The global almond butter market is expected to reach a market valuation of USD 669.0 million by the end of 2023, accelerating with a CAGR of 6.0% from 2023 to 2033 and touching around USD 1,245 million by 2033.
Food products made from non-dairy almond protein powder and almond butter have established nutritional benefits as well as exceptional flavor and texture. Nutritional benefits encourage many to opt for the same thereby surging the overall demand for almond butter. Almond butter's clean flavor allows it to be used to imitate typical dairy flavors, which increases its popularity, and the same is projected to spike the sales of almond butter over the forecast period (2023 to 2033).
| Attribute | Details |
|---|---|
| Almond Butter Market Size (2023) | USD 669.0 million |
| Almond Butter Market Projected Size (2033) | USD 1,245 million |
| Value CAGR (2023 to 2033) | 6.0% |
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According to Future Market Insights, the dairy industry has witnessed unprecedented competition and disruption owing to the rise of viable plant-based alternatives. Natural products are gaining traction as viable alternatives to animal-based products due to their nutritional value.
It can be said that the growing popularity of natural diets has resulted in increased consumption of plant-based products. As the consumption of animal products has a significant environmental impact, there has been an exponential increase in plant-based diet intake, propelling the demand for almond butter. On the back of these aforementioned factors, the global demand for almond butter is anticipated to soar at a CAGR of 6.0% in contrast to the growth registered at a CAGR of 2.6% from 2018 to 2022.
Awareness: Consumers' awareness regarding their health has risen as a result of lifestyle-related illnesses like obesity. This concern is surging the demand for almond butter in recent years, mostly in developed economies.
The Nutritional Value: Food and beverage producers take this into account as they add important ingredients to their goods to make them delicious and wholesome. In addition, using almond butter for illness prevention and health maintenance is anticipated to fuel a positive increase in value during the projection period.
Almond Butter Integration and Production Rise: Since almond butter is moisturizing, nourishing, and a natural emollient, it is an essential component to include in massages. Additionally, it harmoniously mixes with essential oils.
A crucial element contributing to the anticipated expansion of the global market is an increase in consumers’ desire for natural cosmetics and skin care products. Vitamins A, B, and E are required for the production of lotions and creams to boost their emollience and make them particularly rich. The inclusion of these vitamins in almond butter is predicted to speed up the expansion of the target market.
In the coming years, the variety of ways that almond butter is used by end users is likely to lead to new market prospects.
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Growing concerns regarding animal welfare are driving the trend of veganism across the globe. Aside from that, the market is poised to expand owing to the potential health benefits of almond products. Calcium is necessary for strong bones and teeth, as well as pain management. Almonds are rich in the calcium content of any nut. Almond butter is gaining immense popularity among vegans and individuals who don't eat dairy or eggs.
It is feasible to anticipate that sales of almond butter may soar as the demand for vegan food products rises. Almond butter is a wholesome and vegan-friendly alternative for consumers who are vegan and are looking for plant-based spreads or alternatives to dairy-based butter.
High Production Costs: The high cost of raw materials and processing equipment makes almond butter production slightly pricey and making almond butter might become less profitable as a result.
Limited Supply of Raw Materials: The manufacturing of almond butter is highly dependent on the supply of raw materials, and changes in almond crop yields may have an impact on the cost and supply of almonds.
The scarcity of raw ingredients that cause almond butter shortages has the potential to drive up prices and restrain market growth.
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North America’s market is anticipated to dominate the worldwide target market in terms of sales. Nearly 20% of customers in the United States are likely to buy food or beverage goods that make claims like "made with real ingredients" on the packaging as healthy food consumption increases in the country.
Consumers in the United States of America are increasingly focused on plant-based protein alternatives to attain long-term health stability. This is driving up the priority of nutritional elements in food goods as the majority of the components used to make plant-based butter are organic and natural.
The consumption of vegan food products is expected to open up growth opportunities for almond butter producers. According to FMI, the United States of America market was expected to hold about 20% of the global value share.
According to a research study, lactose intolerance has affected 60% of the global population over the last decade. As a result, a huge portion of the population is switching from dairy to plant-based dairy replacements.
