The almond butter market demand is expected to increase during the forecast period. This is attributable to the rising demand for almond butter from cosmetics
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 one of the type of vegan butter that is made out of almonds. From the past few years, there has been rise in the demand for almond butter majorly among the health conscious consumers. This is attributable to its benefit of helping in weight loss, high nutritional value and others. This in turn is driving the growth of the almond butter market in terms of value sales. Additionally, Almond butter are easily available through various distribution channel including departmental store, supermarkets, online stores and other which in turn is contributing in propelling the almond butter market growth in terms of value sales.
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Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. Product launch with key stakeholders is expected to be a key strategy to sustain in the market. In the recent past, many leading players opted for product launch strategies to strengthen their foothold in the market. To understand the key almond butter market trends, strategies of leading players are analyzed in the report. Some of the key players in the almond butter market analysis includes Nestle, Shedd’s Country Crock, Social Nature, Prana, HallStar Company, Justin’s, California almonds, Barney Butter , once again nut butter and MORRISONS LTD.
From past few years, there has been a huge surge in the demand for plant-based diet including plant-based butter such as almond butter as consumers prefer to change their diet and opt for plant-based products. This is mainly due to the rising consumer awareness towards animal cruelty in majorly in European countries like UK, Germany and others. Many consumers are moving to an entirely plant-based diet, which propels the demand for almond butter contributing toward the growth of the market.
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The outbreak of coronavirus has negatively impacted the almond butter industry along with all stages of supply chain and value chain. Presently, supply chain is far more complex as compared to what it was a decade ago. The COVID-19 pandemic has not only hampered production facilities, however, also disrupted supply chains such as 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).
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Key findings of the study
By nature, the conventional segment accounted for the highest share in 2020, growing at a CAGR of 12.1% from 2021 to 2030.
By product type, the regular segment accounted for the highest Almond butter market share in 2020, growing at a CAGR from 2021 to 2030.
By distribution channel, the supermarket/hypermarket segment accounted for the highest market share in 2020, growing at a highest CAGR of from 2021 to 2030.
By region, Europe occupied the maximum share in the market in 2020 and is expected to be the dominating segment during the Almond butter market forecast period.
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