The global almond butter market is expected to reach a market valuation of US$ 643.0 Mn by the year 2021, accelerating with a CAGR of 6.7% by 2022-2032. Almond butter sales are likely to account for ~21% of the demand in the global plant-based butter market, valued at US$ 2.9 Bn in 2021.
According to Future Market Insights, business to consumer (B2C) model has become more important in the food and beverage sector due to social media influence and growing preference for online purchasing. Hence, several almond butter manufacturers are turning towards B2C practices to serve customers globally.
B2C model supports an expanded customer reach in the global market at minimum costs. Penetration of online retail platforms such as Walmart, Amazon, Tesco, Costco, and others are propelling the sales of almond butter.
Consumers are extensively preferring online platforms with zero-contact purchasing. Hence, B2C has emerged as a major strategy for players in the almond butter market.
“Availability of numerous brands of almond butter under one roof in supermarkets and hypermarkets are providing customers more options, aiding the growth in global almond butter market. Over the assessment period, the customer-centric strategy and improved shopping experience will continue to draw consumer attention and drive market statistics.” said a lead analyst at FMI.
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Inflow of Massive Investment from Venture Capitalists
Vegan food products are booming in the global market, prompting a slew of capital investors to invest money into vegan food manufacturing firms. Vegan food producers are eyeing for financial back up in order to expand their operations and cater to international clientele. In the U.S, investments totaled US$ 747 million in 2019, up 11% from the previous year.
Other countries, such as the U.K., Germany, Australia, Japan, and India, are witnessing an upsurge in vegan food production investment. For instance, in 2019, Miyoko’s Creamery, a startup based in the United States, received $6 million in B series funding. Katjesgreenfood, a Katjes Group affiliate, has invested in Fora, a European vegan butter business.
Growing Flexitarian Population to Boost Demand for Almond Butter
Economists have dubbed 2019 as the vegan year, owing to the market’s rapid rise and rising vegan product consumption. Veganism, however, is only one pillar of the burgeoning business.
The market’s expansion is also due to the quick increase in the number of flexitarian consumers. Traditional dairy-based butter eaters are increasingly identifying as flexitarians, with the goal of reducing, their consumption of animal-based goods.
Hence, some of the leading companies offering almond butter are Olam International Ltd., Treehouse Almonds, Petrow Food Group, Barry Callebaut AG, Big Tree Organic Farms, Harris Woolf Almonds, Rapunzel Naturkost, All Organic Treasures GMBH, Tapia Foods, Napa Nuts, Caro Nut Company, United Food India, Royal Nut Company, and Other.
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Get Valuable Insights into Almond butter market
Future Market Insights, in its new offering, provides an unbiased analysis of the Almond butter market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
Almond Butter Market By Category
By Nature:
- Organic Almond Butter
- Conventional Almond Butter
By Form:
- Spreads
- Liquid
- Blocks
By End Use:
- Food and Beverage Industry
- HoReCa
- Household Retail
By Sales Channel:
- B2B
- B2C
- Modern Trade
- Convenience Stores
- Traditional Grocery Stores
- Specialty Stores
- Online Retail
- Other Retail Formats
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle east and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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