坚果市场 - 全球产业规模、份额、趋势、机会及预测（按类型、形态、最终用户、销售管道、地区和竞争格局划分），2021-2031年

全球坚果市场预计将从 2025 年的 617.1 亿美元成长到 2031 年的 871.4 亿美元，复合年增长率为 5.92%。

该市场涵盖营养丰富的坚果的贸易和消费，包括腰果、杏仁、核桃等树坚果以及花生等豆类。成长要素是全球对植物性蛋白质需求的不断增长以及人们对健康脂肪益处的日益重视。为了满足这一需求，农业生产正在蓬勃发展。根据国际坚果和干果理事会预测，2024/2025年度全球树坚果产量将达到620万吨，比前一年增加8%。

儘管成长前景良好，但气候变迁及其对产量的不利影响给该行业带来了严峻挑战。主要产区的水资源短缺和极端天气等因素导致供应链不稳定和价格波动，使供应商的未来规划更加复杂。这些环境压力威胁到稳定的产量，并可能阻碍该行业在需求不断增长的情况下维持长期市场成长的能力。

市场驱动因素

全球健康意识的增强和预防性健康概念的兴起是推动该行业的主要因素，消费者越来越倾向于选择营养丰富的天然食品而非加工食品。这种转变需要强大的国际贸易基础设施来满足全球对有益心臟健康的不饱和脂肪酸和植物蛋白的需求。出口数据也印证了这一成长的需求。根据加州杏仁协会于2024年12月发布的《2024年11月市场展望报告》，当月出口量达到98,414公吨，较去年同期大幅成长21.9%。这一趋势标誌着饮食习惯的根本性转变，坚果不再被视为季节性偏好，而是被视为维持长期健康所必需的日常营养来源。

同时，调味加工坚果和优质烘焙坚果的创新对于维持市场价值和吸引年轻消费者至关重要。製造商正专注于增值加工，透过独特的风味和便捷的包装实现产品差异化，从而获得比散装销售原坚果更高的利润率。这项策略的成功体现在财务表现。蓝钻种植者合作社（Blue Diamond Growers）在其2024年10月发布的年度报告中指出，该合作社的净销售额达到13.3亿美元，这得益于其多元化的杏仁消费品组合。为了保持这种产品多样性，强大的供应基础仍然至关重要。美国农业部海外农业局预测，2024年全球核桃产量将达到270万吨，这将确保为扩大商业产品线提供充足的原料。

市场挑战

全球坚果市场成长正受到气候变迁的严重阻碍，为供应链带来了巨大的不确定性。坚果园对环境因素高度敏感，充足的水源和稳定的温度是其成功开花结果的必要条件。然而，极端天气事件（例如长期干旱和非季节性霜冻）的日益频繁正在扰乱这些生理过程，导致产量波动。这种波动使得有效的提前规划变得困难，供应商难以保证与大型零售商和食品加工商签订长期合约所需的供货量。这可能导致库存短缺和价格上涨，从而疏远对价格敏感的买家。

这些环境挑战的具体影响在某些坚果的产量表现上显而易见，而坚果产量正是农业脆弱性的指标。例如，国际坚果和干果理事会估计，由于主要产区的不利天气条件，到2025年全球松子产量将下降约28%。如此急剧的产量下降表明，气候变迁导致的产量损失会如何迅速减少市场供应。这种不稳定性不仅限制了受影响季节生产者的收入，也削弱了支撑整体市场上涨趋势所需的稳定性。

市场趋势

植物来源坚果乳製品和肉类替代品的多元化发展正在重塑市场竞争格局。製造商不再局限于简单的坚果奶，而是致力于开发更复杂的替代品，例如肉类替代品和发酵乳酪。这一趋势得益于加工技术的进步，使得腰果和杏仁能够模仿动物基产品的流变特性，从而吸引了日益增长的弹性素食消费者群体。各公司正利用精准的配方和发酵技术来复製乳酪的延展性和融化性，为坚果原料开闢了新的价值机会。植物性食品协会于2025年6月发布的《2024年市场报告》重点强调了这些创新成果，报告指出，植物性起司是成长最快的品类，在天然食品分销管道的成长率高达31%。

同时，基于QR码的供应链可追溯性和区块链技术的应用正成为检验永续性声明和确保透明度的标准作业要求。产业领导者正将直接采购模式与数位化检验工具结合，以全面了解坚果的整个生命週期，并确保农场层面遵守环境和道德劳动标准。这项精细化的供应链视觉性措施有助于企业满足全球零售商严格的合规要求，并降低不透明采购带来的风险。这一战略转变是可以量化的。根据奥兰食品配料公司于2025年12月发布的《坚果溯源影响报告》，该公司在2024年成功扩展了其可追溯性基础设施，在其直接采购网络中新增了4000多名腰果和榛子种植者。

