The global Nut-Based Spread Market size is projected to reach a CAGR of 7.2% from 2023-2030.
Nut butter is a spread made by blending nuts with water until it forms a paste-like consistency. Nut-based spreads can be crunchy or creamy, and you can use them in sweet and savory applications. Popular nut spreads include peanut butter, almond butter, cashew butter, walnut butter, and pecan butter. Some nut butters are high in fiber, protein, and fatty acids and contain many vitamins and minerals that can be beneficial to your health.
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 butters market. Nevertheless, rising demand for organic food products along with the growth of the organized retail sector in developing nations has created an opportunistic market for the players in the nut butters market.
On the other hand, allergic reactions associated with certain nuts are likely to hamper the market growth.
The COVID-19 outbreak has resulted in creating immense pressure across supermarkets & hypermarkets, convenience stores, and food suppliers across the globe. This has led to an increased sale of plant-based products such as nut butter, as consumers are stockpiling shelf-stable foods. The stockpiling practice has led to a sudden hike in the market value of the global nut butters market in 2020, which is expected to normalize post the stabilization from this outbreak. However, the limited availability of non-dairy product stocks in retail stores due to a high impact on logistics is currently one of the biggest concerns across the globe. With the increasing number of COVID-19 infections in the world, restrictions on vehicular movements are increasing. This is creating a demand and supply gap, thereby resulting in empty shelves in various retail outlets in many countries across regions.
The nut-based spread market has experienced significant growth in recent years, driven by changing consumer preferences and an increasing focus on health and wellness. As consumers become more health conscious, they are increasingly turning to nut-based spreads as a healthier alternative to traditional spreads like butter and margarine. Additionally, the versatility of nut-based spreads has led to their use in a variety of applications, from breakfast foods to snacks and desserts.
Looking forward, the nut-based spread market is poised for continued growth as consumers continue to prioritize health and wellness and seek out new and innovative flavor options. The development of new products and flavors, as well as the expansion into new markets, is likely to drive further growth in the nut-based spread market. Additionally, with the increasing popularity of plant-based diets, nut-based spreads are likely to become an even more important part of the food industry in the coming years. Overall, the nut-based spread market represents an exciting opportunity for food manufacturers and consumers alike, offering a healthy, versatile, and delicious alternative to traditional spreads.
North America to Dominate the Market
