Market Overview:
Owing to health benefits associated by the consumption of nuts butters, the market is growing rapidly on the global level. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Nut Butters Market Research Report- Forecast to 2027 that the market will demonstrate an exceptional CAGR while achieving million dollar growth readily in the forecast period.
Nut butters are referred to the end product obtained by grinding nuts into paste. Commonly used nuts for preparing nut butters include almond, cashew, hazelnut, macadamia, peanut, pecan, pistachio, and walnut. Nut butters have diverse application across the food industry and are considered as key ingredient for culinary purpose majorly in bakery and confectionery industries. It is a good source of vitamins, minerals, and protein. Additionally, low calorie content in nut butters is adding fuel in the market growth. Nut butters are available in various forms and type. Various regions follow their own traditional method for its production and hence the processing method differs across the countries. Moreover, developing economy and increasing demand for cross region cuisines is driving the market demand for nut butters across the countries.
Rising consumer demand for bakery and confectionery products including chocolate, cakes, muffins and others are influencing the growth of nut butters market positively. Shifting consumers food consumption pattern backed up by increasing disposable income is propelling the growth of this market. Low production cost and high returns are encouraging the players to enter the nut butters market. Furthermore, high focus on R & D has a positive impact on this market and helped in brining innovations and also improving the existing product line.
Key players have more inclination towards enhancing the production of organic nut butters to satiate the growing demand from consumers end. Also, product innovations like adding new flavors to the product is of one of the key focus areas where manufacturers are found to put more emphasis to deliver unique products and to create product differentiation.
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Latest Industry Updates:
Jul 2016 PROBAR, maker of delicious, plant-based food products announced the launch of a new line of Organic Nut Butters. It has classic flavors as well as fun new flavor combinations which are packaged in convenient, portable, on-the-go squeeze packs. High demand for organic products from the consumers and company’s focus on new product launch will help in strengthening the overall profitability of the company.
May 2016 Hormel Foods announces acquired of Justin’s specialty nut butter brand, this acquisition will help the company to foster its presence and also will help in upcoming of new and innovative products.
Jun 2017 NuttZo, the mom-made brand delivering the original multi-nut and seed butter, announced its new flavor, paleo chocolate power fuel, made with paleo-approved eating evolved chocolate. New product launch from the company will help to attract huge consumers looking for high energy food.
Jun 2017 Meridian Foods expanded its nut butter range with two new cocoa variants: cocoa & peanut and cocoa & hazelnut. Increasing demand for new taste and flavors from consumers in nut butters, company is focusing more towards product innovation. These activities will help to mark company’s presence globally.
Major Key Players:
The major key players are highly focused on R&D activities to launch new products. Also, companies are more inclined towards expanding its product range. With the entry of industry players in the nut butters segment, a trend of solid, volume-driven growth has been observed in the market with the development of different flavors of nut butters. Major Key players in this market are looking towards acquisitions and mergers this will allow the companies to come up with specialized products. High focus on organic nut butter products from the key players such as Futtersnutbutters and Nuttzo will support the global nut butters market.
The key players profiled in nut butters are as Justin’s, Funky Nut Company, Futtersnutbutters, Vtpeanutbutter, Nuttzo, Krema, Bliss Nut Butters, Betsysbest, Barney Butter and Yopeanut
Market Segments:
The Global Nut Butters Market has been divided into source, packaging, application and 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 and ROW.
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Regional Analysis:
The global nut butters market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Europe accounts for the major market share followed by North America. High consumption of convenience food in the countries of these regions is influencing the high production volume of nut butter. Owing to changing food consumption pattern, nut butters market is projected to generate high revenue during the given forecast period. Additionally, growing health conscious population and aided health benefits associated with the consumption of low calorie butter is driving the market growth. Furthermore, rising demand for fast foods such as pizza, burgers and others will support the sale of butter across the regions during the assessment period. The major importers of nut butter include France, Germany, Belgium, the Netherlands and Russia.
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