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 |
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 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 | |||||||||
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Nut Based Spread Market Size Summary
The nut-based spreads market is experiencing significant growth, driven by increasing consumer demand for healthier alternatives to traditional spreads. This shift is largely due to rising health consciousness, with consumers seeking products that cater to gluten intolerance and allergen concerns. Nut-based spreads, such as hazelnut and almond, are gaining popularity for their nutritional benefits and are being incorporated into various food categories, including snacks, dairy, bakery, and confectionery. Manufacturers are responding to this demand by introducing innovative flavors and products, such as Orinoco Foods' "Nutti Cream," which combines hazelnut with chocolate. The market is also seeing a rise in vegan and cruelty-free products, appealing to consumers who prioritize ethical considerations in their food choices.
In North America, the nut-based spreads market is well-established, with a strong presence of major brands like Nutella. The region's consumers are increasingly opting for low-calorie and low-fat options, driven by health concerns such as diabetes and heart disease. The market is characterized by a high level of competition, with key players like JM Smucker's, Kraft Foods Group, and ConAgra Foods Inc. focusing on expanding their product ranges and enhancing distribution networks. Recent product launches, such as Toffife's new hazelnut spreads in the UK and Hershey India's almond and cocoa flavors, highlight the ongoing innovation in the market. The fragmented nature of the industry encourages companies to strengthen their market positions through strategic partnerships and product diversification.
Nut Based Spread Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Peanut-based Spreads
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2.1.2 Almond-based Spreads
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2.1.3 Walnut-based Spreads
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2.1.4 Cashew-based Spreads
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2.1.5 Hazelnut-based Spreads
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2.1.6 Other Product Types
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2.2 Distribution Channel
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2.2.1 Supermarkets/Hypermarkets
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2.2.2 Convenience Stores
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2.2.3 Specialist Retailers
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2.2.4 Online Retail Stores
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2.2.5 Other Distribution Channels
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 United Arab Emirates
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2.3.5.3 Rest of Middle East and Africa
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Nut Based Spread Market Size 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.
