Nut Based Spreads Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.63 Billion |
| Market Size (2029) | USD 6.94 Billion |
| CAGR (2024 - 2029) | 4.27 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Nut Based Spreads Market Analysis
The Nut Based Spread Market size is estimated at USD 5.63 billion in 2024, and is expected to reach USD 6.94 billion by 2029, growing at a CAGR of 4.27% during the forecast period (2024-2029).
The demand for nut-based products belonging to the categories such as snacks, dairy, bakery, and confectionery is gaining importance in the market. Increasing health concerns among consumers in the market, such as gluten intolerance and the prevalence of allergens, encourage them to opt for hazelnut and almond spreads over conventional spreads available in the market. Manufacturers are focusing on launching novel flavors in the market to cater to the demand. For instance, in September 2022, Orinoco Foods launched "Nutti Cream," a hazelnut spread that has chocolate flavoring. The products are initially retailed across Florida, Texas, Georgia, Indiana, and Illinois.
The increasing consumer health awareness and the rising disposable income across regions have encouraged people to opt for high-quality nut products. Consumer preferences for convenience products with health and wellness claims have led to high demand for nut products. The increased health consciousness and awareness have led to a change in the consumption pattern. Additionally, nut-based products are also being used for various purposes. Nut-based spreads such as hazelnut, cashew nut, and almond spreads are gaining importance in the market for their nutritional benefits. These products are often consumed as a snack and breakfast spread and included in smoothie recipes for their rich nutritional profile and flavor-adding ability. For instance, peanut butter, the most popular spread in the market, is commonly used in various recipes such as smoothies, desserts, and protein shakes.
Nut Based Spreads Market Trends
Increasing Consumer's Inclination Toward Vegan Culture and Vegan Diets
Consumers following a plant-based and vegan diet use nut-based spreads. Additionally, an increasing vegan population worldwide encourages the adoption of hazelnut spreads and other nut-based spreads available in the market. Hazelnut spreads are the second-largest segment, with only almond spreads ahead of it. Consumers seeking various healthy options of spreads are also boosting the hazelnut market. The significant players are using this opportunity to produce protein-rich spreads from plant sources.
The high sugar content of nut-based spreads with chocolate combinations has negatively impacted the market as consumers are becoming more health-conscious and looking for low-sugar substitutes, encouraging manufacturers to offer low-calorie and sugar-free products. Consumers with heart diseases majorly drive the demand for hazelnut-based products as hazelnut, an antioxidant-rich product, is linked to a reduced risk of developing heart disease. Besides, the rich hazelnut flavor of the nut spread is another factor for its high demand.
Apart from health concerns, consumers are concerned with the animal cruelty involved in manufacturing certain nut-based products. Owing to this factor, they are predominantly looking for vegan claimed, cruelty-free claimed products in the market to support the anti-cruelty against animals., thus, boosting the demand for vegan-based processed food products, such as hazelnut spreads, in the market.
North America is the Largest Market Share
The North American spreads market is well-established, and the production of nut-based spreads in the region is self-sufficient. Nut-based spreads were established in the North American market at the initial stages of the product introduction and are a part of the American breakfast. The United States contributes the majority of the region's share with extensive product availability and many consumers shifting to vegan and plant-based diets. Major brands such as Nutella dominate the market, with innovations such as spreads made with natural ingredients, i.e., free from additives like artificial sugars and gelling agents.
With increasing health concerns such as the prevalence of chronic diseases among consumers, they are primarily opting for low-calorie and low fat claimed-based spreads to maintain a healthy lifestyle. Increasing demand for low-fat spreads is a significant factor driving nut-based spreads in North America. For instance, according to the Diabetes Research Institute, as of 2022, 11.3% of the total US population suffers from diabetes, i.e., 37.3 million people. Hence, they intend to consume health-based products that claim to be low-sugar. Additionally, products that do not contain gluten ingredients are gaining importance in the market with the increasing prevalence of gluten intolerance among consumers.
