Market Size of Nut Based Spread Industry
| 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.
