Market Overview
The Nut Butters Market will obtain a value of USD 5 Billion and a CAGR of 4.45% between 2022-2030.Spreads prepared from various tree nuts are known as nut butter. These spreads can be used in place of dairy butter spreads and peanut butter because they are highly nutritious and high in healthy fats. These are made by crushing the nuts and make for easy snacks when paired with bread. Every type of tree nut butter sold on the market, including peanut, almond, cashew, hazelnut, pistachio, and macadamia, is included in the nut butter market.
The demand for vegan and vegetarian diets is another factor propelling the global nut butters market expansion. However, the allergic responses linked to some nuts are expected to impede market expansion. However, the market for nut butter has become more competitive due to the growing demand for organic food products and the expansion of organized retail in emerging countries. Global sales of chocolate are anticipated to increase exponentially,
primarily driving the market for nut butter worldwide. Moreover, the market is developing due to the rising demand for healthy components in chocolate products, the appeal of chocolate as a gift, and innovative packaging. The prevalence of obesity and other health issues is on the rise, which inhibits market expansion. Market participants see numerous prospects for expansion due to rising demand for health wellness items and a preference for organic goods. The biggest problem facing nut butter manufacturers worldwide is the rise in consumer health consciousness.
Market Segmentation
The Nut Butters Market is divided into product type, application, form, and region segments. The nut butter market is divided into subcultures: chestnuts, walnuts, pistachios, cashew nuts, almonds, hazelnuts, and brazil nuts. Further, it has been divided into two categories: organic and conventional. Almonds, peanuts, hazelnuts, walnuts, cashews, pistachios, and other nuts dominate the market. The market is divided into hypermarkets/supermarkets, convenience stores, online channels, and other distribution channels. Bakery confectionery, flavored drinks, snacks, butter spreads, dairy products, direct consumption/culinary purposes, breakfast cereals, and others are the nut butters market Insights application segments.
Regional analysis
The North American, European, Asia-Pacific, and Rest of the World regions make up the worldwide nut butter market Outlook. North America holds the greatest market share. In 2020, Europe was the second-largest market, and it is anticipated that it will grow at a CAGR of 4.8% throughout the review period. During the forecast period, the market in Asia-Pacific is anticipated to grow at a CAGR of 5.43%.
Competitive Dashboard:
The key nut butters market players profiled by MRFR in its latest report for drawing a deeper understanding of the market include Justin's, futtersnutbutters, Nuttzo, Krema, Betsysbest, Yopeanut, Funky Nut Company, vtpeanutbutter, Bliss Nut Butters, and, Barney Butter among others. The prominent players incessantly endeavor to strengthen their market footholds and garner more share and control by undertaking initiatives such as innovation in flavors, expansion of product line, acquisitions mergers, agreements, exploration of changing market trends, etc.
Recent developments
the Santa Cruz Organic brand of the J.M. Smucker Company released creamy dark roasted almond butter in January 2021. The new item has a silky texture and only two ingredients: sea salt and organic dry roasted almond.
Squeeze creamy peanut butter will be produced by The J.M. Smucker Company under the Jif brand starting in June 2020. With the introduction of this product, the company's selection of peanut butter was broadened.
Three new nut butter products, including five seed tahini fusion, keto butter, and chocolate keto, were introduced by NuttZo Co. in July 2021. This introduction broadened its product line.
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