Nut Butters Market Analysis | COVID-19 Pandemic Impact, Key Players and Forecast to 2024
Nut Butters can be prepared using several nuts such as almond, peanuts, cashews, seeds (pumpkins, sesame, etc). Nut butters. Among all the varieties, peanut butter is most widely used. However, growing incidences of peanut allergy, consumers have shifted to other alternatives owing to rising awareness level about the product availability. In addition, nut butter contains essential nutrients such as fiber, protein, vitamins and minerals, and healthy fats, among others. These healthy benefits of nut butters are likely to give a push to market growth. The product can help in improving cholesterol level, aid in weight loss, and can help in stabilizing blood sugar level.
Owing to growing health and wellness trend and increasing consumers’ awareness about nut butters, the key manufacturers are investing in research and development for the launch of novel product. They have been diversifying their product portfolio by offering “free-from” and organic nut butters. In addition, the products are being made available in different flavors to attract consumers’ attention. The key manufacturers are also opting for strategic acquisition to expand geographical reach and strengthen product portfolio. For instance, Kellog Co, acquired RXBAR which is planning to nut butters to capitalize on the growing demand. Customizing product as per local taste and preferences and keeping with the changing consumers preferences will support manufacturers in augmenting their profit margin.
The key players profiled in Global Nut Butters Market Analysis Include Hormel Foods (USA), Funky Nut Company (UK), Futter’s Nut Butters (USA), Vermont Peanut Butter (USA), NuttZo Co (USA), Krema Nut Co (USA), Bliss Nut Butters (USA), Betsy’s Best (USA), Barney Butter (USA) and Saratoga Peanut Butter Co (USA), and The JM Smucker Company (USA) among many others.
Global Nut Butters Market is segmented into Source, Packaging, Application, and by Region
On the Basis of Source- Edible Nuts, Vegetable Extracts, Oilseeds, and Others
On the Basis of Packaging- Squeeze Packs, Jars, and Others
On the Basis of Application- Table Purpose, Confectioneries, Bakery Products, Snacks, and Others
On the Basis of Region- North America, Europe, Asia-Pacific, ROW
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Global Nut Butters Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Europe accounts for the largest market share followed by North America. Health benefits associated with the consumption of nut butters is driving the market in the region. Asia-Pacific market is the fastest growing segment owing to increasing demand for the product. Increasing awareness about the availability of the product owing to aggressive promotional activities has fuelled the market growth in the region.
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