ResearchAndMarkets.com has released its comprehensive report on the global almond butter market, forecasting a growth of 7.8% CAGR from 2023 to 2030. The report anticipates the market size to reach USD 1,284.1 million by 2030.
The increasing demand for natural and organic products has fueled the consumption of plant-based products, including almond butter. Its usage in food & beverages processing and cosmetics industries has also contributed to this significant market growth.
The global pandemic significantly impacted the almond butter industry. Despite the surge in demand due to lockdowns, disruptions in the supply chain and reduced trade affected the industry negatively, impacting the availability and pricing of almond butter.
Key market players include Hormel Foods Corporation, BARNEY BUTTER, Nutty Novelties, 8th Avenue Food & Provisions, Hallstar, The Hain Celestial Group, Inc., Cache Creek Foods, Nuts ‘N More, Once Again, and SOPHIM IBERIA S.L.
The report further highlights that the conventional almond butter segment accounted for the largest revenue share of 88.6% in 2022. However, the organic segment is expected to grow rapidly at a CAGR of 10.6% due to the increasing health awareness and preference for cruelty-free and non-chemical-based products.
In terms of distribution channels, the B2B segment dominates the market and is expected to retain its position, growing at a CAGR of 7.6% due to increasing demand from end-use industries.
Regionally, Europe held the largest market share of 36.3% in 2022, with key players such as Petrow Food Group and Biona Organic influencing the market. Meanwhile, Asia Pacific is anticipated to expand at a CAGR of 8.5% due to increasing consumption of almond butter and the growing cosmetic market in countries like China, Japan, and India.
The report observes that companies are focusing on strategies like mergers & acquisitions, agreements, R&D activities, and expansions. For example, Nuts ‘N More launched a new range of gluten-free, all-natural, high-protein, non-GMO, low-sugar almond butter spread in February 2022 to cater to a broader customer base.
The 80-page report provides a comprehensive understanding of the almond butter market’s future trends, with insights into various factors influencing buying behavior, product adoption trends, and market dynamics.