India Fox Nut (Makhana) Market

In terms of volume, the Indian fox nut (makhana) market experienced a robust growth of 8.84% CAGR during the period from 2018 to 2023. Looking ahead, it is projected to expand at a CAGR of 6.86% from 2024 to 2030. This growth encompasses both domestic consumption and export volumes, including raw makhana, roasted makhana, and other value-added derivatives.

From a value perspective, the Indian fox nut (makhana) market recorded a CAGR of 39.33% between 2018 and 2023 and is anticipated to grow at a CAGR of 15.76% from 2024 to 2030. This valuation accounts for both domestic sales and exports of raw, roasted, and processed makhana products. This growth is fueled by rising consumer awareness, expanding export opportunities, and a growing preference for healthy snacking options in both domestic and international markets.

At the primary level, India’s fox nut seed production reached 63.68 thousand tonnes in 2022, recording a 13.24% CAGR from 2013 to 2022. Meanwhile, processed makhana (fox nut pop) production at the processor level stood at ** thousand tonnes in 2022. India dominates the global fox nut market, accounting for a staggering 90% share of total production, reinforcing its position as the world’s largest producer and exporter of makhana.

Fox nut (makhana flakes) prices have shown a steady increase of 2.03x during the period from October 2022 to January 2025 (from ₹ ** to ₹ ** per kg). Factors such as GI tag, decline in monsoon rain, rising consumer demand for healthy snacks, and increase in labor costs have cumulatively supported the price rise during the period.

With increasing demand for nutrient-rich snacks, India's makhana industry is set for continued expansion, presenting lucrative opportunities for farmers, processors, and exporters alike.

Primary Areas/ Elements of Research & Analysis The report provides comprehensive and valuable insights into the supply and demand dynamics of the India fox nut market. Below are the variables considered and analyzed in the report: ■  Analysis of the India fox nut market with respect to supply-demand, growth trends, and trade (export & import) patterns ■  A review of structure, conduct, and performance of the market ■  Historical, estimated, and forecasts of India fox nut market size in terms of volume (tonnes) and value (US$) ■  India fox nut market size estimations and forecasts are provided at farm level, processor level, and consumer level and exports. ■  Analysis of country fox nut trade patterns covering exports, imports, quantities, values, key partners, and trade price trends ■  Detailed mapping of the supply chain, pricing analysis, and regulatory details ■  Competitive landscape analysis, including India fox nut market mapping and profiling of key companies (Overview, products/services, & core competencies) ■  Assessment of other relevant factors impacting India fox nut market performance The report sections furnish numerous data points contributing to the better understanding of the India fox nut market dynamics and future outlook.

India's Significance in the Global Supply of Fox Nut

India is the largest producer and exporter of fox nuts globally, accounting for over 90% of the world's supply. The unique climatic conditions and traditional farming techniques employed in Bihar, which is the epicenter of fox nut production, give Indian fox nuts a distinct advantage in terms of quality and yield.

Fox nuts, also known as makhana or lotus seeds (Euryale ferox seeds), have been a staple in Indian cuisine for centuries. With increasing awareness of their health benefits, fox nuts are witnessing growing demand both domestically and internationally.

India Fox Nut Production & Demand Trend

Bihar alone contributes to approximately 85-90% of India’s fox nut production, with annual production estimates ranging from 55 to 66 thousand tons. The cultivation area and production volume have been increasing steadily due to government support, improved farming practices, farmers price realization, and rising global demand.

Domestically, fox nuts are consumed as a healthy snack and used in various culinary preparations. International demand is rising, particularly from countries like the USA, Australia, Canada, UAE, China, and the UK, due to the growing popularity of plant-based and healthy snacks.

In August 2022, fox nut (commonly known as makhana) received a Geographic Indication (GI) tag in the name of "Mithila Makhana." It enhanced the brand recognition of Mithila Makhana both nationally and internationally and the same lead to increased demand and higher market value. The growing demand for fox nut (makhana) in both domestic and international markets has led to a significant rise in its prices.

Growing demand for fox nut in the country and abroad lead to significant rise in prices of fox nut. The price of regular fox nut rose to US$ 14 per kg in 2024 compared to US$ 7 per kg last year.

Market Growth Factors

Several factors drive the growth of the India fox nut market, including:

■ Health Benefits: Rich in protein, fiber, and antioxidants, fox nuts are marketed as a superfood.
■ Changing Lifestyles: Increasing health consciousness and the shift towards plant-based diets are boosting demand.
■ Government Support: Policies aimed at promoting fox nut cultivation and processing are facilitating market growth.
■ Export Potential: Rising international demand and favorable trade agreements enhance export opportunities.

