Nut Butters Market Research Report—Global Forecast till 2028

Nut Butters Market: Information by Product Type (Peanut, Almond, Cashew, Hazelnut, and Others), By Category (Conventional and Organic), By Distribution Channel (Store-Based [Supermarkets & Hypermarkets, Convenience Stores, and Others] and Non-Store-Based) and Region (North America, Europe, Asia-Pacific, and Rest of the World)—Forecast till 2030

ID: MRFR/F-B & N/0791-CR | May 2022 | Region: Global | 120 Pages         


TABLE OF CONTENTS

1 EXECUTIVE SUMMARY 12

1.1 MARKET ATTRACTIVENESS ANALYSIS 13

1.1.1 GLOBAL NUT BUTTER MARKET, BY PRODUCT TYPE 14

1.1.2 GLOBAL NUT BUTTER MARKET, CATEGORY 15

1.1.3 GLOBAL NUT BUTTER MARKET, DISTRIBUTION CHANNEL 16

1.1.4 GLOBAL NUT BUTTER MARKET, BY REGION 17

2 MARKET INTRODUCTION 18

2.1 DEFINITION 18

2.2 SCOPE OF THE STUDY 18

2.3 RESEARCH OBJECTIVE 18

2.4 MARKET STRUCTURE 19

2.5 KEY BUYING CRITERIA 19

3 RESEARCH METHODOLOGY 20

3.1 RESEARCH PROCESS 20

3.2 PRIMARY RESEARCH 21

3.3 SECONDARY RESEARCH 22

3.4 MARKET SIZE ESTIMATION 23

3.5 FORECAST MODEL 24

3.6 LIST OF ASSUMPTIONS & LIMITATIONS 25

4 MARKET DYNAMICS 26

4.1 INTRODUCTION 26

4.2 DRIVERS 27

4.2.1 RISING PREVALENCE OF LACTOSE INTOLERANCE 27

4.2.2 INCREASING ADOPTION OF VEGETARIAN AND VEGAN DIET 27

4.2.3 DRIVERS IMPACT ANALYSIS 27

4.3 RESTRAINT 28

4.3.1 ALLERGEN REACTION ASSOCIATED WITH CERTAIN NUTS 28

4.3.2 RESTRAINT IMPACT ANALYSIS 28

4.4 OPPORTUNITIES 28

4.4.1 DEMAND FOR ORGANIC FOOD PRODUCTS 28

4.4.2 GROWTH OF THE ORGANIZED RETAIL SECTOR IN ASIA-PACIFIC 29

5 MARKET FACTOR ANALYSIS 30

5.1 VALUE CHAIN ANALYSIS 30

5.1.1 RAW MATERIAL PROCUREMENT 31

5.1.2 PROCESSING 31

5.1.3 PACKAGING 31

5.2 SUPPLY CHAIN ANALYSIS 32

5.3 PORTER’S FIVE FORCES MODEL 33

5.3.1 THREAT OF NEW ENTRANTS 33

5.3.2 BARGAINING POWER OF SUPPLIERS 34

5.3.3 THREAT OF SUBSTITUTES 34

5.3.4 BARGAINING POWER OF BUYERS 34

5.3.5 INTENSITY OF RIVALRY 34

6 IMPACT OF THE COVID-19 OUTBREAK ON THE GLOBAL NUT BUTTER MARKET 35

7 GLOBAL NUT BUTTER MARKET, BY PRODUCT TYPE 36

7.1 OVERVIEW 36

7.1.1 GLOBAL NUT BUTTER MARKET ESTIMATES & FORECAST, BY PRODUCT TYPE, 2019–2028 37

7.2 PEANUT 37

7.2.1 PEANUT: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 37

7.3 ALMOND 38

7.3.1 ALMOND: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 38

7.4 CASHEW 39

7.4.1 CASHEW: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 39

7.5 HAZELNUT 40

7.5.1 HAZELNUT: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 40

7.6 OTHERS 41

7.6.1 OTHERS: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 41

8 GLOBAL NUT BUTTER MARKET, BY CATEGORY 42

8.1 OVERVIEW 42

8.1.1 GLOBAL NUT BUTTER MARKET ESTIMATES & FORECAST, BY CATEGORY, 2019–2028 43

8.2 CONVENTIONAL 43

8.2.1 CONVENTIONAL: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 43

8.3 ORGANIC 44

8.3.1 ORGANIC: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 44

9 GLOBAL NUT BUTTER MARKET, BY DISTRIBUTION CHANNEL 45

9.1 OVERVIEW 45

9.1.1 GLOBAL NUT BUTTER MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2019–2028 46

9.2 STORE-BASED 47

9.2.1 STORE-BASED: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 47

 