目录

第一章概述

第二章调查方法

第三章执行摘要

第四章：客户评价

第五章 全球坚果市场展望

• 市场规模及预测
  • 按金额
• 市占率及预测
  • 依种类（杏仁、腰果、栗子、榛果、开心果、其他）
  • 依形状（整粒、切丁/切片、烤製、颗粒状）
  • 按最终用户（家庭/零售、食品服务、咖啡馆、餐饮、其他）
  • 依销售管道（线上、百货公司、超级市场/大卖场、其他（直销等））
  • 按地区
  • 按公司（2025 年）
• 市场地图

第六章 北美坚果市场展望

• 市场规模及预测
• 市占率及预测
• 北美洲：国家分析
  • 我们
  • 加拿大
  • 墨西哥

第七章 欧洲坚果市场展望

• 市场规模及预测
• 市占率及预测
• 欧洲：国家分析
  • 德国
  • 法国
  • 英国
  • 义大利
  • 西班牙

8. 亚太地区坚果市场展望

• 市场规模及预测
• 市占率及预测
• 亚太地区：国家分析
  • 中国
  • 印度
  • 日本
  • 韩国
  • 澳洲

9. 中东和非洲坚果市场展望

• 市场规模及预测
• 市占率及预测
• 中东和非洲：国家分析
  • 沙乌地阿拉伯
  • 阿拉伯聯合大公国
  • 南非

第十章：南美洲坚果市场展望

• 市场规模及预测
• 市占率及预测
• 南美洲：国家分析
  • 巴西
  • 哥伦比亚
  • 阿根廷

第十一章 市场动态

• 司机
• 任务

第十二章 市场趋势与发展

• 併购
• 产品发布
• 最新进展

第十三章 全球坚果市场：SWOT分析

第十四章：波特五力分析

• 产业竞争
• 新进入者的可能性
• 供应商电力
• 顾客权力
• 替代品的威胁

第十五章 竞争格局

• John B. Sanfilippo & Son
• Olam International Ltd
• Diamond Foods, Inc.
• Kraft Foods Inc.
• Germack Pistachio Company
• Hines Nut Company
• Hampton Farms, Inc.
• Star Snacks Co., LLC
• Mariani Nut Company
• Borges Agricultural & Industrial Nuts

第十六章 策略建议

第十七章：关于研究公司及免责声明

The Global Nuts Market is projected to expand from USD 61.71 Billion in 2025 to USD 87.14 Billion by 2031, reflecting a CAGR of 5.92%. This market includes the trade and consumption of nutrient-rich kernels, ranging from tree nuts like cashews, almonds, and walnuts to legumes such as peanuts. The primary growth factors are the increasing global appetite for plant-based proteins and a growing recognition of the health benefits associated with consuming healthy fats. To satisfy this consumption, agricultural output remains robust; according to the 'International Nut and Dried Fruit Council', global tree nut production for the 2024/2025 season was forecasted to reach 6.2 million metric tons in '2024', an 8% rise from the prior year.

Despite these favorable growth prospects, the industry encounters significant obstacles stemming from climate variability and its adverse effects on harvest yields. Factors such as water scarcity and extreme weather events in major cultivation areas introduce instability into the supply chain and volatility in pricing, which complicates future planning for suppliers. These environmental stressors threaten to interrupt consistent production outputs, potentially hindering the sector's capacity to maintain long-term market growth in the face of rising demand.

Market Driver

The industry is primarily driven by rising global health consciousness and trends favoring preventive wellness, as consumers increasingly choose nutrient-dense whole foods over processed alternatives. This transition has required a strong international trade infrastructure to meet the demand for heart-healthy unsaturated fats and plant-based proteins worldwide. The intensity of this demand is highlighted by export data; according to the Almond Board of California's 'November 2024 Position Report', published in December 2024, export shipments totaled 98,414 metric tons for the month, a significant 21.9% increase year-over-year. Such activity indicates a fundamental shift in dietary patterns, where nuts are regarded as essential daily nutrition for long-term health rather than just seasonal indulgences.

In parallel, innovation in seasoned, flavored, and premium roasted nuts is crucial for maintaining market value and attracting younger consumers. Manufacturers are focusing heavily on value-added processing to distinguish their products through unique flavors and convenient packaging, achieving better margins compared to bulk raw sales. The success of this approach is reflected in financial results; Blue Diamond Growers reported in their '2024 Annual Report', released in October 2024, that the cooperative reached net sales of $1.33 billion, supported by a varied portfolio of almond consumer goods. To sustain this product diversity, the raw supply base remains essential, with the USDA Foreign Agricultural Service forecasting global walnut production to hit 2.7 million metric tons in 2024, ensuring sufficient materials for these expanding commercial lines.