Market Challenges

Despite its growth prospects, the India fox nut market faces certain challenges:

■ Supply Chain Issues: Inadequate infrastructure and traditional farming methods can lead to inefficiencies and higher costs.
■ Price Fluctuations: Dependence on a few key regions for production can result in price volatility due to climatic conditions.
■ Quality Control: Ensuring consistent quality standards for export markets can be challenging.
■ Competition: Emerging fox nut producers in other countries pose a potential threat to India's dominance. Currently, India is dominant producer, while countries such as Japan and USA are exploring the opportunities to produce fox nut.

India Fox Nut Industry: Supply Chain Restraints & Value Chain Challenges

The Indian fox nut supply/value chain faces several key bottlenecks that hinder efficiency and market growth. Post-harvest losses are significant due to inadequate storage facilities, leading to spoilage and reduced supply. Traditional processing methods, prevalent due to limited advanced processing units, result in inconsistent quality and shorter shelf life, which impacts the ability to meet export standards.

Poor transportation infrastructure in key producing regions, such as Bihar, hampers the efficient movement of raw and processed fox nuts, increasing costs and delays. Additionally, the supply chain is fragmented, with insufficient coordination among farmers, processors, and traders, leading to inefficiencies in supply and demand matching, pricing, and quality maintenance.

The industry's heavy reliance on a few regions makes it vulnerable to climatic changes and regional disruptions, causing supply shortages and price volatility. Moreover, quality control is a persistent issue, with a lack of standardized practices making it challenging to maintain uniform quality, crucial for meeting international export requirements.

Addressing these bottlenecks—post-harvest losses, processing inadequacies, transportation issues, stakeholder fragmentation, regional dependence, and quality control challenges—is essential to enhance the efficiency, quality, and market reach of Indian fox nuts.

Fox Nut Price Setting Power of India

India holds significant price-setting power in the global fox nut market due to its dominant position as the largest producer and exporter, supplying over 90% of the world's demand. This dominant market share enables India to influence global pricing trends. The country's extensive production capacity, primarily concentrated in Bihar, allows it to leverage economies of scale, potentially lowering costs and setting competitive prices.

Additionally, India's ability to ensure consistent quality and supply reliability further strengthens its pricing authority. However, this power is moderated by internal factors such as domestic demand fluctuations, production yield variations due to climatic conditions, and the efficiency of the supply chain. Despite these challenges, India's strategic position and substantial output give it considerable leverage in negotiating prices in both domestic and international markets.

Market Segmentation of Makhana Products

Makhana Pop/Flakes
This segment includes the basic popped form of makhana, widely consumed as a snack. It serves as the foundation for various value-added products. The demand is driven by its health benefits, such as being a low-calorie, high-protein, and gluten-free snack. This segment is popular in both raw and flavored varieties, targeting the health-conscious and premium snack markets.

Raw Makhana Pop
Raw makhana pop refers to the unprocessed, sun-dried seeds that are further used by manufacturers or consumers for roasting, frying, or seasoning as per their preferences. According to StatLedger analysis, raw makhana segment is largest market segment and primarily driven by bulk buyers, food processors, and households that prefer customization in flavor and preparation.

Roasted Makhana Pop
Roasted makhana is a ready-to-eat variant that has gained popularity as a healthy, on-the-go snack. It is available in multiple flavors such as salted, spicy, and caramelized versions. The increasing demand for nutritious, guilt-free snacking has fueled growth in this category, making it one of the fastest-growing segments in the makhana market. Roasted makhana consumption is projected to grow at a CAGR of **% during the forecast period from 2024 to 2030.

Derivatives (Flour, Powder, Bars, etc.)
Makhana derivatives include processed forms such as flour, powder, and energy bars, which are used in diverse applications like baby food, diabetic-friendly diets, and protein-rich snack bars. Makhana flour is emerging as a gluten-free alternative for baking and cooking, while energy bars and other processed foods cater to the growing market for functional and health-oriented foods.

The makhana market is expanding due to rising consumer preference for nutritious snacks and plant-based products, making all these segments key contributors to its growth.

Fox Nut End-use

The increasing demand for fox nuts spans various end-use industries, each leveraging the unique properties of this versatile ingredient.

