Nut Butters Market Scope
The nut butters market is projected to register a CAGR of 4.45% and reach a value of USD 5 Billion by 2030. Nut Butter are the spreads made from various tree nuts. These spreads are highly nutritional and high in good fat content and are used substitute to peanut butter and to dairy butter spreads. These are prepared by grinding the nuts and are used as convenient snacks when consumed with breads. The nut butters market includes all the tree nut butter available in the market such as peanut, almond, cashew, hazelnut, pistachio, and macadamias among others. The global nut butters market is growing at a rapid pace owing to the rising health consciousness among the consumers towards healthy eating habits.
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COVID-19 Impact Analysis
The advent of the pandemic, COVID-19, has resulted in an acute global crisis. Impacting over 195 countries, the pandemic has already created an economic setback worldwide. With over 367.27 million COVID-19 cases worldwide, along with 5,658,359 fatalities during the fourth week of January 2022, the global pandemic, COVID-19, is deemed to create a chaotic environment, thereby resulting in global rescission. This pandemic has affected the commodity market in many ways. The demand for essential commodities such as groceries has been increasing in multiples. Few impacts of the outbreak of COVID-19 on the global nut butters market have been discussed below:
Prime Boosters and Restraints
Health consciousness has mounted significantly in recent years, as cases of type 2 diabetes and cardiovascular diseases have surged at an alarming pace, giving a boost to the need for products like nut jars of butter. People are increasingly becoming more aware of the health benefits, such as the fat content that is polyunsaturated and monounsaturated fatty acids that help curb LDL cholesterol, which helps push the market expansion. Other growth-inducing factors can be the high amounts of healthful nutrients and the rising focus on weight loss among people.
Some of the most reputed vendors are striving to expand their product ranges and are offering numerous varieties of Nut Butters Market Analysis that have bolstered the demand even more in the market. To be ahead of their rivals, various vendors are keeping a close tab on the evolving food habits of consumers and are coming up with new products including salt-low sodium products. Many of these products are available with the ‘no added salt’ tag, thereby accelerating the demand as healthy food habits are gaining speed among consumers.
Peanut butter has gained immense momentum among vegetarians and vegans since it has plant-based protein. The high popularity of peanut jars of butter among vegetarians and vegans has accelerated the market growth rate in recent years. Increasing launches of new food and beverage items that are vegan and cater to all consumer types are helping boost the market size to a large extent.
For instance, in August 2020, Starbucks UK launched its latest peanut butter frappe called Peanut Butter Cup Frappuccino which has been made using crunchy chocolate pieces and peanut butter sauce along with whipped cream. It is perfectly safe for those with nut allergies as the peanut butter used has been made using sunflower seeds.
The nut butter industry can be categorized based on type, category, and distribution channel.
The types of nut butter are almond, peanut, hazelnut, cashew, and others.
The categories discussed in the study include organic as well as conventional.
The key distribution channels are store-based and non-store-based. The store-based channels in the market include convenience stores, supermarkets & hypermarkets, and more.
The market has been reviewed based on four regions, namely North America, Asia Pacific/APAC, and Europe along with RoW/rest of the world.
North America controls the nut butter market, given the extremely high use of butter and spreads in meals across the region. The extensive presence of several renowned players introducing a variety of nut butter in the market to gain more consumers also boosts revenue generation. The regional market also stands to profit from the accelerated demand for low-fat nut butter among people that are health conscious and prefer a healthy lifestyle. The expansion of the health-conscious population in the region is offering several attractive opportunities to the vendors presently operating in the North American market.
The APAC market, with the fastest growth rate, seems to be progressing relentlessly owing to the increasing prominence of various firms that offer a variety of nut butter. The preference for peanut butter has been rising at a promising rate in the region, as more and more people are turning health conscious and are following a healthy lifestyle. Further, the growing prevalence of online retail, convenience store, departmental stores, and supermarkets/hypermarkets also catalyze the lactic butter market expansion in the region.
Some of the highly renowned firms in the global market include The J. M. Smucker Co. (US), Hormel Foods Corporation (US), and Barney & Co. California LLC (US), Barney Butter (US), NuttZo Co (US), Once Again Nut Butter (US), Hain Celestial (US), Bliss Nut Butters (US), CACHE CREEK FOODS (US), Funky Nut Company (UK), Krema Nut Company (US), to mention a few.
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