The global almond butter market size is anticipated to reach USD 1,284.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.8% from 2023 to 2030, in terms of revenue. Consumption of plant-based products has increased as a result of the rising popularity of natural and organic diets. The increasing utilization of almond butter as an ingredient in the food & beverages processing industry and cosmetics industries is driving the growth.
Almond Butter Market Report Highlights
- Based on nature, the conventional segment accounted for the largest revenue share of 88.6% in 2022. The organic segment is expected to grow at the fastest CAGR of 10.6% over the forecast period owing to the increasing health awareness and adoption of cruelty-free and non-chemical-based products.
- Based on the distribution channel, the B2B segment dominated the market and is expected to retain its position over the forecast period owing to the increasing demand from end-use industries such as the food & beverage processing industry. The B2B segment is expected to grow at a CAGR of 7.6% over the forecast period
- Europe held the largest market share of 36.3% in 2022 and is expected to retain its dominance over the forecast period due to the presence of key players such as Petrow Food Group, Biona Organic, Two Nods Nut Butter, among others
- Asia Pacific is anticipated to expand at a CAGR of 8.5% over the forecast period. The growth is primarily attributed to the increasing consumption of almond butter due to the increasing presence of startups such as Nutty Yogi, Happy Jars, and Open Secret among others, and the growing cosmetic market in developed countries such as China, Japan, and India
- Mergers & acquisitions, agreements, R&D activities, and expansions are the key strategies adopted by the companies over the past years. For instance, in February 2022, Nuts ‘N More launched its range of gluten-free, all-natural, high in protein, non-GMO, low-sugar almond butter spread. The primary goal behind the new product development is to expand the product portfolio and cater to more customers
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The COVID-19 pandemic had a significant impact on the almond butter industry. Due to lockdowns and stay-at-home orders, there was a surge in demand for pantry staples and plant-based food products, including almond butter. On the other hand, supply chain disruptions, and reduced trade have affected the almond industry and impacted the availability and pricing of almond butter.
The COVID-19 pandemic had a significant impact on the almond butter industry. Transportation restrictions for import and export disrupted the supply chain from one site to another. Transport of raw materials like almond butter and similar goods to enterprises was also prohibited. The manufacturing sector experienced several difficulties as a result of a scarcity of raw materials and a shortage of labor, which ultimately caused the closure of production facilities., thereby delaying the production of almond butter.
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The U.S. almond butter market has been growing in recent years, driven by various factors such as the increasing adoption of organic products and health consciousness among consumers. Moreover, with the increasing concern about heart disease and diabetes in the U.S., the government is also taking initiatives to raise awareness about such diseases and control measures. For instance, in November 2022, the Office of Disease Prevention and Health Promotion raised awareness about diabetes and its impact on millions of Americans. It’s aimed at educating the public about COPD (Chronic Obstructive Pulmonary Disease), its risk factors, and how to prevent and manage the disease.
Segmented the global almond butter market based on nature, distribution channel, and region:
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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