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Nut Butters Market Research Report Information By Product Type (Peanut, Almond, Cashew, Hazelnut and Others), By Category (Conventional and Organic), By Distribution Channel(Store-Based and Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/F-B & N/0791-CR | 120 Pages | Author: Tejas Chaudhary| August 2022

Global Nut Butters Market Overview

Nut Butters Market Size was valued at USD 3.55 billion in 2021. The Nut Butters market industry is projected to grow from USD 3.70 Billion in 2024 to USD 5.04 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2024 - 2030). The growing frequency of lactose intolerance and increasing demand for plant-based butter are the key market drivers enhancing the market growth.Nut Butters Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Nut Butters Market Trends

  • Growing Demand for Plant-Based Butter Is Fueling Market Growth in General

The demand for plant-based butter alternatives such as seeds and it has surged due to the growing health concerns over the use of dairy butter due to its fat content. High-nutrient foods like nuts and seeds have long been a part of the human diet. Because they serve as convenient taste enhancers, it is typically used as spreads over various snacks and other items. Antioxidants, several essential vitamins (B7, C, and E), minerals including manganese and selenium, phenols, flavonoids, polyphenols, and magnesium, are all added to nut butter. That guards against cancer, keep blood pressure and cholesterol levels stable, and shields against CVDs (cardiovascular diseases). In addition, the rise of dairy butter-based food allergies and concern for animal welfare has fueled the popularity of veganism. Along with veganism, the vegetarian population is a significant driver of the market expansion for nut butter.

Figure1: Projected prevalence of disease per 100,000 population from 2010-2030

Projected prevalence of disease per 100,000 population from 2010-2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The trend toward food-on-the-go is expected to grow, which will benefit the business. People today tend to lack culinary skills and have a greater degree of digital literacy, which makes them look for easily accessible, nutrient-dense food products on the market. This has been ascribed to the current "food-on-the-go" trend and is what shoppers value most when buying food products. Additionally, increased urbanization and rising disposable income levels will fuel market value growth. Additionally, the market for peanut butter will have a slower pace of growth due to the rising frequency of chronic conditions, including high blood pressure and cardiac difficulties. The rising knowledge of peanut oil's health advantages is a crucial element affecting the market's growth rate.

Moreover, worldwide, the number of people who are lactose intolerant has increased. The enzyme lactase, which converts lactose into simpler sugars, is absent in the small intestines of those with lactose intolerance. An allergy to dairy products, a disaccharide deficit, and a lactase deficiency are all symptoms of lactose intolerance. Undigested or partially digested lactose causes stomach discomfort, diarrhea, fatigue, disturbed sleep, vomiting, and other health issues. The prevalence of lactose intolerance varies by ethnic group. Northern Europeans have a lower rate of lactose intolerance (18%–26%; compared to 75%–95%) among the African, American, and Asian ethnic groups. People are choosing alternatives to dairy-based goods due to the prevalence of lactose intolerance worldwide, which has increased sales of its products.

Nut Butters Market Segment Insights

Nut Butters Product type Insights

Based on product type, the Nut Butters market segmentation includes Peanut, Almond, Cashew, Hazelnut and Others. The almond category is anticipated to see the greatest CAGR of 5.33%, while the peanut segment had the most market share in 2021. The market for almond butter is expected to grow at a CAGR of 6.9% from 2022 to 2030, reaching a market worth of US$ 643.0 Mn by 2021. Almond butter sales are anticipated to account for roughly 21% of the entire demand in the worldwide Nut Butters market, which is projected to reach US$ 2.9 billion in 2021. Almonds are gaining popularity as a source of raw materials for non-dairy products as a result of its position as a superfood made from plants. Non-dairy food products made from almond protein powder and almond butter have well-known nutritional benefits as well as excellent flavour and texture.

Figure 2: Nut Butters Market by Product Type, 2021 & 2030 (USD Million)

Nut Butters Market by Product Type, 2021 & 2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Nut Butters Category Insights

The Nut Butters market segmentation, based on category, includes Conventional and Organic. In 2021, the conventional sector held a bigger market share, while the CAGR for the organic segment is predicted to be higher at 5.55%. These categories are often utilized throughout the areas based on their usefulness and quality.

Nut Butters Distribution Insights

The Nut Butters market segmentation, based on Distribution, includes Store-Based and Non-Store-Based. The store-based sector had the biggest market share in 2021 in terms of value. The store-based retail category includes convenience shops, hypermarkets, and supermarkets. Small grocery stores and specialty businesses are included in the other store section.

