The global cashew nut butter market size is being positively impacted by the high versatility of butter extracted from cashews, concludes Fortune Business Insights™ in its report titled “Cashew Nut Butter Market, 2021-2028”.
Cashew nuts are consumed as a snack globally. One of its derivatives is cashew nut butter, derived either from roasted or baked cashews. This butter is not only a great source of fibers but also contains antioxidants, minerals, and vitamins. The nut has poly-unsaturated fatty acids, which help lower (LDL) low-density lipoproteins and increase the (HDL) high-density lipoproteins in the body. The butter has the nutritional capacity to provide around 12% of the daily fat requirement, along with 8% of daily saturated fat required by the human body. In the culinary industry, this butter is consumed as a bread spread, thickener, and additive to various shakes, soups, and sauces to enhance their flavor.
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The cashew nut butter market growth has been impeded by the COVID-19 pandemic as cashew nuts are expensive and only grow in certain climatic conditions. Cashews are native to tropical climates and thrive even in high temperatures. The lockdown during the pandemic created significant blockages in the export of cashew nuts globally. The lack of cashew nut supplies amid COVID-19 has thus hindered the growth of this market.
By type, the market is divided into regular and sodium-free. Based on form, it is bifurcated into crunchy and creamy. Under application, this market has been categorized into bakery, confectionery, spreads, and condiments. In terms of region, the global market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report studies the multiple intricacies of the market, such as driving factors and challenges, and supplies predictions based on primary, secondary, and tertiary research. The report is further enhanced with key players’ strategies and development plans and pays meticulous consideration to the regional developments in this market.
Growing Popularity of Cashew Nut among Working Professionals to Aid Expansion
The rising number of working professionals has necessitated the availability of ready-to-eat or quick-to-make foods worldwide. Consumers are looking for a quick and yet nutritious alternative for various other spreads available in the market. Cashew nut butter has risen up to the challenge and is quickly gaining momentum as it liked in general by people and is a healthy alternative to other snacks. Cashews are also proven to improve heart health, maintain weight, and prevent the development of chronic conditions, such as cancer. These valuable properties of cashews are increasing their demand among the working class, who are in constant need of nutrition. Furthermore, people with peanut allergies are preferring butter made from cashews as an alternative to peanut butter, which is opening another expansion avenue for this market.
However, despite their benefits, cashews are not a globally found ingredient and are usually exported by non-tropical countries. The export of these nuts makes the final product expensive and unaffordable for many. Also, global warming has destroyed certain tropical regions ideal for cashew nut production, which has become a major restraint in the growth of the cashew nut butter industry.
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High Demand for Dairy-Free Products to Boost the North America Market
North America is dominating the cashew nut butter market share as the rising adoption of veganism has shifted consumer preference towards plant-based spreads. The Asia Pacific market is also growing faster as countries such as Vietnam and India are some of the largest consumers and producers of these nuts globally. Moreover, with readily available raw material in these countries, manufacturing cashew nut butter and other cashew derivatives is easier here than in other countries. Several cashew butter producers are establishing their units in these countries as they are endowed with suitable climatic conditions and the availability of manpower is in abundance.
Europe is also anticipated to show substantial growth in this market, backed by a widespread demand for healthy snacking options. The Europe market is already one of the largest importers of cashews, and a shift towards plant-based diets is boosting the regional market.
Key Players to Tap the Unique Properties of Cashew Nuts to Create Novel Offerings
Key players operating in the global market include Bliss Nut Butters, Betsy’s Best Inc., Once again, Funky Nut Co., and many more. These companies are focused on leveraging the versatility of cashew-based butter to formulate innovative offerings for consumers. With these new products, competitors are aiming at deepening their presence in the market and augmenting their business prospects.
January 2020: Jackpot Cashew Nuts Industries launched an assortment of cashew nut waste snacks and food items to generate revenue. The company has started producing salted cashews, cashew nut oil, honey-covered cashews, and cashew nut butter at its factory in Bangladesh.
March 2019: Hormel Food Corporation, under its subsidiary Justin’s, launched a high-quality product, Cashew Butter-covered Cashews. The United States Department of Agriculture has certified the product as organic, dairy-free, and gluten-free.
List of Key Players Profiled in the Cashew Nut Butter Market Report:
- Hormel Foods Corporation
- Bliss Nut Butters
- Funky Nut Company
- Once Again Nut Butter
- Betsy’s Best
- Pip and Nut Ltd.
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