Nut Butters Market Size was valued at USD 3.55 billion in 2023. The Nut Butters industry is projected to grow from USD 3.70 Billion in 2024 to USD 5.04 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2024 - 2032). The growing frequency of lactose intolerance and increasing demand for plant-based butter are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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
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.
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 industry, 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)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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.
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 market of nut butters 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 industry 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 industry held the largest market share, and the UK market for nut butters was the fastest-growing market in the European Region.
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
Nut Butter Industry Developments
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.55 billion |
| Market Size 2024 | USD 3.70 billion |
| Market Size 2032 | USD 5.04 billion |
| Compound Annual Growth Rate (CAGR) | 4.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 & 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 |
Nut Butters Market Highlights:
Frequently Asked Questions (FAQ) :
The Nut Butters market was valued at USD 3.55 Billion in 2023.
The market is projected to grow at a CAGR of 4.50% from 2024-2032.
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 2023.
The Store based Nut Butters surgery had the largest share in the market.
Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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