end, while Europe and North America have been envisaged to lead the baru nuts market throughout the foreseeable period. As the market holds high stakes of witnessing establishment in developed regions in the forthcoming years, leading baru nuts producers have also placed their focus on capacity expansion to cater to the potential increase in the demand.
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