The global almond butter market size was valued at $127.9 million in 2020, and is projected to reach $401.4 million by 2030, registering a CAGR of 12.2% from 2021 to 2030.
Almond butter is a type of plant-based butter prepared from roasted or raw almond. In the cosmetic industry, almond butter is used as an essential constituent in the production of skincare products such as lotions, body cream, moisturizers and others. Furthermore, rising awareness among consumers regarding the benefits associated with use of cosmetics products made from plant-based ingredients has encouraged manufacturers to use plant-based ingredients including almond butter in their products. This in turn has driven the almond butter market growth. In addition, in the past few years, many countries have recognized lifestyle-related diseases such as obesity to be a key concern, which has led to rise in health consciousness among consumers. This consistent increase in the health conscious consumers, majorly in developed economies, has fueled the demand for almond butter in recent years.
Almond butter manufacturers are continuously focusing on launching new products in the market. For instance, manufacturers are launching raw almond butter, roasted almond butter, flavored almonds butter such as almond butter with chia seeds & strawberry, almond butter with espresso & vanilla and are also introducing organic almond butter in the market to cater to their customers. This, in turn, is expected to propel the growth of the market during the forecast period.
Covid-19 Impact Analysis
The outbreak of coronavirus has negatively impacted the almond butter market along with all stages of supply chain and value chain. The COVID-19 pandemic has not only hampered production facilities but also disrupted supply chains such as raw material suppliers and distributors of the almond butter market globally, resulting in loss of business, in terms of value sales.
The global almond butter market is segmented are categorized into nature, product type, distribution channel and region. By nature, it is classified into organic and conventional. By product type, the market is categorized into liquid and others. By distribution channel, it is divided supermarket/hypermarket, specialty store, online store and others. Region wise, the market is analyzed across North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, South Korea, ASEAN and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Argentina and Rest of LAMEA).
By Nature
The Conventional segment dominates the global almond butter market and is expected to retain its dominance throughout the forecast period.
By nature, the conventional segment accounted for the highest almond butter market share in 2020. This is mainly attributed to its effectiveness in easy availability of conventional almond butter in the market through distributors. However, the organic segment is expected to be the fastest growing segment during the almond butter market forecast period in terms of value sales.
By Product Type
The Regular segment dominates the global almond butter market and is expected to retain its dominance throughout the forecast period.
By product type, the regular segment accounted for the highest market share in 2020. This is mainly attributable to its ease of applications and easily availability in the market to various distribution channel including supermarket, hypermarket, specialty stores and others. However, the flavored segment is expected to be the fastest growing segment during the forecast period in terms of value sales.
By Distribution Channel
The Supermarket/Hypermarket segment dominates the global almond butter market and is expected to retain its dominance throughout the forecast period.
By distribution channel, the market is divided into supermarket/hypermarket, specialty store, online store and others. In 2020, supermarket/hypermarket segment accounted for the highest market share in the global almond butter market. These stores offer variety of brands in a product category including almond butter; thus, offering more options for customers to buy almond butter as per their choice of product types, brands, flavors, prices and others. However, online store segment in the almond butter market is expected to be the fastest growing segment during the forecast period in terms of value sales.
By Region
The Europe segment dominates the global almond butter market and is expected to retain its dominance throughout the forecast period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe accounted for the highest market share in the year 2020, owing to subsequent growth of the vegan population in this region. However, Asia-Pacific is expected to be the fastest growing market during the forecast period.
Key players operating in the global almond butter industry focus on prominent strategies to overcome competition and maintain as well as improve their share worldwide. Some of the major players in the global industry analyzed in this report include Nestle SA, Shedd's Country Crock, Social Nature, Prana, HallStar Company, Justin's, California almonds, Barney Butter, once again nut butter and MORRISONS LTD.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the current almond butter market trends, estimations, and dynamics of the global market for the period 2020–2030 to identify the prevailing almond butter market opportunity.
- The key countries in four major regions have been mapped based on their market share.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region have been mapped according to their revenue contribution to the global industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of market players.
- The report includes both regional as well as global the almond butter market analysis, key players, market segments, application areas, and strategies.
Almond Butter Market Report Highlights
| Aspects | Details |
 By Nature |
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 By Product Type |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | HALLSTAR COMPANY, HORMEL FOODS, BARNEY BUTTER, NESTLE S.A., ROLLING HILLS NUT COMPANY, SHEDD'S COUNTRY CROCK (UPFIELD), MORRISONS LTD, SOCIAL NATURE, TREEHOUSE ALMONDS, BLUE DIAMOND GROWERS |
Analyst Review
The market players have adopted key developmental strategies such as agreement and partnership to fuel the growth of the almond butter market in terms of value sales. They also emphasize on continuous improvement in their product to keep a strong foothold in the market and to boost the demand for Almond butter in food service industry.
According to the key market players, From the past few years, there has been rise in the demand for almond butter among the health conscious consumers owing to the health benefits associated with it. This in turn has driven the demand for Almond butter market. Moreover, the manufacturers are investing in R&D activities and making continuous effort in launching new improved almond butter such as flavored almond butter, organic almond butter and others Thus, this factor promotes the sale of almond butter in the market.
The key market players in this market adopted new strategies such as product launch and others as their key developmental strategies to fulfil the rise in demand from the consumers. However, easy availability of its substitutes in the market is likely to hamper the growth of the almond butter market in the future.
The global almond butter market size is projected to reach $401.4 million by 2030.
The forecast period in the almond butter market Was considered from the year 2021 to 2030.
2020 was considered as the base year in the almond butter market report.
The major players in the global industry analyzed in this report include Nestle SA, Shedd's Country Crock, Social Nature, Prana, HallStar Company, Justin's, California almonds, Barney Butter, once again nut butter and MORRISONS LTD.
Regular almond butter is the most influencing segment growing in the Almond Butter Market report.
Europe holds the maximum market share in the almond butter market.
The company profiling has been selected on the basis of the product offered by the companies in the almond butter market.
The global almond butter market size was valued at $127.9 million in 2020.
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