9.3 NON-STORE-BASED 48

9.3.1 NON-STORE-BASED: MARKET ESTIMATES & FORECAST, BY REGION, 2019–2028 48

10 GLOBAL NUT BUTTER MARKET, BY REGION 49

10.1 OVERVIEW 49

10.2 NORTH AMERICA 51

10.2.1 US 54

10.2.2 CANADA 55

10.2.3 MEXICO 57

10.3 EUROPE 59

10.3.1 UK 62

10.3.2 GERMANY 63

10.3.3 FRANCE 65

10.3.4 ITALY 66

10.3.5 SPAIN 68

10.3.6 REST OF EUROPE 69

10.4 ASIA-PACIFIC 71

10.4.1 CHINA 74

10.4.2 INDIA 75

10.4.3 JAPAN 77

10.4.4 AUSTRALIA & NEW ZEALAND 78

10.4.5 REST OF ASIA-PACIFIC 80

10.5 REST OF THE WORLD 82

10.5.1 SOUTH AMERICA 84

10.5.2 MIDDLE EAST 86

10.5.3 AFRICA 87

11 COMPETITIVE LANDSCAPE 89

11.1 INTRODUCTION 89

11.1.1 MARKET STRATEGY ANALYSIS 89

11.2 COMPETITIVE BENCHMARKING 90

11.3 KEY DEVELOPMENTS & GROWTH STRATEGIES 91

11.3.1 PRODUCT LAUNCH 91

12 COMPANY PROFILES 92

12.1 HORMEL FOODS CORPORATION 92

12.1.1 COMPANY OVERVIEW 92

12.1.2 FINANCIAL OVERVIEW 93

12.1.3 PRODUCTS OFFERED 93

12.1.4 KEY DEVELOPMENTS 94

12.1.5 SWOT ANALYSIS 94

12.1.6 KEY STRATEGIES 95

12.2 HAIN CELESTIAL 96

12.2.1 COMPANY OVERVIEW 96

12.2.2 FINANCIAL OVERVIEW 96

12.2.3 PRODUCTS OFFERED 97

12.2.4 KEY DEVELOPMENTS 97

12.2.5 SWOT ANALYSIS 98

12.2.6 KEY STRATEGIES 98

12.3 THE J. M. SMUCKER CO 99

12.3.1 COMPANY OVERVIEW 99

12.3.2 FINANCIAL OVERVIEW 99

12.3.3 PRODUCTS OFFERED 100

12.3.4 KEY DEVELOPMENTS 100

12.3.5 SWOT ANALYSIS 101

12.3.6 KEY STRATEGIES 101

12.4 BLISS NUT BUTTERS 102

12.4.1 COMPANY OVERVIEW 102

12.4.2 FINANCIAL OVERVIEW 102

12.4.3 PRODUCTS OFFERED 102

12.4.4 KEY DEVELOPMENTS 102

12.4.5 SWOT ANALYSIS 103

12.4.6 KEY STRATEGIES 103

12.5 BARNEY & CO. CALIFORNIA, LLC 104

12.5.1 COMPANY OVERVIEW 104

12.5.2 FINANCIAL OVERVIEW 104

12.5.3 PRODUCTS OFFERED 104

12.5.4 KEY DEVELOPMENTS 104

12.5.5 SWOT ANALYSIS 105

12.5.6 KEY STRATEGIES 105

12.6 EAST WIND NUT BUTTERS 106

12.6.1 COMPANY OVERVIEW 106

12.6.2 FINANCIAL OVERVIEW 106

12.6.3 PRODUCTS OFFERED 106

12.6.4 KEY DEVELOPMENTS 106

12.6.5 KEY STRATEGIES 106

 