Nut Based Spreads Industry Overview
The nut-based spread market is highly fragmented and competitive, with the presence of various players. The companies are making themselves more competitive by strengthening their distribution systems, entering partnerships, acquisitions, expanding product ranges, etc. Some of the major players operating in the market are JM Smucker's, Kraft Foods Group, ConAgra Foods Inc., and Hormel Foods Corporation, which dominate the market. These players are focusing on introducing products with additional claims such as vegan, gluten-free, and cruelty-free to attract consumers in the market.
Nut Based Spreads Market Leaders
The J.M. Smucker Company
The Kraft Heinz Company
Conagra Brands, Inc.
Ferrero International
Hormel Foods Corporation
*Disclaimer: Major Players sorted in no particular order
Nut Based Spreads Market News
- In April 2022, Toffife launched its new hazelnut spreads across the United Kingdom. The flavors include crunchy roasted hazelnut, the delicious caramel cup, smooth hazelnut spread, and a drop of rich chocolate. The products are offered in family packing and in-unit packing.
- In March 2022, Hershey India expanded its product portfolio in the country with the launch of two new flavors of nut-based spreads. The flavors include almond and cocoa. The products are retailed in supermarkets and convenience stores across the country.
- In January 2021, The J. M. Smucker Company was on track to boost assortment strength. Along these lines, the company's iconic brand - Jif - unveiled plans to launch Jif Natural Squeeze Creamy Peanut Butter Spread. The new product innovation under the Jif brand will be available on the digital platform and at specific retailers.
Nut Based Spreads Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Peanut-based Spreads
5.1.2 Almond-based Spreads
5.1.3 Walnut-based Spreads
5.1.4 Cashew-based Spreads
5.1.5 Hazelnut-based Spreads
5.1.6 Other Product Types
5.2 Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Specialist Retailers
5.2.4 Online Retail Stores
5.2.5 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The J.M. Smucker Company
6.3.2 The Kraft Heinz Company
6.3.3 Hormel Foods Corporation
6.3.4 Ferrero International
6.3.5 Conagra Foods Inc.
6.3.6 Nestle SA
6.3.7 The Hershey Company
6.3.8 Andros Group
6.3.9 General Mills Inc.
6.3.10 August Storck KG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Nut Based Spreads Industry Segmentation
A nut-based spread is a food product made with ground nuts. It is frequently used as a substitute for butter or margarine. The nut-based spread market is segmented into product type, distribution channel, and geography. By product type, the market is segmented into peanut-based spreads, almond-based spreads, walnut-based spreads, cashew-based spreads, hazelnut-based spreads, and other product types. Other product types include coconut and macadamia nut, pecan, and pistachio-based butter and spread. By distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, specialist retailers, online retail stores, and other channels. By geography, the market is divided into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Million).
| Product Type | |
| Peanut-based Spreads | |
| Almond-based Spreads | |
| Walnut-based Spreads | |
| Cashew-based Spreads | |
| Hazelnut-based Spreads | |
| Other Product Types |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Specialist Retailers | |
| Online Retail Stores | |
| Other Distribution Channels |
| By Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Nut Based Spreads Market Research FAQs
How big is the Nut Based Spread Market?
The Nut Based Spread Market size is expected to reach USD 5.63 billion in 2024 and grow at a CAGR of 4.27% to reach USD 6.94 billion by 2029.
What is the current Nut Based Spread Market size?
In 2024, the Nut Based Spread Market size is expected to reach USD 5.63 billion.
Who are the key players in Nut Based Spread Market?
The J.M. Smucker Company, The Kraft Heinz Company, Conagra Brands, Inc., Ferrero International and Hormel Foods Corporation are the major companies operating in the Nut Based Spread Market.
Which is the fastest growing region in Nut Based Spread Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Nut Based Spread Market?
In 2024, the North America accounts for the largest market share in Nut Based Spread Market.
What years does this Nut Based Spread Market cover, and what was the market size in 2023?
In 2023, the Nut Based Spread Market size was estimated at USD 5.40 billion. The report covers the Nut Based Spread Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nut Based Spread Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Nut Based Spreads Industry Report
Statistics for the 2024 Nut Based Spreads market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nut Based Spreads analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
