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Fox Nuts Market - Forecasts from 2022 to 2027

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    Report

  • 155 Pages
  • July 2022
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5649035
The fox nuts market is expected to grow at a compound annual growth rate of 6.37% over the forecast period to reach a market size of US$197.515 million in 2027, from US$128.184 million in 2020.

Fox nut (Makhana), also known as Gorgon Nut, grows in India, Korea, Japan, and Russia. Its market is expected to grow at a decent rate in the next 7-8 owing to the increasing demand for fox nuts among health-conscious consumers and the launching of various new products. The rising popularity of fox nuts among all age groups, changing lifestyles, and unique varieties of snack products will boost the market growth in the coming years. Fox nuts come from lotus seeds. The manufacturing process of fox nuts is done in 4 chronological stages, which include the collection of the seeds, cleaning, and storage, gradation process, and then getting the final product, i.e., the white puff fox nuts. According to the Indian Journal of Traditional Knowledge, the seeds are highly nutritious and edible after being processed. Health benefits and uses of fox nuts are resulting in more vigorous growth of the fox nut market around the globe. The awareness among the younger generation and fitness enthusiasts has resulted in a high increment in the customer base, which in turn is attracting many private players into this market driving it to become highly competitive in the upcoming years. The cost of the raw materials for developing synthetic paper products has been variable and fluctuating, thus, impacting the margins of the synthetic paper manufacturers. Geographically, the fox nut market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia-Pacific. Among all, the Asia Pacific region remains the biggest market as well as the biggest producer of fox nuts. It is estimated to grow at a decent rate during the years 2020-2027.

The market's growth is being driven by new varieties and healthy snack trends. The expenditure on nutritious food products and healthy snacks is rapidly increasing with per capita income and urbanization. With a growing number of consumers and newly launched varieties, fox nuts are among the most popular healthy snacks. For instance, roasted and popped, sometimes also called the next popcorn, are highly demanded due to the overall growth of the fox nut market.

Furthermore, fox nuts are a rich source of iron, carbohydrates, magnesium, zinc, phosphorus, fibre, protein, and potassium, which attracts health-conscious consumers to buy them regularly and replace other snacks with them. Snacks that are marketed specifically for their health benefits are believed to register a higher growth rate in the market as consumers are seeking natural, fresh, and healthy snacks.

From a geographical point of view, North America, Europe, and the Asia Pacific region are among the established markets for fox nuts, whereas the major production clusters for the same are located in Japan, Russia, South Korea, and India. Among all, India remains the prime exporter and the prime market for fox nuts owing to the growing production clusters in Bihar and Uttar Pradesh and government incentives.

Key Developments in the Market:

In February 2021, Too Yumm!, India's favourite snacking brand from Guiltfree Industries, the RP-Sanjiv Goenka Group' FMCG Division, awarded Kinnect its digital media mandate. A multi-agency pitch was used to win the account. Through this collaboration, Too Yumm! intends to capitalize on digital to expand and promote its brand presence. Kinnect is set to manage the brand's social media marketing, influencer outreach requirements, and online reputation management, to strengthen this growth and elevate consumer affinity. Kinnect will also be in charge of developing and delivering a solid strategy for executing campaigns across digital channels. Too Yumm! employed Virat Kohli as its brand ambassador and expanded its range of offerings such as Fox Nuts, Veggie Stix, Multigrain Chips, and many other products.

Many popular snack brands like Mithali Naturals, AAA Gourmet Foods, and others offer foxnuts in multiple flavours and are planning to launch new flavours as well, owing to fox nuts' appealing nutritional parameters.

COVID-19 IMPACT

In the consumer food and beverage industry, the COVID-19 and the following global lockdown led to high demand for household staples in the initial phase. Healthy foods with a longer shelf life were one of the most requested goods. However, in the current scenario, most companies are faced with low consumption and supply chain challenges. These companies are focusing more on altering their supply chain methods to establish a significant online presence and operate with D2C distribution channels.