Snack Industry: The primary driver of fox nut demand is the snack industry. Fox nuts are consumed in various forms, from plain roasted to flavored varieties, catering to diverse taste preferences. The snack industry has capitalized on the health benefits of fox nuts, marketing them as a healthy alternative to traditional snacks. This has led to the introduction of numerous innovative products, including spiced, sweetened, and coated fox nuts.

Food Industry: Beyond snacks, fox nuts are integral to several culinary applications. In traditional Indian cuisine, they are used in sweets, curries, and rice dishes. The food industry is exploring new ways to incorporate fox nuts into everyday meals, enhancing their appeal. Fox nuts are also used as an ingredient in breakfast cereals, granola bars, and bakery products, broadening their use in various food categories.

Nutraceuticals: The health benefits of fox nuts have made them a valuable component in the nutraceutical industry. They are increasingly used in dietary supplements and functional foods aimed at improving health and wellness. Their high antioxidant content and low glycemic index make them suitable for products targeting specific health concerns such as diabetes, heart health, and weight management.

Cosmetics: An emerging trend is the use of fox nuts in the cosmetics industry. Their antioxidant properties are beneficial for skin care products, including face masks, creams, and anti-aging formulations. The natural appeal of fox nuts aligns with the growing demand for organic and natural ingredients in cosmetic products. Some of the fox nut-based cosmetic products include, facial cleanser, face mask, moisturizer, anti-aging cream, serum, body lotion, lip balm, hair oil, shampoo, conditioner, hand cream, eye cream, exfoliating scrub, bath soak, and sunscreen.

The demand for fox nuts is on a robust growth trajectory, supported by their health benefits and versatility. The snack industry remains the primary consumer, but the food, nutraceutical, and cosmetics industries are also increasingly incorporating fox nuts into their products. This broadening application across various industries is expected to sustain and enhance the demand for fox nuts in the foreseeable future.

Porter Five Forces Analysis of the India Fox Nut (Makhana) Market

Threat of New Entrants: Moderate

■  Low initial investment required for entry
■  Specialized knowledge in cultivation and processing needed
■  Established brands have strong distribution channels and brand recognition
■  Government incentives could attract more players

Bargaining Power of Suppliers: Low to Moderate

■  Supply is concentrated in specific regions like Bihar
■  Many small-scale suppliers limit their bargaining power
■  Skilled suppliers may have moderate influence due to quality demand
■  Poor harvest seasons could temporarily increase supplier power

Bargaining Power of Buyers: High

■  Consumers have multiple options, including both local and branded varieties
■  Buyers are price-sensitive and quality-conscious
■  Retailers and wholesalers demand competitive pricing and high quality
■  Availability of alternative snacks strengthens buyer power

Threat of Substitutes: High

■  Numerous healthy snacking alternatives available (e.g., popcorn, nuts, seeds)
■  Consumers can easily switch to substitutes (other fruits & nuts) if preferences change
■  Emerging superfoods and diet trends increase competition

Industry Rivalry: Moderate to High

■  Several established and new players in the market
■  Competition driven by price, quality, branding, and flavor variety
■  Smaller companies focus on niche segments like organic or flavored fox nuts
■  Intensity of rivalry rises with more innovative product offerings

The India fox nut (Makhana) market shows moderate to high competition levels with significant influence from buyers and substitutes. The threat of new entrants and supplier power remain relatively low, but brand differentiation and market positioning are critical for success in this evolving and competitive industry.

India Fox Nut Trade (Export) Market Analysis

In 2021, India exported approximately 292.82 tonnes of raw fox nut pops, with a total export value of US$ ** million. The country has established itself as a key supplier of fox nuts in the global market, exporting to more than 20 countries. Some of the major international markets for Indian fox nuts include the United States, Japan, Australia, China, Canada, Russia, and the United Kingdom.

With increasing awareness of fox nuts as a healthy snack option and their rising demand in international markets, India's fox nut exports are expected to witness a steady growth trajectory. The export volume is projected to grow at a compound annual growth rate (CAGR) of 10.56% during the forecast period from 2024 to 2030. This growth will likely be driven by expanding health-conscious consumer bases, increasing use of fox nuts in packaged snack products, and the rising popularity of plant-based and organic food items across global markets.

