Almond Butter Market Augmented Expansion to be Registered USD 1,210.1 Million by 2032 | CAGR of 9.0%

New York, April 25, 2023 (GLOBE NEWSWIRE) — The global Almond Butter Market recorded a valuation of USD 522.3 million in 2022 and is expected to reach US$ 1210.1 million by the end of 2032, expanding at a CAGR of 9.0% over the decade. Almond butter is a type of plant-based spread produced from roasted or raw almonds. It is a rich source of unsaturated fats that are good for the heart. It also contains many, vitamins, proteins, and minerals.  Almond butter is often used on bread or snack sauce. Almond butter is a key ingredient in the manufacture of skincare products used in the cosmetics industry, including lotions, body creams, moisturizers, and others. The public’s increased understanding of the benefits of utilizing cosmetics made from ingredients derived from plants is another factor motivating manufacturers to add plant-based ingredients like almond butter to their products. The market for almond butter has subsequently grown as a result of this. However, in recent years, many countries have recognized lifestyle-related illnesses like obesity as a major concern, increasing consumer awareness of health issues.

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Key Takeaway:

• By product, in 2022, the almond butter market was dominated by the regular segment due to its increased usage.
• By nature, the conventional segment dominated the largest market share in nature analysis and accounted for the largest revenue share of 89% in the almond butter market in 2022.
• By distribution channel, the B2B segment dominated the largest market share in end-user type analysis.
• In 2022, Europe dominated the market with the highest revenue share of 36.3%.

Factors affecting the growth of the Almond Butter Industry?

There are several factors that can have an impact on the growth of the almond butter industry. Some of these factors include:

• Increasing Demand: The demand for almond butter as a tasty and healthy snack is driving up demand for it. The expansion of the sector may be influenced favorably by the increased production and sales of almond butter as a result of the rising demand.
• Availability of Raw Materials: Almonds are used to make almond butter, hence access to these raw materials is essential for the sector’s expansion. The growth of the sector may be hampered by any interruptions in the almond supply, including those caused by natural disasters or economic issues.
• Product Innovation: Businesses can expand their consumer base and boost sales by launching new almond butter flavors, packaging, or types. The introduction of innovative new almond butter products may accelerate the sector’s expansion.
• Marketing Strategies: Effective marketing strategies can increase consumer awareness and drive demand for almond butter. Businesses that invest in marketing initiatives that promote the flavor and health advantages of almond butter can boost their customer and drive the industry ahead.

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Market Growth

The market for almond butter is expanding due to the rising number of health-conscious consumers who are searching for healthier substitutes for conventional spreads like peanut butter. Since almond butter has a lower glycaemic index and more vitamins, minerals, and good fats than peanut butter, it is regarded as a healthier alternative. These factors, such as the increased demand for healthy food items, the development of plant-based diets, and the expanding awareness of almonds’ health advantages, can be contributed to the market rise for almond butter. The market’s expansion is further supported by the items’ rising availability in supermarkets, specialty food shops, and online marketplaces, which has facilitated consumer access to and acquisition of almond butter goods.

Regional Analysis

Europe was dominating with the largest market share 36.3% of total revenue. Due to the increased demand for organic products and the development of end-use industries including food & beverage processing and personal care & cosmetics, almond butter is a common ingredient in many food and cosmetic products. Asia Pacific is predicted to experience the fastest CAGR of 8.5% throughout the projection period. This is a result of the region’s expanding organic food and personal care product industries.

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Scope of the Report

Market Drivers

Many consumers are using almond butter as a healthy substitute:

The primary factors affecting the demand for almond butter globally are a rise in consumer demand for healthy food options and changing food consumption habits. Throughout the forecasted period, the demand for a nutritious breakfast that includes ready-to-eat items is also likely to drive the almond butter market. Also, a shift towards healthy eating to prevent cardiovascular disease and control blood sugar levels improves the global almond butter industry.

The development of integrating almond butter into products and the rise in the production of almond butter:

Almond butter is a crucial ingredient to use in massages since it is hydrating, nourishing, and a natural emollient. It blends beautifully with essential oils as well. A rise in the demand for natural cosmetics and skin care products is another factor contributing to the predicted growth of the global almond butter market. The manufacturing of lotions and creams needs vitamins A, B, and E to increase their emollience and make them particularly rich. It is anticipated that the presence of these vitamins in almond butter will hasten the growth of the target market.