Nut Butters Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Nut Butters market accounted for USD 43.90 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The surge in desire for plant-based meals, nutritious foods, and healthy diets is mostly to blame for the rising demand in North America. In North America, interest in and excitement for plant-based diets and veganism are expanding. More than 9.5 million Americans already consume nut butter, according to an MRFR study. In the US, consumption of plant-based foods like meat substitutes, fruit juices, plant-based eggs, and dairy substitutes like nut butter has surpassed traditional animal and dairy products. According to data from the Good Food Institute and the Plant-Based Foods Association, it is increasing at a rate six times faster than animal products. This has significantly increased market growth in the North American Region.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: NUT butter MARKET SHARE BY REGION 2021 (%)


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Manufacturers of nut butter are anticipated to find the Asia-Pacific Nut Butters market area to be a lucrative regional market throughout the research period. The Region had 21.17% of the worldwide nut butter market in 2021, which is anticipated to grow at a CAGR of 5.43% from 2022 to 2030. With the biggest market share throughout the study period, the China Nut Butters market is the dominant country-level market in the area. With 4.3 billion people, or more than 60% of the world's population, and strong domination of vegetarian markets, the area is expected to present profitable prospects for producers of plant-based foods during the projection period. The Asia-Pacific nut butter market is now comparatively in its infancy. The development of the India Nut Butters market has faced major obstacles over the past several years due to various socioeconomic and cultural standards.

The second-largest market share belongs to the European Nut Butters market. This is brought on by the improving standard of living and the influence of significant important actors in these areas. Further, the Germany Nut Butters market held the largest market share, and the UK Nut Butters market was the fastest-growing market in the European Region.

Nut Butters Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for Nut Butters. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and remain in a market that is becoming increasingly competitive, Nut Butters' industry competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the main business tactics used by the Nut Butters industry to serve customers and increase the market sector. The Nut Butters industry has recently given medicine some of the most important advantages. The Nut Butters market major player such as 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), and others are working on expanding the market demand by investing in research and development activities.

Santa Cruz Organic® is a pioneering organic brand that was the first to offer a wide variety of organic, 100 percent juices and blends and the first juice processor to use only organic fruit sourced from growers who had received certification from an independent, third-party certification organization. The J.M. Smucker Company's Santa Cruz Organic brand introduced creamy dark-roasted almond butter in January 2021. The new product is silky and produced with just two components, including sea salt and organic dry roasted almond.

The premium nut and seed-based snacks and butter produced by NuttZo are all-natural and organic food products. NuttZo is committed to providing health-conscious individuals with the finest quality, nutrient-rich food that tastes wonderful. Its main office is in San Diego, California, where it was created in 2008. 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.

Key Companies in the Nut Butters market include  

  • Hormel Foods Corporation (US)

  • Hain Celestial (US)

  • The J. M. Smucker Co. (US)

  • Bliss Nut Butter (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).

Nut Butter Industry Developments

  • September 2021: In historic cooperation with Edesia Nutrition, Chobani has announced that it will enter the peanut butter category with nutritious spreads flavored with Chobani Ends Child Hunger Peanut Butter. A non-profit organization called Chobani is committed to eradicating childhood hunger. For neonates, a special range of peanut butter-flavored nutritional spreads is offered. It is intended to reduce the choking danger associated with the American Academy of Pediatrics advice for the early introduction of peanuts (AAP).

  • June 2020: The J.M. Smucker Company introduced their squeeze creamy peanut butter under the Jif brand. The company's peanut butter offering was expanded with this product introduction.

  • June 2019: Two new organic blanched almond butter products that are suitable for the keto diet and are available in extra creamy and crunchy forms have been added to the Once Again range.

Nut Butters Market Segmentation

  • Nut Butters Product Type Outlook

    • Peanut

    • Almond

    • Cashew

    • Hazelnut

    • Others

  • Nut Butters Category Outlook

    • Conventional

    • Organic

  • Nut Butters Distribution Channel Outlook

    • Store-Based

    • Non-Store-Based

Nut Butters Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2021 USD 3.55 billion
Market Size 2024 USD 3.70 billion
Market Size 2030 USD 5.04 billion
Compound Annual Growth Rate (CAGR) 4.50% (2024-2030)
Base Year 2021
Market Forecast Period 2024-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Operating Platforms, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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).  
Key Market Opportunities Organic food products are in high demand.
Key Market Dynamics High prevalence of lactose intolerance

Frequently Asked Questions (FAQ) :

The Nut Butters market was valued at USD 3.55 Billion in 2021.

The market is projected to grow at a CAGR of 4.50% from 2024-2030.

North America had the largest share of the market

The key players in the market are 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).

The almond Nut Butters category dominated the market in 2021.

The Store based Nut Butters surgery had the largest share in the market.

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