Chestnut Market Projected to Reach a Valuation of USD 5.0 Billion by 2033, with a Compound Annual Growth Rate (CAGR) of 3.3%

In the world of food and agriculture, the chestnut market has seen significant growth and transformation in recent years. According to industry data, the market held a 72.3% share in the hands of the Food and Beverage Industry in 2023. This dominance is particularly evident in the Asia Pacific region, where China, the world's largest producer and consumer of chestnuts, drives market dynamics with extensive orchards and well-integrated value chains.

The region's market was valued at an impressive USD 1.7 billion in 2023, accounting for approximately 47.6% of the global market share. Europe, with its strong demand in countries like Italy, Spain, and France, remains a significant player, with a market value of USD 1 billion.

The distribution of chestnuts in the market is not limited to traditional channels. Hypermarkets and supermarkets held more than a 48.4% share in 2023, reflecting the increasing availability of chestnuts in everyday shopping. However, online retail has also seen notable growth, expanding access to gourmet and niche chestnut products.

The global chestnut market is projected to reach approximately USD 5.0 billion by 2033, with a compound annual growth rate (CAGR) of 3.3% from 2024 to 2033. This growth is due in part to the increasing demand for organic chestnuts, as evidenced by companies like Chestnut Charlie's Organic Nuts in Lawrence, Kansas, selling out their entire inventory in 2024.

The market is also diversifying beyond traditional food applications. The Cosmetic Industry, though smaller, is rapidly growing due to the demand for natural and eco-friendly products utilizing chestnut extracts. Companies like Olam, Furuta, and Marrone Bio Innovations have become active in chestnut processing, introducing innovations such as sustainable sourcing, new preservation techniques, and developing bio-based chestnut-derived products to expand their offerings.

Regions like Latin America, the Middle East and Africa (MEA), and North America are also contributing to the growth of the global chestnut market. Latin America's chestnut market, valued at around USD 200 million in 2023, is growing due to increased cultivation efforts in countries like Brazil and Mexico. The Chestnut Market in North America is gradually growing, with a 2023 value of approximately USD 450 million. The MEA region's chestnut market, valued at USD 150 million in 2023, shows modest activity but has emerging opportunities.

In efforts to combat chestnut blight, the United States and Canada are focusing on cultivating blight-resistant varieties of chestnuts. Companies like Conagra Brands, Inc. and Clement Faugier are also making strides in the industry, with Conagra launching over 50 new products in 2024 and Clement Faugier modernizing its production facilities in 2023 to enhance efficiency and product quality.

In China, Chengde Shenli Food Co. Ltd., a leading chestnut company, operates a facility spanning 450 acres and has an annual processing capacity of 80,000 tons. Battistini Vivai, an Italian nursery, launched Europe's largest propagation laboratory in 2023, enhancing their chestnut tree production capabilities.

As the chestnut market continues to grow and evolve, it is clear that this humble nut is poised to play a significant role in the global food and cosmetic industries for years to come.