Market Restraints

High manufacturing costs: The high cost of processing equipment and raw materials makes almond butter manufacture relatively expensive. As a result, the profitability of making almond butter would decline, and fewer companies might be able to enter the market.

Limited Availability of Raw Materials: The production of almond butter depends heavily on the availability of raw materials, and variations in almond crop yields may have an impact on the price and availability of almonds. Almond butter shortages brought on by scarce raw materials have the potential to raise prices and stifle market expansion.

Market Opportunities

Increased customer preference for natural and nutritious food products, increased demand for plant-based protein sources, and rising public awareness of the health advantages of almond butter significantly help the market’s expansion. Also, as e-commerce platforms have grown, it has been easier for small and medium-sized almond butter producers to interact with a wider audience, helping in the market’s global expansion. For entrepreneurs and investors looking to enter the food industry, especially those with an interest in the health and wellness sector, the market for almond butter presents a possible opportunity.

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Report Segmentation of the Almond Butter Market

Product Insight

The regular segment held the biggest market share in terms of product type. This is and This is mostly due to its simplicity of use and easy accessibility in the market to various distribution channels including supermarkets, hypermarkets, specialized stores, and others. The flavored segment is predicted to grow at a faster rate over the projection period in terms of growth.

Nature Insight

Based on its nature, the market has been segmented into organic and conventional segments. The conventional segment had the largest market share of 89% in 2022. The organic sector is predicted to experience the fastest CAGR of 10.6% throughout the forecasted period of 2022–2032. This can be attributed to customers moving away from materials containing meat and dairy towards organic products manufactured without the use of dangerous chemicals, as well as the growing attraction to vegan and gluten-free products and the veganism movement.

Distribution Channel Insight

Market segments include B2B and B2C based on the distribution channel. Almond butter is increasingly being used in the food and beverage processing industry, including in dips, sauces, soups, and other applications, which is causing the B2B segment to rise quickly. The hypermarket and supermarket sector in the B2C market held the greatest market share in 2022 and is projected to grow at a CAGR of 8.4% from 2022 to 2030. Supermarkets and hypermarkets are putting into practice a solid and well-coordinated data analytics management plan. Using this technology will boost consumers.  The segment is anticipated to be influenced by the rising sales of the retail chain in the upcoming year since supermarkets and hypermarkets find it easier to recognize and satisfy the demands and expectations of their customers.  For instance, in December 2022, Planet Organic Limited unveiled a brand-new organic store with tens of thousands of items, including almond butter.

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 Market Segmentation

Based on Product

Based on Nature

Based on Distribution Channel

• B2B
• HoReCa
• Food & Beverage Processing Industry
• Personal Care & Cosmetic Industry
• B2C
• Hypermarkets & Supermarkets
• Convenience Stores
• Online
• Others

By Geography

• • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe

• • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

• • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The almond butter market is a rapidly evolving and highly competitive market. Some of the major players in the market include:

• Unilever
• Procter & Gamble
• The J.M. Smucker
• Hormel Foods Corporation
• Boulder Brands
• The Kraft Heinz
• Algood Food Co.
• Conagra Brands, Inc
• Britannia Dairy Private Limited
• Hormel Foods Corporation
• Justin’s, LLC
• The Leavitt Corporation
• DiSano
• Alpino
• Pintola
• Other Key Players

Recent Development of the Almond Butter Market

• Justins, a well-known manufacturer of almond butter, introduced the Maple Cashew Butter flavor in January 2022.
• A new collection of flavored almond butters, including chocolate, vanilla bean espresso, and gingerbread, was introduced by Barney Butter in December 2021.
• Artisana Organics, a manufacturer of organic nut butters, introduced a new range of almond butters in November 2021 that included superfood ingredients like maca, turmeric, and spirulina.
• A new line of almond butter squeeze packs in three flavors was introduced by the well-known protein bar manufacturer RXBAR in October 2021.

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