Nut Butters Market by Product Type (Almond, Cashew, Hazelnut, Peanut), Category (Organic, Conventional), Distribution Channel (Store-based, Non-Store-based), & Region for 2024-2031

Nut Butters Market Valuation – 2024-2031

The growing health consciousness among customers looking for high-protein, nutrient-dense food options, particularly among millennials and younger generations is driving the nut butters market, which is expanding significantly. This trend is fueled further by the increased prevalence of chronic health concerns, which has prompted a shift toward healthier food options, such as nut butters as replacements to classic spreads like butter and cheese. According to the analyst from Verified Market Research, the nut butters market is estimated to reach a valuation of USD 3898.88 Million by 2031 over the forecast subjugating around USD 3305.56 Million valued in 2024.

The nut butters market is thriving, driven by a surge in demand for plant-based, protein-rich foods as consumers prioritize clean eating and sustainable diets, as well as the growing popularity of nut butter as a versatile ingredient in a variety of culinary applications ranging from smoothies to baked goods. It enables the market to grow at a CAGR of 2.3% from 2024 to 2031.

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Nut Butters Market: Definition/ Overview

Nut butters are spreadable food products developed from pulverized nuts such as peanuts, almonds, and cashews, with a creamy or chunky texture. These nutritious spreads are high in healthy fats, protein, and important vitamins, making them a favorite choice among health-conscious people. Nut butters can be used in a variety of ways, including as toppings for toast, pancakes, and fruits, ingredients in smoothies, baked products, and sauces, or just as a snack. Their versatility and nutritional value have helped to increase their popularity in both home cooking and food service settings.

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What are the Key Factors Driving the Growth of the Nut Butters Market?

Consumers are increasingly seeking healthier, plant-based protein options, which is fueling the expansion of the nut butter market. According to the Good Food Institute’s 2022 report, plant-based food retail sales in the United States increased 6.2% in 2021, reaching a market value of USD 7.4 Billion. Plant-based protein products, particularly nut butters, have experienced significant expansion. The Plant-Based Foods Association claimed that plant-based protein sales climbed by 77% between 2018 and 2020, indicating a high preference for plant-based alternatives such as nut butters.

The rising number of people with food allergies and intolerances, notably to dairy and gluten, is boosting demand for alternative spreads such as nut butters. According to Food Allergy Research & Education (FARE), some 32 million Americans have food allergies, including 5.6 million children under the age of 18. This represents one in every thirteen children, or around two students in every class. As nut butters are used as allergen-free alternatives to typical spreads, this trend is driving market expansion.

Furthermore, the development of new flavors and kinds of nut butters is gaining a larger audience. According to a National Peanut Board survey, while peanut butter remains the most popular nut butter, accounting for 94% of nut butter sales in the United States, other nut butters are gaining popularity. The diversification of the nut butter business is driving overall growth and attracting new customers.

What are the Challenges Hindering the Demand for Nut Butters?

The frequency of nut allergies among consumers is one of the key barriers to growth in the nut butters market. Many people have severe allergic reactions to nuts, raising worries about cross-contamination during manufacture. This needs strict allergy control procedures, which raise production costs and reduce market potential.

Furthermore, the nut butter market confronts tough competition from a variety of competitors, including spreads produced from legumes and seeds, such as peanut butter alternatives and sunflower seed butters. These substitutes appeal to consumers looking for allergen-free or low-cost alternatives. The increasing popularity of these alternatives shifts customer tastes away from traditional nut butters, limiting the market growth.

Category-Wise Acumens

How does the Widespread Popularity Demand for Peanut Increasing in the Market?

According to VMR analysis, the peanut segment is estimated to hold the largest market share in the product segment during the forecast period. Peanut butter’s rich flavor and adaptability have made it a family staple for many years. Its established presence in a variety of culinary applications, from sandwiches to smoothies, has cemented its place as a popular choice among customers. This extensive appeal ensures steady demand, which contributes to the segment’s market dominance.

Peanut butter is cheaper than other nut butters, making it available to a wider spectrum of consumers. Its lower price point enables it to effectively compete with other nut types, enticing budget-conscious shoppers and families looking for nutritious yet affordable alternatives. This affordability boosts its market share significantly.

Furthermore, peanut butter is well-known for its nutritional value, which includes high levels of protein, healthy fats, and necessary vitamins. As health-conscious consumers seek out healthful snacks, peanut butter’s image as a wholesome food alternative increases its appeal. This nutritional edge increases consumer preference and solidifies the segment’s lead in the nut butters market.

How Does the Conventional Nut Butters Support the Growing Demand in the Market?

