The global nut butter market is projected to achieve a market valuation of USD 1.20 billion in 2023. Over the next decade, it is expected to witness significant growth, reaching a market value of USD 2.76 billion by the end of 2033, with a robust CAGR of 8.7% from 2023 to 2033. Sales of nut butter are likely to account for 6.2% of the demand in the global butters Attribute
| Attribute | Key Insights |
|---|---|
| Nut Butters Market Size (2023E) | USD 1.20 billion |
| Nut Butters Market Projected Size (2033F) | USD 2.76 billion |
| Value CAGR (2023 to 2033) | 8.7% |
| Top 3 Countries' Market Share | 35.8% |
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The market for nut butter is expanding due to the high amount of consumption of various edible nuts and increased knowledge of the health advantages associated with the product. Furthermore, during the projected period, the global market for nut butter is expected to develop faster.
Since edible nuts are a good source of fat, the demand for protein nut butter is increasing actively. Bioactive macronutrients, veggie protein, high-quality fiber, and vitamins are all included in these nuts (minerals, phytosterols, tocopherols, and phenolic compounds). The high quality of nutrients is increasing customer expectations and enhances the nut butter market share.
Sales of nut butter grew at a CAGR of 3.3% between 2018 and 2022. The period marked the entry of various nut butter market players and new product launches.
The consumption of nut butter is growing in popularity around the globe, as people become more aware of the health advantages of these tree nuts. Due to the strong desire for flavor, and a higher awareness of health among customers, protein nut butter are in high demand.
In addition, the global market size is expected to increase owing to the introduction of new product varieties, which would provide an increased chance for leading nut butter market participants to increase their market hold throughout the forecast period. Lactose intolerance has caused individuals worldwide to seek alternatives to dairy-based products, resulting in a spike in nut butter sales.
Consumer knowledge of the environmental and health consequences of chemicals in food is growing. Consumers are increasingly preferring organically grown and processed items, as they become more aware of the negative effects chemicals can have on human health, which leads to higher demand for nut butter.
Organic food consumption is increasing in the USA and European countries, such as the United Kingdom, Germany, France, and Italy. Owing to the benefits of organic farming and severe worries about food safety, consumers in these nations are more inclined to buy organic food, which presents lucrative opportunities for nut butter manufacturers.
Organic nut butter sales are likely to benefit from rising consumer demand for organic foods. Many major nut butter players are investing in research and development.
The global market for nut butter may encounter headwinds as a result of fluctuating raw material prices and an increase in the frequency of tree nut allergies in recent years. Certain types of nuts, such as walnuts, almonds, hazelnuts, and Brazil nuts, cause allergies in a significant portion of the population, stifling the nut butter market growth.
Nut allergy symptoms can range from minor to severe, rashes, dermatitis, including itching, and breathing difficulties. As a result of the increased incidence of nut allergies, there has been a drop in the consumption of nut-based products, which is a major reason that is projected to stifle the global nut butter market's growth throughout the forecast period.
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For the projection period, nut butter in the North America market has the greatest share of condiments among all regions. Butter and spreads are widely used in practically all meals in the region, which is driving nut butter's market expansion. The surge in demand for plant-based food items, nutritional foods, and healthy diets is largely responsible for the increased demand for nut butter in North America.
| Country | 2022 Value Share in Global Market |
|---|---|
| United States | 18.1% |
Another factor contributing to the rising demand for nut butter is the existence of multiple market participants in the area. Furthermore, this area has a higher need for low-fat nut butter, which opens up new potential for the global market for nut butter.
In the Asia Pacific area, demand for protein nut butter is rising due to increased consumption of nut butter with various snacks and increased market penetration by industry participants. During the analysis period, China was the region's leading country-level market, with the highest nut butter market share.
| Country | Value CAGR (2023 to 2033) |
|---|---|
| China | 7.2% |
| India | 9.6% |
| Country | 2022 Value Share in Global Market |
|---|---|
| Japan | 5.6% |
The region is expected to provide attractive prospects for plant-based food makers over the projected period, with over 60% of the world's population (about 4.3 billion people) and strong dominance of vegetarian markets, which encourage the demand for nut butter.
According to FMI, based on product type, peanut butter is anticipated to contribute significantly to the global nut butter market, owing to its nutritional value. Peanut butter is prepared by grinding and roasting peanuts and is considered a popular culinary spread. It is an energizing food that is often sold as an alternative to milk butter.
The B2C sales channel is growing supremely in the market for nut butter. The bulk of nut butter is sold in supermarkets and hypermarkets across the world. Consumers benefit from the convenience of these establishments, as well as a diverse selection of brands and product options.
The J. M. Smucker Co. (USA), Bliss Nut Butters (USA), Barney & Co. California, LLC (USA), Barney Butter (USA), Once Again Nut Butter (USA), CACHE CREEK FOODS (USA), Hormel Foods Corporation (USA), Hain Celestial (USA), Funky Nut Company (United Kingdom), NuttZo Co (USA), Krema Nut Company (USA) are major players in the market for nut butter.
The nut butter market's major players are playing a vital part in promoting the market's growth. The major businesses are proposing a variety of methods and concepts to boost sales and meet the wants of all areas.
The players are concentrating their efforts on research and development. They also use strategic growth activities including expansion, joint ventures, product launches, and partnerships to boost their market position and attract a big client base.
Recent Developments:
The nut butter market is worth USD 1.20 billion in 2023.
The nut butter market is projected to rise at an 8.7% CAGR from 2023 to 2033.
The top 3 countries occupy 35.8% of the nut butter market.
India’s nut butter market is set to rise at a 9.6% CAGR through 2033.
China’s nut butter market will thrive at a 7.2% CAGR from 2023 to 2033.
| Market Value in 2024 | USD 5,470 million |
|---|---|
| Market Value in 2034 | USD 8,040.9 million |
| CAGR (2024 to 2034) | 3.9% |
| Market Size (2023) | USD 669.0 million |
|---|---|
| Market Projected Size (2033) | USD 1,245 million |
| Value CAGR (2023 to 2033) | 6.0% |
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