USD 654.64 million
Report ID: SQMIG30H2155 | Region: Global | Published Date: January, 2024 | Pages: 157 | Tables: 61 | Figures: 80
Global Almond Butter Market size was valued at USD 654.64 million in 2021 and is poised to grow from USD 705.7 million in 2022 to USD 1286.98 million by 2030, growing at a CAGR of 7.8% in the forecast period (2023-2030).
The insatiable appetite of consumers all over the world for healthy food products owing to evolving consumer preferences and rising awareness regarding the consumption of nutritious foods is slated to boost demand for almond butter over the coming years. Creamy spread made from almonds is a healthier breakfast alternative to carb and fat-heavy breakfast spreads that are popularly available in the marketplace. The surging popularity of veganism and the rising number of people opting for plant-based foods are also driving almond butter sales. High protein and healthy fat content of almond butter are what make it a preferred choice for people looking for healthy food alternatives. The added cardiovascular benefits associated with the consumption of almonds are also estimated to favor almond butter market growth in the future. Product innovation is projected to be a key area of focus for almond butter manufacturers all over the world and the demand for almond butter is predicted to be higher in developed economies as compared to developing economies in the long run.
Global Market Size
USD 654.64 million
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The global almond butter market is segmented based on nature, product type, distribution channel, and region. On the basis of Nature, the market is segmented into Organic, Conventional. In terms of product type, the market is bifurcated into Regular and Flavored. Based on Distribution Channel, the market is segmented into Supermarkets/Hypermarket, Specialty store, Online store, and Others. On a regional level, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Nature
Conventional almond butter accounts for a dominant market share and is projected to maintain a similar stance over the coming years. Almond butter made from almonds that are grown using conventional farming methods is known as conventional almond butter. This type of farming may include the use of fertilizers and pesticides made from synthetic materials. Conventional almond butter is widely available in different distribution channels and is much more affordable as compared to its organic counterpart. The lower price point and added health benefits, allow conventional almond butter to hold a high market share.
Demand for organic almond butter is forecasted to increase at a fast pace across the forecasted period. Almonds that are farmed from organic methods without the use of synthetic pesticides and fertilizers are used to make organic almond butter. Growing consumer awareness regarding the benefits of organic foods, rising willingness to spend more on organic food products, and high preference for plant-based nutrition are key factors that are slated to boost demand for organic almond butter in the future. A high focus on health and fitness coupled with an increasing vegan population is estimated to bolster almond butter sales outlook going forward.
Analysis By Product Type
Almond butter made from pure almonds without any additives and added ingredients accounts for a dominant market share. High preference for the nutty and natural taste of almonds without any added flavors is high among consumers around the world and this is what allows this segment to hold dominance. The versatile application of pure almond butter is also a factor that is boosting its sales. High use in baking applications is also contributing to its high market share. The healthy fat content of this type of product also makes it a preferable choice for health-conscious consumers around the world.
Sales of flavored almond butter are projected to soar high in the long run as consumer preferences continue to evolve. Product innovation has led to the creation of almond butter with different flavors that are created by adding and infusing different ingredients to create an appealing taste. Honey almond butter, cinnamon almond butter, chocolate almond butter, and maple almond butter are some of the most popular types of flavored almond butter. Added sweetness and savory notes of certain flavored almond butter also make them more appealing to consumers who have a wide taste palette. Evolving consumer preferences are slated to drive up the demand for flavored almond butter in the long run.
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North America leads the world in terms of almond butter demand and holds a prominent market share. The high consumption of almond butter by people in this region and the growing production of the same are contributing to the significant market share of North America. The presence of key almond butter manufacturers and the rising popularity of the health benefits of almond butter in this region are driving the market growth. Growing health consciousness and the rising popularity of veganism are also boosting almond butter sales. The United States and Canada are leading markets.
The Asia Pacific region is estimated to emerge as the fastest-evolving market in the world. Changing consumer preferences are projected to bolster demand for almond butter in this region as the focus on health and fitness increases among Asian people. Rising disposable income and the growing availability of different plant-based nutrition products are also adding to the growth of this regional market. India, China, Japan, and South Korea are predicted to be the top markets for almond butter vendors in the long run.
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Health and Wellness Trends:
Plant-Based and Vegan Diets:
Price Volatility of Almonds:
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The competition is intense in the global almond butter market as companies are continually focusing on product innovation to boost their sales and market share. The growing popularity of nut butter owing to rising health consciousness is what almond butter suppliers are leveraging to boost their sales potential. Almond butter manufacturers are continually focusing on creating new almond butter with unique flavors and using creative marketing strategies to boost their sales potential. Digital campaigns and collaborations with fitness influencers are also popular strategies that are being adopted by almond butter vendors around the world. almond butter companies are also focusing on capitalizing on the surging popularity of veganism across the world. Market players are also focusing on maximizing their supply of organic almond butter to satisfy the quench for healthier food products among health-conscious people around the world. Sustainable packaging practice is also a key trend that almond butter manufacturers will be focusing on in the future. Companies are also focusing on including local flavors and tastes to attract consumers from different parts of the world by developing meaningful partnerships with local companies.
Top Player’s Company Profile
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, increasing health-conscious and evolving consumer preferences are slated to boost almond butter demand outlook in the long run. High adoption of nutritious food products and rising focus on health and fitness around the world are also driving market growth. Growing popularity of veganism and rising demand for plant-based protein products are also contributing to the rapid almond butter market growth over the coming years. North America is forecasted to maintain a dominant market share of the global almond butter market owing to the presence of key almond butter brands and high consumption of almond butter. Meanwhile, changing consumer preferences are making Asia Pacific the fastest-growing regional market. On the contrary, price volatility of almonds and allergen concerns among people are slated to slow down market growth in the future. The growing popularity of veganism and high demand for innovative almond butter products are trends that can allow companies to maximize their business in the long run.
|Market size value in 2021
|USD 654.64 million
|Market size value in 2030
|USD 1286.98 million
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Almond Butter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Almond Butter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Almond Butter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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