India Fox Nut Market Competitive Analysis

India's fox nut market is fragmented with numerous small and medium-sized players, particularly in Bihar. However, the market is gradually seeing the emergence of organized players who are focusing on branding, quality control, and expanding their market reach. Shakti Sudha Industries, Makhanawala Natura Foods Pvt Ltd., Sattviko, Rishab Global industries Pvt Ltd., (Mr. Makhana), and Nutrivin Agro Private Limited (Makhana King) are some of the key players in the India fox nut (makhana) market.

Several other key players in the Indian makhana (fox nut) market contribute to the industry's competitive landscape. These include well-established brands and emerging companies that cater to the growing consumer demand for packaged and value-added makhana products. Some of the notable market participants are Britannia, a renowned FMCG brand; Farmley, a popular startup specializing in dry fruits and healthy snacks; and Tata Sampann, a subsidiary of the Tata Group known for its focus on quality food products.

Additionally, DeHaat Honest Farms, a company emphasizing farm-to-table supply chains, and Happilo, a premium dried fruits and healthy snack brand, have strengthened their presence in the makhana segment. Other key players include Himalaya, known for its Ayurvedic and health-based offerings; Heeva, a rising brand in the organic and natural food segment; and yumYum, which focuses on snack innovations. Furthermore, Organic Tattva, a brand committed to organic and chemical-free products, and Chappan Bhog, a well-known name in the sweets and snack industry, have also ventured into the makhana market.

Beyond these brands, several regional and unorganized players contribute to the market dynamics, offering a wide range of makhana products in different price segments and flavors to cater to diverse consumer preferences.

Key Companies in India Fox Nut Market include (Manufacturers/ Exporters/ Brands)

■ Shakti Sudha Industries
■ Makhanawala Natura Foods Pvt Ltd.
■ Sattviko
■ Rishab Global industries Pvt Ltd., (Mr. Makhana)
■ Nutrivin Agro Private Limited (Makhana King)
■ Alimento Agro Foods Pvt. Ltd. (Meal of the Moment)
■ Delight Foods
■ Mithila Consumer Goods Private Limited (MCGPL)
■ Shyam Dhani Industries Pvt. Ltd.
■ Devkarma International
■ India Foxnut Limited
■ Sunorganic Industries Pvt. Ltd.
■ Divinutty
■ Maruthi Makhana

Some other market players include Britania, Farmley, Tata Sampann, DeHaat Honest Farms, Happilo, Himalaya, Heeva, yumYum, Organic Tatva, Chappan Bhog and Others.

Future Outlook

The future outlook for the Indian fox nut market is highly promising, driven by multiple favorable factors. With increasing global health consciousness and the trend towards plant-based diets, demand for fox nuts is expected to rise significantly. Technological advancements in farming and processing will likely improve yield and quality, addressing current supply chain bottlenecks. Expanding export markets, coupled with enhanced marketing efforts, will further boost international demand. Additionally, the development of new fox nut-based products in the snack, nutraceutical, and cosmetics industries will diversify usage and stimulate market growth. Government support and investment in infrastructure will also play a crucial role in sustaining and expanding India's dominant position in the global fox nut market.

Report Coverage

India fox nut market report covers historical market data from 2018-2023 and projections to 2030. The report also includes supply & demand and trade (import-export) market analysis. The decision matrix analysis helped in identifying the barriers and their implications on the value chain and different factors of relative significance to the India fox nut market are diligently tracked and their impact closely monitored for short, medium, and long-term market cycles. The report's contents cover an analysis of the aspects involved in the fox nut market such as the parent market, the evolution of the industry, innovative technologies in the manufacturing process, supply chain, and listing of key exporters.

Scope of the Report

Report Attributes	Details
Historical Years	2018–2023
Base Year	2024
Forecast Period	2025–2030
Units	Value (US$ Million) and Volume (Tonnes)
Report Coverage	Production, Consumption, and Export
Segments Covered	▪ By Type (Flakes (Raw and Roasted) and Others)   ▪ By Sales (Domestic Consumption and Exports)
Geographies Covered	India
Companies Profiled	The market players include, Shakti Sudha Industries, Makhanawala Natura Foods Pvt Ltd., Sattviko, Rishab Global industries Pvt Ltd., (Mr. Makhana), Nutrivin Agro Private Limited (Makhana King), Alimento Agro Foods Pvt. Ltd. (Meal of the Moment), Delight Foods, Mithila Consumer Goods Private Limited (MCGPL), Shyam Dhani Industries Pvt. Ltd., Devkarma International, India Foxnut Limited, Sunorganic Industries Pvt. Ltd., Divinutty, and Maruthi Makhana, and Others.

Research Design

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