REGIONAL SNAPSHOT

Fox nuts (Euryale ferox) are usually grown in stagnant perennial water bodies like swamps, ponds, ditches, and land depressions. For the past few years, it has also been cultivated in the land system. India is the only country where it is cultivated as a crop, especially in the state of Bihar. According to a report by the Indian National Agricultural Research System, Bihar produces more than 85% of the total fox nut production in India, and in recent years, prices of fox nuts have increased due to its increased demand in foreign as well as domestic markets.

According to the same study, the cost of processing per kg of fox nut seed is Rs. 7.33 while the cost of processing per kg of fox nut pop is 20.95. There are several channels of distribution and marketing which still need to be improved and can result in a more expanded market of fox nuts both domestically and internationally.

Market Segmentation:

By Product

  • Inorganic
  • Organic

By Application

  • Human consumption
  • Industrial

By Distribution Channel

  • Online
  • Offline
  • Hypermarkets
  • Supermarkets

By Geography

  • North America
  • United States
  • Canada
  • Mexico
  • South America
  • Brazil
  • Columbia
  • Europe
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • Middle East and Africa
  • Saudi Arabia
  • United Arab Emirates
  • Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Malaysia
  • Thailand
  • Indonesia

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter’s Five Force Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. FOX NUTS MARKET ANALYSIS, BY PRODUCT
5.1. Introduction
5.2. Inorganic
5.3. Organic
6. FOX NUTS MARKET ANALYSIS, BY APPLICATION
6.1. Introduction
6.2. Human consumption
6.3. Industrial
7. FOX NUTS MARKET ANALYSIS, BY DISTRIBUTION CHANNEL
7.1. Introduction
7.2. Online
7.3. Offline
7.3.1. Hypermarkets
7.3.2. Supermarkets
7.3.3. Others
8. FOX NUTS PAPER MARKET ANALYSIS, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. North America Fox nuts Market, by Product
8.2.2. North America Fox nuts Market, by Application
8.2.3. North America Fox nuts Market, by Country
8.2.3.1. The United States
8.2.3.2. Canada
8.2.3.3. Mexico
8.3. South America
8.3.1. South America Fox nuts Market, by Product
8.3.2. South America Fox nuts Market, by Application
8.3.3. South America Fox nuts Market, by Country
8.3.3.1. Brazil
8.3.3.2. Argentina
8.3.3.3. Others
8.4. Europe
8.4.1. Europe Fox nuts Market, by Product
8.4.2. Europe Fox nuts Market, by Application
8.4.3. Europe Fox nuts Market, by Country
8.4.3.1. Germany
8.4.3.2. The United Kingdom
8.4.3.3. France
8.4.3.4. Italy
8.4.3.5. Spain
8.4.3.6. Others
8.5. Middle East and Africa
8.5.1. Middle East and Africa Fox Nuts Market, by Product
8.5.2. Middle East and Africa Fox Nuts Market, by Application
8.5.3. Middle East and Africa Fox Nuts Market, by Country
8.5.3.1. Saudi Arabia
8.5.3.2. The United Arab Emirates
8.5.3.3. Others
8.6. Asia Pacific
8.6.1. Asia Pacific Fox Nuts Market, by Product
8.6.2. Asia Pacific Fox Nuts Market, by End-User Industry
8.6.3. Asia Pacific Fox Nuts Market, by Country
8.6.3.1. Japan
8.6.3.2. China
8.6.3.3. India
8.6.3.4. Australia
8.6.3.5. Malaysia
8.6.3.6. Thailand
8.6.3.7. Indonesia
8.6.3.8. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Manju Makhana
10.2. Maruti Makhana
10.3. Madhubani Makhana
10.4. Snackible
10.5. Organicana
10.6. Shaktisudha Makhana
10.7. Mahaveer Udhyog
10.8. Aravali Agri Products
10.9. Makhanawala
10.10. Mr. Makhana

Companies Mentioned

  • Manju Makhana
  • Maruti Makhana
  • Madhubani Makhana
  • Snackible
  • Organicana
  • Shaktisudha Makhana
  • Mahaveer Udhyog
  • Aravali Agri Products
  • Makhanawala
  • Mr. Makhana

Methodology

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Table Information