12.7 NUTTZO CO 107

12.7.1 COMPANY OVERVIEW 107

12.7.2 FINANCIAL OVERVIEW 107

12.7.3 PRODUCTS OFFERED 107

12.7.4 KEY DEVELOPMENTS 107

12.7.5 KEY STRATEGIES 108

12.8 KREMA NUT COMPANY 109

12.8.1 COMPANY OVERVIEW 109

12.8.2 FINANCIAL OVERVIEW 109

12.8.3 PRODUCTS OFFERED 109

12.8.4 KEY DEVELOPMENTS 109

12.8.5 KEY STRATEGIES 109

12.9 PIP & NUT 110

12.9.1 COMPANY OVERVIEW 110

12.9.2 FINANCIAL OVERVIEW 110

12.9.3 PRODUCTS OFFERED 110

12.9.4 KEY DEVELOPMENTS 110

12.9.5 KEY STRATEGIES 110

12.10 ONCE AGAIN NUT BUTTER 111

12.10.1 COMPANY OVERVIEW 111

12.10.2 FINANCIAL OVERVIEW 111

12.10.3 PRODUCTS OFFERED 111

12.10.4 KEY DEVELOPMENTS 111

12.10.5 KEY STRATEGIES 111

13 REFERENCES 112

Nut Butters Market

The nut butters market is projected to register a CAGR of 4.45% and reach a value of USD 5 Billion by 2030.

Segmentation

By Product Type Peanut Almond Cashew Hazelnut Others
By Category Conventional Organic
By Distribution Channel Store Based Non Store Based
By Region North America Europe Asia Pacific Rest Of The World

Key Players

  • Hormel Foods Corporation (US)
  • Hain Celestial (US)
  • The J. M. Smucker Co. (US)
  • Bliss Nut Butters (US)
  • Barney & Co. California LLC (US)
  • East Wind Nut Butters (US)
  • NuttZo Co (US)
  • Krema Nut Company (US)
  • Pip & Nut (UK)
  • Once Again Nut Butter (US).

Drivers

  • Rising Prevalence Of Lactose Intolerance
  • Demand for Organic Food Products
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Nut Butters Market Overview:


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 also 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.


The rising prevalence of lactose intolerance among the population across the globe is leading to an increased demand for non-dairy products. This has increased the sales of plant-based products such as nut butter. Additionally, growing consumer preference for a vegan and vegetarian diet is driving the growth of the global nut butters market. However, allergic reactions associated with certain nuts are likely to hamper the market growth. Nevertheless, rising demand for organic food products along with the growth of organized retail sector in developing nations has created an opportunistic market for the players in the nut butters market.


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:


The COVID-19 outbreak has resulted in creating immense pressure across supermarkets & hypermarkets, convenience stores, and food suppliers across the globe. This has led to an increased sale of plant-based products such as nut butter, as the consumers are stockpiling of shelf-stable foods. The stockpiling practice has led to a sudden hike in the market value of the global nut butters market in 2020, which is expected to normalize post the stabilization from this outbreak. However, the limited availability of nondairy product stocks in retail stores due to a high impact on logistics is currently one of the biggest concerns across the globe. With the increasing number of COVID-19 infections in the world, restrictions on vehicular movements are increasing. This is creating a demand and supply gap, thereby resulting in empty shelves in various retail outlets in many countries across regions.


The impact of the outbreak on the food & beverage industry was unprecedented, both from a supply change and consumer trends perspective. Therefore, market players and suppliers are required to be agile and adapt to the sudden change in consumer buying behavior. There is a rising shift in shopper behavior from retail to e-commerce as well as new consumption patterns across the world. In response to the coronavirus pandemic, consumers have been put under lockdown with several countries of the globe imposing stay-at-home orders. This is rapidly accelerating the transition to e-commerce. Online shopping is experiencing substantial growth over the past few years, with groceries being the least contributing category. However, in this current situation, the grocery category accounts for the largest share in the e-commerce orders. There has been an upsurge in the average daily downloads for popular digital grocery apps in several regions, such as Walmart, Target, Whoe Foods in North America. Walmart, Tesco, and Carrefour in Europe. GrabMart, HappyFresh, and BigBasket in Asia-Pacific. Households that are relying on home deliveries through online grocery shopping during the pandemic are likely to continue with the service thereafter. Thus, the nonstore-based distribution channel across the globe is expected to project the highest growth rate for the consumption of nut butter during the forecast period. However, consumers worldwide continue to have a fundamental need for social interaction, which has led to a need for creative and innovative marketing strategies by market players. Therefore, COVID-19 is anticipated to create a negative impact on sales of nut butter in the short run. Major factors contributing to this impact will be low production capacity and logistics issues. However, in the longer run, the nut butters market is anticipated to exhibit a healthy growth rate due to the shift in consumer taste and preference.


