The global nut butter market size was valued at USD 3.02 Billion in 2022 and is expected to surpass USD 4.41 Billion by 2031 , expanding at a CAGR of 4.3% during the forecast period, 2023–2031. The growth of the market is attributed to the wide applications of the products especially in the food and cosmetic industry along with high availability of the products in supermarkets & hypermarkets.
Nut butters are mainly made from various nuts and seeds that contain a high amount of nutrients such as essential fatty acids, fiber, and protein. Blended and crushed nuts are key sources of nut butters and are widely used as spread food products owing to their various health benefits. Almond butter, peanut butter, pistachio butter, cashew butter, soy butter, and sesame butter are some of the most popular types of nut butters and are widely used in various applications across several industries including cosmetic, pharmaceutical, and nutraceutical products.
Consumption of nut betters help in preventing cancer and other chronic disease such as cardiovascular diseases as well as reducing cholesterol level and blood pressure. Over the years, the peanut butter market is expanding rapidly due to the wide introduction of plant-based butters. These plant-based butters are usually prepared by crushing several types of seeds, which are needed to be stored at a low temperature. The COVID-19 crisis had made people aware about the benefits of consumption of healthy food products to boost their immunity and prevent from diseases. As result of high consumption of dietary supplements and functional foods, the pandemic had accelerated the market expansion.
Market Trends, Drivers, Restraints, and Opportunities
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Increasing number of health-conscious population globally and rising demand for healthy snacks, chips, and bakery products are key drivers of the market.
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Wide introduction of organic-based nut butter spread and high availability of plant-based butters are likely to push the market in the coming years.
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Rising consumption of food supplements and increasing number of the vegetarian population are projected to boost the market during the forecast period.
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Side effects such as butter-based food allergies act as the main challenge that can hinder the market during the forecast period.
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Rapid growth of the pharmaceutical and nutraceuticals industry is creating several growth opportunities for the market.
Scope of the Report
The report on the global nut butter market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Nut Butter Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Cashew, Almond, Peanut, Soy, Hazelnut, and Others), Categories (Conventional and Organic), End-users (Foods [Chips, Confectionary, Bakery, Snacks, and Ice-cream Parlor], Cosmetics & Personal Care [Skin Care, Hair Care, Eye Care, Color Cosmetics, and Toiletries], Nutraceuticals [Functional Food and Dietary Supplements] and Pharmaceuticals), and Distribution Channels (Store-based [Convenience Stores, Supermarkets & Hypermarkets, and Others] and Online-based)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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CACHE CREEK FOODS; The J. M. Smucker Co.; Barney Butter; Hormel Foods Corporation; Nuts’N More; Funky Nut Company; Justin's Nuttzo; Bliss Nut Butters; Blue Mountain Organics; NuttZo Co.; Krema Nut Company; Once Again Nut Butter; Funky Nut Company; Futter’s Nut Butters; Eliot’s Adult Nut Butters; and Big Spoon Roasters.
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Market Segment Insights
High consumption drives the peanut segment
Based on product types, the global nut butter market is divided into cashew, almond, peanut, soy, hazelnut, and others. The peanut segment accounted for a key market share in 2021 and is expected to expand at a rapid pace during the forecast period owing to rising consumption of peanut butters for several health benefits. Wide introduction of plant-based butters presents another key factor pushing the segment.
Organic segment to register a considerable CAGR
On the basis of categories, the market is bifurcated into conventional and organic. The organic segment is a fast-growing domain and is anticipated to hold a key share of the market in the coming years owing to the rising awareness regarding the health benefits of organic food consumption. On the other hand, the conventional segment is likely to exhibit a high growth rate due to wide availability of raw-materials for conventional food products.
Rising consumption of spread and high protein food products fuels the foods segment
In terms of end-users, the global nut butter market is segmented into foods, cosmetics & personal care, nutraceuticals, and pharmaceuticals. The foods segment is further divided into chips confectionary, bakery, snacks, and ice-cream parlor. The cosmetics & personal care segment is sub-classified as skin care, hair care, eye care, color cosmetics, and toiletries while the nutraceuticals segment is further bifurcated into functional food and dietary supplements. The foods segment is projected to register a considerable CAGR during the forecast period due to the rising consumption of spread and high protein food products.
Online-based segment is a fast-growing domain
Based on distribution channels, the market is categorized as store-based and online-based. The store-based segment is further segmented into convenience stores, supermarkets & hypermarkets, and others. The online-based segment is a fast-growing domain and is anticipated to hold a large market share during the forecast period owing to wide expansion of ecommerce platforms selling nut butter foods and pharmaceutical products. Heavy discount offers and door-step delivery service are key factors that influence the consumers’ preference for shopping online.
North America to constitute a key market share
In terms of regions, the global nut butter market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a dominant market share in 2021 and is expected to constitute a key share of the market during the projected period owing to wide consumption of nut butters as spread for breakfast items. Moreover, the presence of a large number of health-conscious population and rising demand for diet supplementary products are other key factors boosting the regional market.
Segments
The global nut butter market has been segmented on the basis of
Product Types
- Cashew
- Almond
- Peanut
- Soy
- Hazelnut
- Others
Categories
End-users
- Foods
- Chips
- Confectionary
- Bakery
- Snacks
- Ice-cream Parlor
- Cosmetics & Personal Care
- Skin Care
- Hair Care
- Eye Care
- Color Cosmetics
- Toiletries
- Nutraceuticals
- Functional Food
- Dietary Supplements
- Pharmaceuticals
Distribution Channels
- Store-based
- Convenience Stores
- Supermarkets & Hypermarkets
- Others
- Online-based
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- CACHE CREEK FOODS
- The J. M. Smucker Co.
- Barney Butter
- Hormel Foods Corporation
- Nuts’N More
- Funky Nut Company
- Justin's Nuttzo
- Bliss Nut Butters
- Blue Mountain Organics
- NuttZo Co.
- Krema Nut Company
- Once Again Nut Butter
- Funky Nut Company
- Futter’s Nut Butters
- Eliot’s Adult Nut Butters
- Big Spoon Roasters
Competitive Landscape
Key players competing in the global nut butter market are CACHE CREEK FOODS; The J. M. Smucker Co.; Barney Butter; Hormel Foods Corporation; Nuts’N More; Funky Nut Company; Justin's Nuttzo; Bliss Nut Butters; Blue Mountain Organics; NuttZo Co.; Krema Nut Company; Once Again Nut Butter; Funky Nut Company; Futter’s Nut Butters; Eliot’s Adult Nut Butters; and Big Spoon Roasters. Some of these players have adopted a series of business development strategies including merger and acquisition, entering into partnership and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.
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