The global nut butter market is projected to record a CAGR of 4.50% during the forecast period due to increasing adoption of vegetarian and vegan diet

August, 2023 - Market Research Future has published a research report on the Global Nut butter Market

The global nut butter market is projected to exhibit a CAGR of 4.50% during the forecast period of 2022 to 2030.

Market Research Future has recognized the following companies as the key players in the global nut butter market: 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), and Once Again Nut Butter (US).

Market Highlights

The global nut butter market is projected to be valued at USD 5.04 billion by 2030, recording a CAGR of 4.50% during the forecast period. The 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 butter 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 butter market.

Segmental Analysis

The global nut butter market has been segmented based on product type, category, distribution channel, and region.

By product type, the market has been segmented 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, while the almond segment is expected to exhibit a CAGR of 5.33% during the review period. Peanut butter is made from raw peanuts by roasting and crushing to paste. It is very nutritional product as it contains about 48% protein and minerals. It is used widely as bread spread. Peanut butter is formulated using good quality peanut paste, sugar, salt, stabilizer and many more to prevent oil separation in the container stabilizer is added at the end of the process. The taste of peanut butter varies from place to place. Therefore, addition of sugar and salt is done depending on the local demand.

Based on the category, the global nut butter market has been 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, while the organic segment is expected to exhibit the highest CAGR of 5.55% during the review period. Conventional nut butter is derived from various edible nuts grown using conventional farming practices. These are grown under normal conditions with the use of specific agrochemicals that promote healthy plant growth. Thus, the butter obtained from such edible nuts is also considered to be conventional in nature and may or may not contain any chemicals or other added products. Conventional nut butter account for a bigger market share.

Based on distribution channel, the global nut butter 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 2021, 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. The store-based segment accounted for the larger market share due to the widespread availability of nut butter in supermarkets and hypermarkets located across the globe. Moreover, there is a higher preference towards store-based channel among consumer as it provides a one-stop shopping experience.

On the basis of region, the global nut butter market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, North America constituted a dominant share of the nut butter market in 2021. Europe accounted for the second largest share of 31.39% in the market. Asia-Pacific is expected to grow with the highest CAGR of 5.45% during the forecast period. Europe accounted for the largest market share of 31.39% of the global nut butter market in 2021. The market in the region is expected to register a CAGR of 4.85% during the forecast period. The demand for nut butter in the region is growing at an exponential rate. Advancement in the technological upgradations is positively impacting the growth of nut butter market in the European countries during the forecast period. Also, increasing consumer preference towards organic and genetically modified (GM) free supply chains combined with an increasing number of flexitarians, vegetarian, and vegan diets are anticipated to boost the demand for the nut butter market. 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 butter market in 2021 and is further projected to register a CAGR 5.43% during the forecast period, 2022-2030. China is the leading country-level market in the region, accounting for the largest 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. Various socio-economic and cultural norms have presented significant challenges towards the growth of nut butter in the last couple of years. Affordability along with diversified consumption habits in the region have long created challenges for nut butter manufacturers. However, the scenarios are changing with increasing awareness for plant-based products, increasing disposable income, and rising health consciousness. Moreover, consumers are shifting towards a healthy lifestyle, adopting veganism. Furthermore, major nut butter manufacturers in China such as Hormel Foods along with New Zealand-based Fix & Fogg are making investments for product innovation and the introduction of new nut butter variants.

Key Findings of the Study:

• The global nut butter market is projected to register a growth rate of 4.50% from 2021 to 2030.


• The peanut segment is estimated to retain its prominent share till 2030 and is projected to record a CAGR of 5.16% during the forecast period. Almond segment is projected to record the highest CAGR of 5.33% during the forecast period.


• The conventional segment accounted for the largest market share in 2021 and is expected to grow at a rate of 4.94% during the forecast period. Organic segment is projected to record the highest CAGR of 5.55% during the forecast period.


• The store-based segment is estimated to retain its dominant share till 2030, and is projected to record a CAGR of 4.90% during the forecast period. Non-store-based segment is projected to record the highest CAGR of 5.63% during the forecast period.