Nut Butters Market - by source (edible nuts, vegetable extracts, oilseeds and others), packaging (squeeze packs, jars and others), application (Table purpose, confectioneries, bakery products, snacks and others) and Region - Forecast to 2027
pune, India -- (SBWIRE) -- 05/02/2018 -- Market Overview:
Increasing awareness regarding health benefits of nut benefits is fueling the demand for the product owing to which the market for nut butters is growing at a striking rate globally.
Nut butters can be prepared using several nuts such as almond, peanuts, cashews, seeds (pumpkins, sesame, etc). Nut butters. Among all the varieties, peanut butter is most widely used. However, growing incidences of peanut allergy, consumers have shifted to other alternatives owing to rising awareness level about the product availability. In addition, nut butter contains essential nutrients such as fiber, protein, vitamins and minerals, and healthy fats, among others. These healthy benefits of nut butters are likely to give a push to market growth. The product can help in improving cholesterol level, aid in weight loss, and can help in stabilizing blood sugar level.
Furthermore, the product is available in variety of flavors such as chocolate, vanilla, among others, which attracts consumers' attention. Also, apart from being used as a spread, it can also be blended in sauce, can be used in bakery products, as well as can be used for preparing smoothie owing to their distinct taste and flavor. Therefore, the versatile uses of the product are likely to give impetus to the demand for the product during the forecast period.
In addition, growing demand for clean label, natural and organic food products, provides opportunity to the manufacturers for product diversification which will support them in capitalizing on the opportunity. Furthermore, availability of the product in attractive and convenient format such as on-the-go squeeze pack has attracted consumers' attention. Also, the key manufacturers have been active with launching "free-from" nut butters to cater to the needs of health conscious consumers which helped the companies in increasing its consumer base.
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Latest Industry Updates:
Mar 2018- RX Bar, a subsidiary of Kellogg Co. is planning to launch nut butter spread. The new product launch is in line with company's business policy to diversify its product portfolio.
Jan 2018- Fuel 10K launched three peanut butters in squeezy, resealable pouches. The product is available in smooth and crunchy version.
Mar 2017- Pacific Beach Co. Inc. launched new protein peanut butters. The product contains whey protein isolates which is easily digestible and aid in muscle growth.
Jul 2016- Probar LLC introduced a new line of plant based organic nut butters. The product category include peanut and almond blends.
Owing to growing health and wellness trend and increasing consumers' awareness about nut butters, the key manufacturers are investing in research and development for the launch of novel product. They have been diversifying their product portfolio by offering "free-from" and organic nut butters. In addition, the products are being made available in different flavors to attract consumers' attention. The key manufacturers are also opting for strategic acquisition to expand geographical reach and strengthen product portfolio. For instance, Kellog Co, acquired RXBAR which is planning to nut butters to capitalize on the growing demand. Customizing product as per local taste and preferences and keeping with the changing consumers preferences will support manufacturers in augmenting their profit margin.
The key players profiled in global nut butters market report include- Hormel Foods (USA), Funky Nut Company (UK), Futter's Nut Butters (USA), Vermont Peanut Butter (USA), NuttZo Co (USA), Krema Nut Co (USA), Bliss Nut Butters (USA), Betsy's Best (USA), Barney Butter (USA) and Saratoga Peanut Butter Co (USA), and The JM Smucker Company (USA) among many others.
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The global Nut Butters market is segmented into Source, Packaging, Application, and by Region
On the Basis of Source- Edible Nuts, Vegetable Extracts, Oilseeds, and Others
On the Basis of Packaging- Squeeze Packs, Jars, and Others
On the Basis of Application- Table Purpose, Confectioneries, Bakery Products, Snacks, and Others
On the Basis of Region- North America, Europe, Asia-Pacific, ROW
The global nut butters market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Europe accounts for the largest market share followed by North America. Health benefits associated with the consumption of nut butters is driving the market in the region. Asia-Pacific market is the fastest growing segment owing to increasing demand for the product. Increasing awareness about the availability of the product owing to aggressive promotional activities has fuelled the market growth in the region.