Market Research Future (MRFR) has published a cooked research report on the “Global Areca Nut Market” that contains information from 2018 to 2032. The areca nut market is estimated to register a CAGR of 5.00% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global areca nut market— PT. RUBY PRIVATINDO, SRI VINAYAKA BETELNUT TRADERS, THE CAMPCO LTD., GM GROUP, SWASTIKA INTERNATIONAL, SHRI GANESH PRASAD TRADERS, VIETDELTA INDUSTRIAL CO., LTD
Areca Nut Market Highlights
The global areca nut market is accounted to register a CAGR of 5.00% during the forecast period and is estimated to reach USD 1.2643 billion by 2032.
Rising disposable incomes in developing countries like India, Pakistan, and Bangladesh are driving up demand for areca nuts and other traditional breaking-down products. Since individuals have more money to expenditure, consumers are likely to purchase these products. Products containing areca nut and pan masala are widely available in both traditional and modern retail outlets. People will discover it simpler to consume these products as a result of this. They are available in supermarkets, shops for convenience, and even online. Chewing areca nut is a social activity that promotes community bonding and connectivity. It is frequently shared with family and friends on various occasions.
Segment Analysis
The global areca nut market has been segmented based on type, and product.
On the basis of type, the market is segmented into red and white arecanut. The white arecanut segment was attributed to holding the largest market share in 2022. It is believed that white areca nuts have a more pleasing appearance than red arecas. Its texture is smoother and its colour is lighter. Furthermore said to taste better than red areca nut is white areca nut.
Based on product, the global areca nut market has been segmented into scented supari, tannin, and pan masala. The pan masala segment was expected to hold the largest market share in 2022. In India and other Asian nations, pan masala has great popularity. Furthermore, it's believed that over 200 million Indians regularly eat pan masala. There are several flavours and variations of pan masala available. It appeals to a broad spectrum of customers.
Regional Analysis
The global areca nut market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Areca Nut market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Areca Nut market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Areca Nut market comprises of Middle East, Africa, and Latin America.
The largest market share for Areca Nut was maintained by the North American regional sector. The South Asian population in North America is rapidly expanding, and areca nut consumption is common among South Asian immigrants as part of their culture and traditions. Rising disposable incomes in North America are driving up demand for areca nut and other traditional chewing products. People with more disposable income are more likely to purchase these products. Products containing areca nuts and pan masala are becoming more widely available in North America, both through traditional and modern retail channels. This facilitates the consumption of these products. South Asian immigrants and their descendants are the main consumers of areca nut in the United States.
Moreover, rising disposable incomes in Europe are driving up demand for areca nut and other traditional chewing products. With more people having more money to spend, they are more likely to buy these products. Areca nut is becoming increasingly popular among European youth, particularly those interested in South Asian culture. This is most likely due to young people's increased exposure to South Asian culture via social media, travel, and entertainment.
Additionally, areca nut is a vital component of the society and traditions prevalent in numerous Asian Pacific communities. It is consumed in a variety of ways, including chewing, cigarette smoking, and consuming alcohol. For example, In India, areca nut is commonly consumed with betel leaves and lime as a mouth freshener and digestive aid. It is also used in religious and social gatherings. In India, pan masala is a popular mouth freshener and digestive aid. It's made with areca nut, lime, catechu, and other spices. Pan masala is commonly consumed as a chewable mixture, but it is also available in sachets, pouches, and tablets. Gutkha and betel quid are two other traditional areca nut chewing products.
Furthermore, the rest of the world's Areca Nut market is divided into the Middle East, Africa, and Latin America. The areca nut industry provides a significant source of income for many farmers and workers in producing countries. Governments want to consider policies and regulations that support the areca nut industry while also protecting consumers' health. Governments could provide financial assistance to farmers to switch to other crops, or they could develop regulations to ensure that areca nut products are produced and sold in a safe manner.
Key Findings of the Study
- The global areca nut market is expected to reach USD 1.2643 billion by 2032, at a CAGR of 5.00% during the forecast period.
- The Asia Pacific region is the largest producer and consumer of areca nuts, accounting for over significant growth of the global market share
- Based on product, the pan masala segment was attributed to holding the largest market in 2022.
- RUBY PRIVATINDO, SRI VINAYAKA BETELNUT TRADERS, THE CAMPCO LTD., GM GROUP, SWASTIKA INTERNATIONAL, SHRI GANESH PRASAD TRADERS, VIETDELTA INDUSTRIAL CO., LTD
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Companies Covered | 15 |
Pages | 128 |
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