Market Dynamics


Drivers



  •  Rising Prevalence Of Lactose Intolerance


There has been an increase in the number of cases of lactose intolerance across the globe. Lactose intolerant individuals lack the enzyme lactase in their small intestine, which breaks down lactose into simpler sugars. Lactose intolerance includes an allergy to dairy products, deficiency of disaccharides, and a lactase deficiency. Undigested or partially digested lactose leads to abdominal bloating, stomach pain, diarrhea, tiredness, sleep disturbances, vomiting, and other health problems. Estimates for lactose intolerance vary by ethnicity. African, American, and Asian ethnicities see a 75%–95% lactose intolerance rate, while northern Europeans have a lower rate at 18%–26% lactose intolerance. The presence of lactose intolerance across the globe has forced people to opt for alternatives to dairy-based products, which has led to an increased sale of nut butter..


Restraint



  • Allergen Reaction Associated With Certain Nuts


A notable segment of the population is allergic to certain varieties of nuts such as walnuts, almonds, hazelnuts, and Brazil nuts. The allergic reactions caused by the consumption of nuts can range from mild to severe symptoms such as itchiness, rashes, eczema, and difficulty in breathing. As per Food Allergy Research & Education (FARE), peanuts and tree nuts (walnuts, almonds, cashews, pistachios, and pecans) are among the eight foods that account for nearly 90% of all food-allergic reactions annually in the US. Moreover, the estimated prevalence of nut allergies in the US is approximately 0.4%–0.6%. Thus, the high prevalence of nut allergies has resulted to decreased consumption of nut-based products which is a key factor that is expected to hinder the growth of the global nut butters market during the forecast period.


Opportunities



  • Demand for Organic Food Products


Consumer awareness regarding the environmental and health impact of chemicals in food items is on the rise. Owing to the increasing awareness regarding the negative impact chemicals can have on human health, consumers increasingly prefer organically cultivated and processed products. The adoption of organic food products is higher across the US and European countries such as Germany, the UK, France, and Italy and is further growing. Consumers in these countries are inclined towards organic food owing to the benefits of organic farming and serious concerns for food safety which is further creating a lucrative opportunity for the producers of nut butter. Rising consumer preference for organic food is expected to impact the sales of organic nut butter positively. Many key manufacturers are investing in R&D to expand their offering of organic nut butter to grab the nut butters market share.


Segment Overview:


By Product Type


Based on product type, the global nut butters market has been segmented into peanut, almond, cashew, hazelnut, and others. The peanut segment accounted for the largest market share of 55.12% in 2020 and is projected to register a CAGR of 5.16% during the forecast period, while the almond segment is expected to exhibit a CAGR of 5.33% during the review period.


By Category


Based on the category, the global nut butters market has been segmented into conventional and organic. The conventional segment accounted for the larger market share of 81.35% in 2020 and is projected to register a higher CAGR of 4.94% during the forecast period, while the organic segment is expected to exhibit the highest CAGR of 5.55% during the review period.


By Distribution Channel


Based on distribution channel, the global nut butters market has been segmented into store-based and non-store-based. The store-based segment is broken down as supermarkets & hypermarkets, convenience stores, and others. The store-based segment accounted for the larger market share of 79.20% in 2020, with supermarkets & hypermarkets sub-segment dominating the store-based market. Moreover, the non-store-based segment registered a higher CAGR of 5.63% during the forecast period.


Nut Butters Market Share, By Region, 2020 (%)
Nut Butters Market Share, By Region, 2020 (%)
Sources: MRFR Analysis


Regional Analysis:


By region, the global nut butters market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share of 38.15% in 2020. Europe was the second-largest market in 2020 and is projected to exhibit a CAGR of 4.85% during the review period. The market in the Asia-Pacific is expected to register the highest CAGR of 5.43% during the forecast period.


