New York, US, March 02, 2023 (GLOBE NEWSWIRE) -- Nut Butters Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Nut Butter Market Information By Product Type, Category, Distribution Channel, And Region - Forecast till 2030"; the market will reach USD 5.04 billion by 2030 at a 4.50% CAGR.
Market Synopsis
The term "nut butter" is used broadly to refer to any rich and creamy food product made from chopped or pureed nuts. Since a few years ago, nut butter has become increasingly popular, and demand is rising sharply. In the beginning, peanut butter was the sole alternative to dairy butter, but in recent years, technological developments and rising consumer awareness of nut butter or organic butter have fueled the development of a wide range of plant-based butter variants. These days, there are many different kinds of nut butter or plant-based accessible on the global market, including cashew, peanut, almond, soy, pistachio, and sesame butter. Typically, these plant-based butter are made by roasting, crushing or grinding, and storing at a low temperature. This is what consumers value most when purchasing food goods, and it has been attributed to the present "food-on-the-go" trend. In addition, market value growth will be fueled by rising disposable income and increased urbanization.
In addition to the food business, nut butter has a larger range of uses in the personal care and cosmetics sectors, driving up demand for them on the international market. Since a few years ago, nut butter has become increasingly popular, and demand is rising sharply. In the past, the only substitute for dairy butter that was readily available was peanut butter, but in recent years, technological developments and growing consumer awareness of nut butter and plant-based butter have encouraged the growth of numerous variants of a plant-based butter. Food-on-the-go consumption is predicted to increase, which will be good for business. People today are more likely to be digitally literate than they are to be skilled in the kitchen, which leads them to seek out readily available, nutrient-dense meals. Additionally, chronic illnesses like high cholesterol and cardiac issues are becoming more prevalent, so the demand for peanut butter would expand slower.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5.04 billion |
| CAGR | 4.50% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Category, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Demand for Plant-Based Butter |
| demand for plant-based butter alternatives |
Market Competitive Landscape:
The primary contenders in the nut butter market are:
- Hormel Foods Corporation (US),
- Barney & Co. California LLC (US),
- East Wind Nut Butter (US),
- NuttZo Co (US),
- Hain Celestial (US),
- The J. M. Smucker Co. (US),
- Bliss Nut Butter (US),
- Krema Nut Company (US),
- Pip & Nut (UK),
- Once Again Nut Butter (US).
Browse In-depth Market Research Report (120 Pages) on Nut Butters:
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Market U.S.P. Covered:
Market Drivers:
The demand for plant-based butter alternatives such as seeds and nut butter has surged due to the growing health concerns over consuming dairy butter due to its fat content. Nuts and seeds are high-nutrient foods that have been a staple of the human diet for a long time. Because they serve as convenient taste enhancers, nut butter is typically used as spreads over various snacks and other items. The market for nut butter is expanding as more people consume a variety of nuts and as consumer awareness of the nuts' health advantages rises. Nut butter is made from different nuts and seeds fortified with protein, fiber, vital fatty acids, and other elements that are good for your health.
The nut butter business is expanding as a result of these advantages. Additionally, the rising popularity of veganism has been influenced by rising dairy butter food allergy rates and a growing consciousness of animal welfare. Veganism is not the only important factor driving the market growth for nut butter; vegetarianism is also a significant driver. The expansion and success of the nut butter market are a direct result of customers' increased health consciousness about the advantages and technical advancements. Roasting, crushing or grinding, and low-temperature storage are typically used to prepare plant-based butter. The demand for nut butter is rising on the international market because they have more uses outside of the food business, including the cosmetics and personal care sectors. as a result, it encourages market development.
Market Restraints:
The market's expansion over the forecast period is expected to be constrained by the allergic reaction linked to some nuts.
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COVID 19 Analysis
The COVID-19 epidemic slowed down economies worldwide, resulting in poor production and growth, which caused the market for nut butter to stagnate. Since people tend to prefer healthy foods and snacks, the demand for Natural Cheese surged due to the need for healthier food and the inclusion of nutritious butter made from plants during the pandemic. It is impossible to overlook the reality that the shutdown during COVID-19 led to poor production and interruptions in the market for nut butter. The lockout has disrupted the world's supply chain for nutritious nut butter. In addition to losing investors, the nut butter business has seen slow market expansion.
Market Segmentation
By distribution channel, the market includes store-based and non-store-based. The market includes peanut, almond, cashew, and hazelnut by product type. By category, the market includes conventional and organic.
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Regional Insights
The market for nut butter in North America accounted for a sizeable share and is anticipated to increase at a considerable CAGR during the research period. The increase in demand in North America is primarily due to the rise in demand for plant-based meals, wholesome foods, and healthy diets. The popularity of veganism and plant-based diets is rising across North America. According to an MRFR study, many Americans currently consume nut butter. Consumption of plant-based foods, including fruit juices, plant-based eggs, meat alternatives, and dairy alternatives like nut butter, has surpassed that of conventional dairy and animal products in the US. Plant-based food producers should have profitable opportunities during the forecast period due to the region's strong vegetarian market dominance.
Comparatively speaking, the Asia-Pacific nut butter market is only getting started. Due to varying socioeconomic and cultural norms, the market for India Nut Butter has seen significant challenges over the past few years. The European Nut Butter market holds the second-largest market share. The rising level of lifestyle and the influence of the key players in these regions are the causes of this. Additionally, the UK Nut Butter market had the quickest growth rate in the European Region, while the German Nut Butter market had the greatest market share.
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