Almond Butter Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Distribution Channel (B2B, B2C), By Region, And Segment Forecasts, 2023 - 2030

Almond Butter Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Distribution Channel (B2B, B2C), By Region, And Segment Forecasts, 2023 - 2030

Almond Butter Market Growth & Trends

The global almond butter market size is anticipated to reach USD 1,284.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.8% from 2023 to 2030, in terms of revenue. Consumption of plant-based products has increased as a result of the rising popularity of natural and organic diets. The increasing utilization of almond butter as an ingredient in the food & beverages processing industry and cosmetics industries is driving the growth.

The COVID-19 pandemic had a significant impact on the almond butter industry. Due to lockdowns and stay-at-home orders, there was a surge in demand for pantry staples and plant-based food products, including almond butter. On the other hand, supply chain disruptions, and reduced trade have affected the almond industry and impacted the availability and pricing of almond butter.

Almond Butter Market Report Highlights

• Based on nature, the conventional segment accounted for the largest revenue share of 88.6% in 2022. The organic segment is expected to grow at the fastest CAGR of 10.6% over the forecast period owing to the increasing health awareness and adoption of cruelty-free and non-chemical-based products.
• Based on the distribution channel, the B2B segment dominated the market and is expected to retain its position over the forecast period owing to the increasing demand from end-use industries such as the food & beverage processing industry. The B2B segment is expected to grow at a CAGR of 7.6% over the forecast period
• Europe held the largest market share of 36.3% in 2022 and is expected to retain its dominance over the forecast period due to the presence of key players such as Petrow Food Group, Biona Organic, Two Nods Nut Butter, among others
• Asia Pacific is anticipated to expand at a CAGR of 8.5% over the forecast period. The growth is primarily attributed to the increasing consumption of almond butter due to the increasing presence of startups such as Nutty Yogi, Happy Jars, and Open Secret among others, and the growing cosmetic market in developed countries such as China, Japan, and India
• Mergers & acquisitions, agreements, R&D activities, and expansions are the key strategies adopted by the companies over the past years. For instance, in February 2022, Nuts 'N More launched its range of gluten-free, all-natural, high in protein, non-GMO, low-sugar almond butter spread. The primary goal behind the new product development is to expand the product portfolio and cater to more customers

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