Market Challenge

The growth of the Global Nuts Market is severely hindered by climate variability, which introduces substantial unpredictability into the supply chain. Nut orchards have high biological sensitivity to environmental factors, necessitating adequate water resources and stable temperatures for successful flowering and fruit development. However, the rising incidence of extreme weather, including prolonged droughts and unseasonal frosts, interferes with these physiological processes and results in inconsistent yields. This volatility makes effective forward planning difficult, as suppliers struggle to guarantee the volumes necessary for long-term contracts with large retailers and food processors, leading to inventory shortages and price inflation that can deter cost-sensitive buyers.

The tangible effect of these environmental challenges is evident in the performance of specific nut categories that serve as bellwethers for agricultural vulnerability. For instance, the 'International Nut and Dried Fruit Council' estimated in '2025' that global pine nut production fell by roughly 28% because of adverse weather in major growing areas. Such drastic yield reductions illustrate how production failures driven by climate change can rapidly diminish market availability. This instability not only restricts producer revenue during impacted seasons but also compromises the reliability needed to support the market's overall upward trajectory.

Market Trends

The competitive landscape is being reshaped by the diversification of plant-based nut dairy and meat alternatives, as manufacturers move beyond simple nut milks to develop complex analogues like meat substitutes and fermented cheeses. This trend is supported by processing advancements that enable cashews and almonds to simulate the rheological characteristics of animal products, attracting a growing base of flexitarian consumers. Companies are utilizing precision formulation and fermentation to replicate the stretch and melt of dairy cheese, opening new value avenues for raw nut ingredients. The success of these innovations is highlighted by the Plant Based Foods Association's '2024 State of the Marketplace Report' from June 2025, which noted that plant-based cheese was the fastest-growing category, achieving a 31% growth rate in the natural channel.

Concurrently, the adoption of QR-enabled supply chain traceability and blockchain technology is becoming a standard operational requirement to validate sustainability claims and ensure transparency. Industry leaders are combining direct sourcing models with digital verification tools to map the nut's entire lifecycle, guaranteeing that environmental and ethical labor standards are upheld at the farm level. This dedication to detailed supply chain visibility assists companies in meeting the strict compliance requirements of global retailers and mitigating risks linked to opaque procurement. This strategic shift is quantifiable; according to Olam Food Ingredients' 'Nut Trails Impact Report' from December 2025, the company successfully broadened its traceable infrastructure, adding over 4,000 cashew and hazelnut farmers to its direct sourcing network in 2024.

Key Market Players

• John B. Sanfilippo & Son
• Olam International Ltd
• Diamond Foods, Inc.
• Kraft Foods Inc.
• Germack Pistachio Company
• Hines Nut Company
• Hampton Farms, Inc.
• Star Snacks Co., LLC
• Mariani Nut Company
• Borges Agricultural & Industrial Nuts

Report Scope

In this report, the Global Nuts Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Nuts Market, By Type

• Almonds
• Cashews
• Chestnuts
• Hazelnuts
• Pistachios
• Others

Nuts Market, By Form

• Whole
• Diced/Cut
• Roasted
• Granular

Nuts Market, By End User

• Household/Retail
• Food Service Sector
• Cafe
• Catering
• Others

Nuts Market, By Sales Channel

• Online
• Departmental Stores
• Supermarkets/Hypermarkets
• Others (Direct Sales, etc.)

Nuts Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Nuts Market.

Available Customizations:

Global Nuts Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Nuts Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Type (Almonds, Cashews, Chestnuts, Hazelnuts, Pistachios, Others)
  • 5.2.2. By Form (Whole, Diced/Cut, Roasted, Granular)
  • 5.2.3. By End User (Household/Retail, Food Service Sector, Cafe, Catering, Others)
  • 5.2.4. By Sales Channel (Online, Departmental Stores, Supermarkets/Hypermarkets, Others (Direct Sales, etc.))
  • 5.2.5. By Region
  • 5.2.6. By Company (2025)
• 5.3. Market Map

6. North America Nuts Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Type
  • 6.2.2. By Form
  • 6.2.3. By End User
  • 6.2.4. By Sales Channel
  • 6.2.5. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Nuts Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Type
      • 6.3.1.2.2. By Form
      • 6.3.1.2.3. By End User
      • 6.3.1.2.4. By Sales Channel
  • 6.3.2. Canada Nuts Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Type
      • 6.3.2.2.2. By Form
      • 6.3.2.2.3. By End User
      • 6.3.2.2.4. By Sales Channel
  • 6.3.3. Mexico Nuts Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Type
      • 6.3.3.2.2. By Form
      • 6.3.3.2.3. By End User
      • 6.3.3.2.4. By Sales Channel