The conventional segment is estimated to dominate the nut butters market during the forecast period. Conventional nut butters are less expensive than their organic counterparts, making them more accessible to a wider range of consumers. This pricing advantage appeals to frugal buyers, especially in areas where budget limits impact purchasing decisions. As a result, the affordable cost of typical nut butters drives up sales volumes, cementing their market dominance.

The conventional segment benefits from vast distribution networks, making these products easily accessible in supermarkets, convenience stores, and online platforms. This widespread availability promotes consumer awareness and convenience, leading to more frequent purchases. The ease of access to conventional nut butters adds greatly to their market share since customers frequently choose easily available options over niche organic products.

Furthermore, many established companies in the nut butters market have earned strong reputations for their traditional products, which fosters consumer loyalty. This recognition leads to repeat purchases, as consumers gravitate toward recognized and trusted brands. The conventional segment’s brand loyalty strengthens its market position, as consumers may choose these items over newer or lesser-known organic alternatives.

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Country/Region-wise Acumens

How Does Growing Demand for Plant-based Protein Alternatives in North America Impacting the Market?

According to VMR analyst, North America is estimated to exhibit substantial growth within the nut butters market during the forecast period. North America is seeing a dramatic transition toward plant-based diets, which is driving up demand for nut butters as a protein source. According to the Good Food Institute’s 2022 study, plant-based food retail sales in the United States increased 6.2% in 2021, reaching a market value of USD 7.4 Billion. Plant-based protein products, particularly nut butters, have experienced significant expansion. According to the Plant Based Foods Association, plant-based food retail sales in the United States increased by 27% between 2019 and 2020, totaling USD 7 Billion. This tendency is helping to boost the nut butter market in North America.

Furthermore, the growing number of people with food allergies and intolerances in North America is boosting demand for alternative spreads such as nut butters. According to Food Allergy Research & Education (FARE), some 32 million Americans have food allergies, including 5.6 million children under the age of 18. This represents one in every thirteen children, or around two students in every classroom. According to the Centers for Disease Control and Prevention (CDC), the prevalence of food allergies in children rose by 50% between 1997 and 2011. Nut butters are often used as allergen-free alternatives to standard spreads, which is driving market expansion in North America.

What are the Main Drivers of the Nut Butters Market in the Asia Pacific?

The Asia Pacific region is estimated to dominate the market during the forecast period. The Asia Pacific region is shifting to healthy eating habits and embracing Western-style goods, such as nut butter. According to a report published by the Food and Agriculture Organization of the United Nations (FAO), demand for nuts in the Asia Pacific region is expected to increase at a 3.1% annual pace between 2018 and 2030. This rising demand for nuts is also driving the consumption of nut-based items such as nut butters.

The burgeoning middle class and rising disposable incomes in the Asia Pacific are driving demand for premium and healthier food options, such as nut butters. According to the World Bank, the middle class in East Asia and the Pacific has increased from 27% of the population in 2002 to 57% by 2021. This growing middle class is more inclined to buy high-value food items such as nut butters.

Furthermore, the Asia Pacific region is experiencing an increase in knowledge and demand for plant-based protein sources, which will boost the nut butters market. According to a survey published by DuPont Nutrition & Biosciences, 78% of Southeast Asian consumers feel that plant-based meat alternatives are here to stay. This trend toward plant-based diets is projected to increase consumption of nut-based goods, especially nut butters, which are high in plant-based protein.

Competitive Landscape

The nut butters market is extremely competitive, with multiple firms vying for market share. Established businesses have a strong foothold, thanks to their brand familiarity and broad distribution channels. Smaller, artisanal manufacturers are gaining traction by providing distinctive flavors, organic and non-GMO certifications, and sustainable sourcing procedures.

Some of the prominent players operating in the nut butters market include:

• Justin’s
• Funky Nut Company
• Futters Nut Butters
• Ferrero
• Krema
• Bliss Nut Butters
• Betsy’s Best
• Barney Butter
• Yopeanut

Latest Developments

• In April 2024, Justin’s, a well-known nut butter company, announced the launch of a new range of organic nut butters, complete with fresh flavors and packaging. This program intends to meet the growing demand for distinctive and healthy snack options, in line with current consumer preferences for plant-based diets and clean eating.

Key Players

The major players in the Nut Butters Market are:

• Justin’s
• Funky Nut Company
• Futters Nut Butters
• Ferrero
• Krema
• Bliss Nut Butters
• Betsy’s Best
• Barney Butter
• Yopeanut

Report Scope

Nut Butters Market, By Category

Product Type:

• Almond
• Cashew
• Hazelnut
• Peanut
• Others

Category:

• Organic
• Conventional

Distribution Channel:

• Store-based
• Non-Store-based

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Verified Market Research:

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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