According to FMI, the demand for dairy alternatives is projected to reach high levels, with a CAGR of 5.8% from 2023 to 2033.
Vegan butter consumption is increasing across the globe, although the preference for vegan products and acceptance of the vegan diet is expanding at a steady rate. As a result, the growing popularity of veganism in India is likely to open growth avenues for the market players.
The market in India is projected to advance at a CAGR of 9.7% from 2023 to 2033 contributed by the anticipated market expansion being driven by the expanding number of almond processing facilities in various nations around the globe, including India.
As per FMI, demand for organic food has grown quickly among consumers in developed countries. On account of this, demand for organic vegan products is likely to expand in emerging countries, opening up the new export potential for almond butter. As consumer awareness grows, consumers are gravitating toward organic and non-GMO items. Further, they feel food should be natural and are aware of the components used in commercial products. According to FMI, the segment held a value share of 19.6% in 2022.
Almond butter is extensively used in bakeries, snacks, and other applications, improving sales in the food & beverage industry. Almond products can be found in every food product category, including bakery, confectionery, snacks, and convenience foods. Using almond products is an elegant way of improving the appearance of the food product with sustainability.
The spreads sub-segment is likely to sway the market in the category of form, holding a whopping 32.8% value share in 2022. Companies that make almond butter are moving quickly toward developing novel spread possibilities since manufacturers strive to introduce new and unique forms.
The market for almond butter in the form of spread is growing extensively due to the increasing number of health-conscious consumers looking for better alternatives to traditional spreads like peanut butter.
In recent years, the penetration of the e-commerce industry is increasing due to convenience, price, and experience. As a result, the online retailers and distribution channels segment is predicted to unveil exponential growth at a notable pace throughout the forecast period.
The inclination toward plant-based alternatives in the market owing to the increasing awareness has encouraged companies to increase the production of almond butter.
The market for almond butter is highly competitive in nature since it has a wide range of international, regional, and local companies.
The key players in the global market concentrate on effective methods to beat the competition and keep or increase their market share globally.
Product Diversification: Almond butter companies are expanding their product lines to offer a variety of flavors, blends, and added ingredients to cater to different consumer preferences.
Marketing and Brand Building: Key players are investing in marketing campaigns, branding initiatives, and digital advertising to create awareness, establish brand loyalty, and reach a wide consumer base.
Partnerships and Collaborations: Key players are forming strategic partnerships with retailers, food service providers, and online platforms to enhance market reach and visibility.
Quality Assurance and Certifications: Almond butter companies are emphasizing quality control measures, obtaining relevant certifications (such as organic or non-GMO), and highlighting the sourcing and production processes to build consumer trust.
Innovation and New Product Development: Companies are investing in research and development to create innovative almond butter products, such as convenient single-serve packaging, flavored variations, or almond butter-based snack products.
Key Developments:
Increasingly focus on plant-based protein alternatives to attain long-term health stability.
The market is estimated to secure a valuation of USD 669 million in 2023.
The market is forecast to register a CAGR of 6% through 2033.
The market held a CAGR of 2.6% from 2018 to 2022.
Demand for organic food has grown quickly among consumers in developed countries.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Nature 5.1. Organic 5.2. Conventional 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 6.1. Spreads 6.2. Liquid 6.3. Blocks 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Food and Beverage Industry 7.2. HoReCa 7.3. Household Retail 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 8.1. B2B 8.2. B2C 8.2.1. Modern Trade 8.2.2. Convenience Stores 8.2.3. Traditional Grocery Stores 8.2.4. Specialty Stores 8.2.5. Online Retail 8.2.6. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Olam International Ltd. 17.2. Treehouse Almonds 17.3. Petrow Food Group 17.4. Barry Callebaut AG 17.5. Big Tree Organic Farms 17.6. Harris Woolf Almonds 17.7. Rapunzel Naturkost 17.8. All Organic Treasures GMBH 17.9. Tapia Foods 17.10. Napa Nuts 17.11. Caro Nut Company 17.12. Value (USD Million) & Volume (MT)ed Food India 17.13. Royal Nut Company 18. Assumptions & Acronyms Used 19. Research Methodology
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Almond Butter Market