7. Europe Nuts Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Type
  • 7.2.2. By Form
  • 7.2.3. By End User
  • 7.2.4. By Sales Channel
  • 7.2.5. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Nuts Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Type
      • 7.3.1.2.2. By Form
      • 7.3.1.2.3. By End User
      • 7.3.1.2.4. By Sales Channel
  • 7.3.2. France Nuts Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Type
      • 7.3.2.2.2. By Form
      • 7.3.2.2.3. By End User
      • 7.3.2.2.4. By Sales Channel
  • 7.3.3. United Kingdom Nuts Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Type
      • 7.3.3.2.2. By Form
      • 7.3.3.2.3. By End User
      • 7.3.3.2.4. By Sales Channel
  • 7.3.4. Italy Nuts Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Type
      • 7.3.4.2.2. By Form
      • 7.3.4.2.3. By End User
      • 7.3.4.2.4. By Sales Channel
  • 7.3.5. Spain Nuts Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Type
      • 7.3.5.2.2. By Form
      • 7.3.5.2.3. By End User
      • 7.3.5.2.4. By Sales Channel

8. Asia Pacific Nuts Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Type
  • 8.2.2. By Form
  • 8.2.3. By End User
  • 8.2.4. By Sales Channel
  • 8.2.5. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Nuts Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Type
      • 8.3.1.2.2. By Form
      • 8.3.1.2.3. By End User
      • 8.3.1.2.4. By Sales Channel
  • 8.3.2. India Nuts Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Type
      • 8.3.2.2.2. By Form
      • 8.3.2.2.3. By End User
      • 8.3.2.2.4. By Sales Channel
  • 8.3.3. Japan Nuts Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Type
      • 8.3.3.2.2. By Form
      • 8.3.3.2.3. By End User
      • 8.3.3.2.4. By Sales Channel
  • 8.3.4. South Korea Nuts Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Type
      • 8.3.4.2.2. By Form
      • 8.3.4.2.3. By End User
      • 8.3.4.2.4. By Sales Channel
  • 8.3.5. Australia Nuts Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Type
      • 8.3.5.2.2. By Form
      • 8.3.5.2.3. By End User
      • 8.3.5.2.4. By Sales Channel

9. Middle East & Africa Nuts Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Type
  • 9.2.2. By Form
  • 9.2.3. By End User
  • 9.2.4. By Sales Channel
  • 9.2.5. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Nuts Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Type
      • 9.3.1.2.2. By Form
      • 9.3.1.2.3. By End User
      • 9.3.1.2.4. By Sales Channel
  • 9.3.2. UAE Nuts Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Type
      • 9.3.2.2.2. By Form
      • 9.3.2.2.3. By End User
      • 9.3.2.2.4. By Sales Channel
  • 9.3.3. South Africa Nuts Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Type
      • 9.3.3.2.2. By Form
      • 9.3.3.2.3. By End User
      • 9.3.3.2.4. By Sales Channel

10. South America Nuts Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Type
  • 10.2.2. By Form
  • 10.2.3. By End User
  • 10.2.4. By Sales Channel
  • 10.2.5. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Nuts Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Type
      • 10.3.1.2.2. By Form
      • 10.3.1.2.3. By End User
      • 10.3.1.2.4. By Sales Channel
  • 10.3.2. Colombia Nuts Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Type
      • 10.3.2.2.2. By Form
      • 10.3.2.2.3. By End User
      • 10.3.2.2.4. By Sales Channel
  • 10.3.3. Argentina Nuts Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Type
      • 10.3.3.2.2. By Form
      • 10.3.3.2.3. By End User
      • 10.3.3.2.4. By Sales Channel

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Global Nuts Market: SWOT Analysis

14. Porter's Five Forces Analysis

• 14.1. Competition in the Industry
• 14.2. Potential of New Entrants
• 14.3. Power of Suppliers
• 14.4. Power of Customers
• 14.5. Threat of Substitute Products

15. Competitive Landscape

• 15.1. John B. Sanfilippo & Son
  • 15.1.1. Business Overview
  • 15.1.2. Products & Services
  • 15.1.3. Recent Developments
  • 15.1.4. Key Personnel
  • 15.1.5. SWOT Analysis
• 15.2. Olam International Ltd
• 15.3. Diamond Foods, Inc.
• 15.4. Kraft Foods Inc.
• 15.5. Germack Pistachio Company
• 15.6. Hines Nut Company
• 15.7. Hampton Farms, Inc.
• 15.8. Star Snacks Co., LLC
• 15.9. Mariani Nut Company
• 15.10. Borges Agricultural & Industrial Nuts

16. Strategic Recommendations

17. About Us & Disclaimer