Almond-based Spreads Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Almond-based Spreads Market Analysis
The almond-based spreads market is projected to register a CAGR of 5.8 % during the forecast period.
The increase in lifestyle diseases all over the world, such as obesity, diabetes, and cardiovascular disorders, among others, has led consumers to adopt healthier food choices. The health benefits associated with almonds drive the growth of the almond-based spreads market. The manufacturers in the industry claim that almond-based spreads have essential nutrients, such as fiber, calcium, iron, magnesium, riboflavin, vitamin E, and zinc. Hence, consumers are replacing traditional items, such as jams, sauces, and mayonnaise, with almond-based spreads. Moreover, consumer preference is influenced due to the presence of healthy fats in almonds that lead to better skin, hair, metabolism, energy, and immunity.
The increasing concern of peanut allergies is prevalent in countries such as the United States, Canada, the United Kingdom, and Australia, among others. This is estimated to boost the sales of almond-based spreads as consumers are looking for alternative vegan spreads. Further, the differentiation of almond-based spreads with the inclusion of new flavors and organic certification is the key factor driving the growth of the market studied.
Almond-based Spreads Market Trends
This section covers the major market trends shaping the Almond-based Spreads Market according to our research experts:
Consumer Inclination Toward Healthy Food
An increase in consumer desire for healthy food options and shifting food consumption habits are the main factors driving the global demand for almond-based spreads. The rising concern of lifestyle disorders, such as obesity, diabetes, and cardiovascular diseases, is influencing consumer shift toward a plant-based diet. Thus, the growing consumer preference for vegan foods is the key factor promoting the adoption of almond-based spreads as a substitute for animal-based spreads, such as butter and mayonnaise.
Further, the growing number of vegan and vegetarian consumers due to the rising popularity of dairy-free and meat-free meals is anticipated to drive the sales of almond-based spreads during the forecast period. Adding on, these consumers perceive nuts as a great protein alternative, creating a huge opportunity for nut-based products, such as almond-based spreads. Moreover, changing consumer lifestyle choices, such as organic, low-calorie, and keto-friendly diets, are influencing manufacturers to innovate their product offerings. For instance, in October 2021, Maison des Noix, a Japanese brand of nut butter, launched a new line of nut spreads, including almond butter, cashew butter, and pumpkin seed butter. All products are JAS and EU-certified organic and without any added oils, sugars, or additives.
North America Holds the Largest Share
Factors such as hectic lifestyles, the increasing working women population, and lack of time to prepare foods are augmenting the demand for quick breakfast options. The high nutritional benefits of almond-based spread over other nut-based spreads, in terms of fiber, mineral, and vitamin content, have driven the demand for almond-based spreads across the region. There has been a rising demand for sugar-reduced spreads among health-conscious and diabetic consumers. Thus, brands such as Jus' Amazin, The Butternut Co., Pintola, and d alive are offering unsweetened almond butter spreads.
Additionally, the increasingly health-conscious population engaged in sports, exercise, and outdoor activities subsequently increases the consumption of nutrient-rich food, such as almond-based spreads. According to the Physical Activity Council, the number of participants in physical activity in the United States was 232.6 million in 2021. These health and fitness enthusiasts prefer products such as almond-based spreads as they are packed with proteins and healthy fats.
Almond-based Spreads Industry Overview
The almond-based spreads market is highly competitive owing to the presence of multiple regional and multinational companies offering a wide range of almond-based spreads and trying to maintain their leadership position in the market studied.
Major players in the market include The Hershey Company, My Raw Joy, and SHS Group, among others. They hold a significant share of the market studied. Leading companies are opting for different business strategies, including product innovations, partnerships, and mergers & acquisitions, to expand their visibility and portfolio of offerings, augmenting the growth of the market studied.
