Pistachio are seeds of the plant Pistachia Vera. They are rich in various nutrients such as proteins, dietary fibers, vitamin K, vitamin B-6, thiamin, copper, phosphorus, manganese, iron, magnesium, γ-tocopherol, phytosterols, xanthophyll carotenoids, and others. The benefits of consuming pistachio include weight management, reduced risk of diabetes and cardiovascular diseases, improved immune system, nervous system, and digestion system.
The benefits of consuming pistachios coupled with rising health consciousness among people is fueling growth of the pistachio market. Furthermore, rising prevalence of cardiovascular diseases is driving the pistachio market growth, as pistachios have high nutritional value and helps in lowering the level of bad cholesterol.
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For instance, according to the World Health Organization (WHO), cardiovascular disease was the leading global cause of death, accounting for over 17.9 million deaths in 2016 and is expected to increase to over 23.6 million by 2030.
However, high cost of pistachios as compared to other nuts and contamination in pistachios by carcinogenic substances such as aflatoxins is restraining growth of the pistachio market. Various government regulatory bodies have a set of stringent regulations such as Commission Regulation (EC) No. 1881/2006 by Europe Union on aflatoxins content in food and animal feed.
The global pistachio market was pegged at 657,380.0 tons in 2017 and is expected to exhibit a CAGR of 3.2% in terms of volume over the forecast period (2019 – 2027), to reach 851,582.0 tons by 2027.
Europe held the largest market share of 31.1% in 2017 in the global pistachio. This is attributed to growing popularity of healthier snacking and eating habits among people in this region.
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Furthermore, increasing pistachio production in European countries such as Spain and Italy is propelling the market growth. According to the U.S. Department of Agriculture (USDA), pistachio production in Spain was 4,764 MT in 2015 and reached up to 5,618 MT in 2016. Furthermore, according to Global Agricultural Trade System (GATS), total sales of pistachios in Europe was US$ 426 million in 2015.
The Middle East held significant market share in the global pistachio market in 2017, owing to increasing production and trading of pistachio in countries such as Iran and Turkey. Iran was among the largest exporters of pistachio in 2016. According to the International Nut and Dried Fruit Council, Iran accounted for 33% of the global pistachio exports in 2016.
Various manufacturers are focused towards adopting growth strategies such as mergers & acquisitions and new product launches, in order to enhance their market position. For instance, in January 2017, The Wonderful Company, LLC, one of the key players in the pistachio market, launched roasted unsalted pistachio product with new flavor.
Major players operating in the global pistachio market include The Wonderful Company LLC, Germack Pistachio Company, Primex Farms, LLC, Horizon Growers, Nichols Pistachio, Keenan Farms and Setton Pistachio of Terra Bella Inc. Other players are Santa Barbara Pistachio Company, Hellas Farms LLC, Del Alba International and Ready Roast Nut Company.
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