Nut-Based Spread Market Overview
The global Nut-Based Spread Market size is projected to reach a CAGR of 7.2% from 2023-2030.
Nut butter is a spread made by blending nuts with water until it forms a paste-like consistency. Nut-based spreads can be crunchy or creamy, and you can use them in sweet and savory applications. Popular nut spreads include peanut butter, almond butter, cashew butter, walnut butter, and pecan butter. Some nut butters are high in fiber, protein, and fatty acids and contain many vitamins and minerals that can be beneficial to your health.
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. Nevertheless, rising demand for organic food products along with the growth of the organized retail sector in developing nations has created an opportunistic market for the players in the nut butters market.
On the other hand, allergic reactions associated with certain nuts are likely to hamper the market growth.
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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 consumers are stockpiling 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 non-dairy 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.
Delvens Industry Expert's Standpoint
The nut-based spread market has experienced significant growth in recent years, driven by changing consumer preferences and an increasing focus on health and wellness. As consumers become more health conscious, they are increasingly turning to nut-based spreads as a healthier alternative to traditional spreads like butter and margarine. Additionally, the versatility of nut-based spreads has led to their use in a variety of applications, from breakfast foods to snacks and desserts.
Looking forward, the nut-based spread market is poised for continued growth as consumers continue to prioritize health and wellness and seek out new and innovative flavor options. The development of new products and flavors, as well as the expansion into new markets, is likely to drive further growth in the nut-based spread market. Additionally, with the increasing popularity of plant-based diets, nut-based spreads are likely to become an even more important part of the food industry in the coming years. Overall, the nut-based spread market represents an exciting opportunity for food manufacturers and consumers alike, offering a healthy, versatile, and delicious alternative to traditional spreads.
Key Findings
• The product type segment is further fragmented into Peanut, Almond, Cashew, Hazelnut and Others. The peanut segment accounted for the largest market share of 55.12% in 2021 and is projected to register a CAGR of 5.16% during the forecast period.
• The category segment is further segmented into conventional and organic. The conventional segment accounted for the larger market share of 81.35% in 2021 and is projected to register a higher CAGR of 4.94% during the forecast period.
• The distribution channel segment is further segmented into store-based and non-store-based. The store-based segment accounted for the larger market share of 79.20% in 2021, with the 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.
• The market is divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North American spreads market is a well-established market and the production of nut-based spreads in the region is self-sufficient. Nut-based spreads were established in the North American market at the initial stages of the product introduction and are a part of the American breakfast.
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Nut-Based Spread Market Regional Analysis
North America to Dominate the Market
• North American spreads market is a well-established market and the production of nut-based spreads in the region is self-sufficient. Nut-based spreads were established in the North American market at the initial stages of the product introduction and are a part of the American breakfast.
• Increasing demand for low-fat spreads is a major factor driving the nut-based spreads in North America. Major brands such as Nutella are dominating the market and coming up with various innovations such as spreads made with natural ingredients i.e., free from additives like artificial sugars, gelling agents, etc.
Nut-Based Spread Market Competitive Landscape
• Kraft Foods
• Nestle
• Unilever Group
• J.M. Smucker
• ConAgra Foods
• Sioux Honey Association
• B & G Foods
• Ferrero
• Hershey
• Welch Foods
• Hormel Foods Corporation
Nut-Based Spread Market Recent Developments
• In January 2021, The J. M. Smucker Company SJM is on track to boost assortment strength. Keeping along these lines, the company’s iconic brand — Jif — unveiled plans to launch Jif Natural Squeeze Creamy Peanut Butter Spread. The new product innovation under the Jif brand will be available on the digital platform as well as at specific retailers.
• In July 2020, Kraft Peanut Butter launched its new Kraft Hazelnut Spread - a delicious, rich, and chocolatey spread that is made with no palm oil and is low in saturated fat.
Nut-Based Spread Market Reasons to Acquire
• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for Nut-Based Spread Market so as to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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