Foxnuts – Global prospects and opportunities
Makhana (Foxnut), also known as Gorgon Nut, grows in India, Korea, Japan and Russia. It comes from the lotus seeds. Foxnut (Makhana) can be mixed with vegetables, popped like corn and made into yummy porridge. Makhana has been proven to be high nutrients food which is rich in medicinal properties and good for daily health diet. The nutrients contained are vitamin, minerals and fibers. HS code of foxnut at six-digit is 190410 & India’s tariff line nomenclature is 19041090.
India’s exports of fox nuts grew at 11.2% annually from 2013 to 2017. In FY 2017-18, India exported US$ 21.2 Mn worth of fox nuts to the world
Foxnuts have several health benefits which are boosting its popularity among consumers who prefer healthy and natural food products. Foxnuts are gluten-free and rich in protein, carbohydrates, calcium, magnesium, and antioxidants. It also has a low glycemic index and low in calorie and fat content. These factors make it an ideal food product for people suffering from high blood pressure, diabetes, chronic inflammation, and body stress. The health benefits of fox nuts are expected to increase its popularity and thereby boost market growth.
Foxnuts are highly popular in countries of APAC such as India, China, Japan, and Thailand. However, the potential of the foxnuts market in Western countries such as the UK and the US is still untapped. With growing consumer awareness about the several health benefits of foxnuts, its demand is expected to increase rapidly in these countries. To tap into this high growth potential of the market, various start-ups have started offering foxnut products in these countries. The presence of a large number of untapped markets will also encourage new players to enter the market. This, in turn, will drive the growth of the foxnuts market at a CAGR of almost 7% during the forecast period of 2019-2023.
The global foxnuts market size will grow by USD 72.5 million during 2019-2023.
Export Promotion Strategy
APEDA proposes to interact with the State Governments of Makhana producing states and ICAR institutions to collate production data and identify specific pockets for inducing development programs for export growth. APEDA also proposes to conduct export awareness programs for Makhana. Assistance under Agriculture Export Promotion Plan Scheme of APEDA will be extended to potential export units in the producing states. APEDA proposes to get geo mapping conducted to estimate the number of ponds, district wise production, and productivity calculation. APEDA also proposes to interact with ICAR RCER Research Centre for Makhana located at Darbhanga, Bihar for assistance in promoting production and processing technology for Makhana.