North America


North America accounted for a market share of 38.15% of the global nut butters market in 2020. The market in the region is expected to register a CAGR of 5.19% during the forecast period. The increasing demand for nut butter in North America is attributed mainly to the rise in demand for plant-based food products, nutritional foods, and healthy diets. The concept of veganism and plant-based diet interest and enthusiasm is growing across North America. According to MRFR analysis, more than 9.5 million American population are eating nut butter currently. According to data published by Good Food Institute and Plant-Based Foods Association, consumption of plant-based food in the US such as meat alternatives, fruit juices, plant-based eggs, and dairy alternatives including nut butter has outpaced conventional animal as well as dairy products and is growing at a six-time faster rate compared to animal products consumption. This has been a major growth driver for the nut butters market in the North American region.


Asia-Pacific


The Asia-Pacific region is expected to be an attractive regional market for manufacturers of nut butter during the review period. The region accounted for 21.17% of the global nut butters market in 2020 and is further projected to register a CAGR 5.43% during the forecast period, 2021-2028. China is the leading country-level market in the region, accounting for the largest nut butters market share, during the review period. With over 60% of the world’s population that constitutes approximately 4.3 billion population, along with strong dominance of vegetarian markets, the region is anticipated to create lucrative opportunities for plant-based food manufacturers during the forecast period.


Competitive Landscape


The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach across the globe with diverse product portfolios. Companies such as Hormel Foods Corporation (US), Hain Celestial (US), The J. M. Smucker Co. (US), Bliss Nut Butters (US), and Barney & Co. California, LLC (US) dominate the global market due to brand reputation, product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in research and development. Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.


Prominent players in the global nut butters market include Hormel Foods Corporation (US), Hain Celestial (US), The J. M. Smucker Co. (US), Bliss Nut Butters (US), Barney & Co. California, LLC (US), East Wind Nut Butters (US), NuttZo Co (US), Krema Nut Company (US), Pip & Nut (UK), Once Again Nut Butter (US).


Recent Developments


Few developments that occurred in recent times influencing the market growth of bakery products are listed below:



  • In January 2021, The Santa Cruz Organic brand of The J.M. Smucker Company launched creamy dark roasted almond butter. The new product is smooth and made with two ingredients such as organic dry roasted almond and sea salt.

  • In June 2020, Jif brand of The J.M. Smucker Company launched squeeze creamy peanut butter. This product launch extended company's peanut butter portfolio.

  • In July 2021, NuttZo Co launched three new nut butter products such as five seed tahini fusion, keto butter, and chocolate keto. This launch extended its portfolio.


Scope of the Report


Global Nut Butters Market, By Product Type



  • Peanut

  • Almond

  • Cashew

  • Hazelnut

  • Others


Global Nut Butters Market, By Category



  • Conventional

  • Organic


Global Nut Butters Market, By Distribution Channel



  • Store-Based

    • Supermarkets & Hypermarkets

    • Convenience Stores

    • Others



  • Non-Store-Based


Nut Butters Market, By Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Spain

    • Italy

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Intended Audience


  • Peanut Butter Manufacturers

  • Almond Butter Manufacturers

  • Cashew Butter Manufacturers

  • Hazelnut Butter Manufacturers

  • Nut Butter Manufacturers

  • Raw Material Suppliers

  • Retailers, Wholesalers, and Distributors

  • Governments, Associations, and Industrial Bodies

  • Investors and Trade Experts



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Frequently Asked Questions (FAQ) :

The North American region is expected to generate high market revenue and hold a higher market share by 2028

The Nut Butters Market might experience restraints due to the fluctuating prices of raw material and increased incidence of tree nut allergies in recent years. Further, the increasing application of nuts butter can be a restraint for the global market.

The Nut Butters Market is increasing the demand across the regions because of the increasing awareness about the health benefits of these tree nuts and products. The protein nut butters are driving its growing demand due to the high preference towards taste, lack of time, and increased health consciousness among the consumers.

The types, distribution channels, and categories are the major segments of the global nut butter market.