Almond-based Spreads Market Leaders
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The Hershey Company
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My Raw Joy
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Ingenuity Brands
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Natural World
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ImmaculateBites (India) Private Limited
*Disclaimer: Major Players sorted in no particular order
Almond-based Spreads Market News
- May 2022: Brainiac Foods launched almond butter spreads formulated with nutrients to support brain health. The products were packaged in single-serve, squeezable packets. The product was launched in various flavors, including honey almond and chocolate almond.
- April 2022: The UK-based startup company Nuccy launched a new range of nut-based butter featuring Ashwagandha in three flavors, including Almond Coco, Peanut Coco, and Hazel Coco. Further, the company claims that the butter range is naturally vegan, sugar-free, and palm oil free.
- October 2021: Maison des Noix launched an extensive lineup of high-quality nut butters that are all EU and JAS-certified organic. Maison des Noix is an organic nut butter brand created by Maybell Japan Co Ltd, a Tokyo-based importer and distributor of organic and fine foods.
Almond-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 Type
5.1.1 Plain
5.1.2 Flavored
5.1.2.1 Cocoa Almond Spread
5.1.2.2 Coconut Almond Spread
5.1.2.3 Honey Almond Spread
5.1.2.4 Other Flavored Almond Spreads
5.2 Form
5.2.1 Smooth
5.2.2 Crunchy
5.3 Category
5.3.1 Organic
5.3.2 Conventional
5.4 Distribution Channel
5.4.1 Supermarkets/Hypermarkets
5.4.2 Convenience Stores
5.4.3 Online Retail Stores
5.4.4 Other Distribution Channel
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.1.4 Rest of North America
5.5.2 Europe
5.5.2.1 United Kingdom
5.5.2.2 Germany
5.5.2.3 Spain
5.5.2.4 France
5.5.2.5 Italy
5.5.2.6 Russia
5.5.2.7 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 Rest of Asia-Pacific
5.5.4 South America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Rest of South America
5.5.5 Middle East and Africa
5.5.5.1 Saudi Arabia
5.5.5.2 South Africa
5.5.5.3 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 Hershey Company
6.3.2 My Raw Joy
6.3.3 SHS Group
6.3.4 Natural World
6.3.5 Mayver's
6.3.6 Ingenuity Brands
6.3.7 BetterBody Foods
6.3.8 Melrose Laboratories Pty Ltd
6.3.9 ImmaculateBites (India) Private Limited
6.3.10 Aiswarya Bakes and Confections Pvt Ltd (Liso)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
Almond-based Spreads Industry Segmentation
Almond-based spread is a paste made of almonds and is often used along with bread, sandwiches, and many sweet and savory recipes.
The almond-based spreads market is segmented by product type, category, form, distribution channel, and geography. By product type, the market is segmented into plain and flavored almond spreads. The flavored almond spread is further segmented into cocoa almond spread, coconut almond spread, honey almond spread, and other flavored almond spreads. By form, the market is segmented into smooth and crunchy almond spreads. By category, the market is segmented into organic and conventional. Based on the distribution channel, the market studied is segmented into supermarkets/hypermarkets, convenience stores, online stores, and other distribution channels. It analyzes emerging and established economies worldwide, comprising North America, Europe, South America, Asia-Pacific, and Middle-East and Africa. For each segment, the market sizing and forecasts are provided in terms of the value in USD million.
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Almond-based Spreads Market Research FAQs
What is the current Almond-based Spreads Market size?
The Almond-based Spreads Market is projected to register a CAGR of 5.80% during the forecast period (2024-2029)
Who are the key players in Almond-based Spreads Market?
The Hershey Company, My Raw Joy, Ingenuity Brands, Natural World and ImmaculateBites (India) Private Limited are the major companies operating in the Almond-based Spreads Market.
Which is the fastest growing region in Almond-based Spreads Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Almond-based Spreads Market?
In 2024, the North America accounts for the largest market share in Almond-based Spreads Market.
What years does this Almond-based Spreads Market cover?
The report covers the Almond-based Spreads Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Almond-based Spreads Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Almond-based Spreads Industry Report
Statistics for the 2024 Almond-based Spreads market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Almond-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.
