Global Walnut Butter Market Introduction:
Walnut Butter is a vegetarian source of omega-3 fatty acids in addition to nutrition such as fiber, protein vitamins, and minerals. Global walnut butter market is expected to gain significant basis points in global butter market over the forecast period, owing to the presence of omega-3 fatty acids which act effectively in lower the risk of depression, high blood pressure, stroke, cancer, diabetes, and other heart diseases. North America and Europe are dominating the global walnut butter market, attributed to high demand for dairy-free food products across the region.
Global Walnut Butter Market Segmentation:
The global walnut butter market is segmented on the basis of packaging, distribution channel, product type, and region. Based on packaging type, global walnut butter market is sub-segmented into pouches, jars, cans, and others. Among these jars, the segment is expected to contribute for the substantial revenue share in global walnut butter market over the forecast period. Pouches segment is followed by jars segment in the global walnut butter market.
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Based on distribution channel, the global walnut butter market segmented as convenient stores, hypermarkets/supermarket, and online retail. Among which, hypermarkets/supermarket, the segment is expected to contribute for major revenue share whereas, the online retail segment is expected to expand at a significant CAGR in the global walnut butter market, attributed to increasing adoption of e-Commerce across the globe. On the basis of product type, the global walnut butter market is segmented as plane walnut butter and flavored walnut butter, wherein flavored walnut butter has significant revenue share and is expected to register significant CAGR over the forecast period.
Global Walnut Butter Market Regional Outlook:
Based on the geographies, the global walnut butter market is split into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Among the regions, North America is expected to dominate the global walnut butter market, owing to high demand for healthy and non-dairy food products across the region. Europe is followed by North America and is expected to expand at a significant growth rate in walnut butter market, owing to increasing health awareness among consumers across the regions. Asia-Pacific accounts for relatively high volume share and is expected to expand at a significant growth rate in global walnut butter market, owing to easy availability of raw material across the region. Overall, the outlook for the global walnut butter market will have a positive growth over the forecast period, the rapid rate of urbanization, rapidly growing population, and changing consumer lifestyle across the globe being a counterfeiting factor.
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Global Walnut Butter Market Dynamics:
The characteristics of walnut butter including antioxidant, anti-inflammatory, promote cognitive function, dairy-free, and heart-healthy attracts health-conscious people which are fueling the global walnut butter market. The growth of the global walnut butter market is also driven by increasing health consciousness among consumers, increasing demand for dairy-free products, and growing demand for high nutrition and less fat containing food and beverages. Macroeconomic factors fueling the global walnut butter market include growing economy, changing lifestyle, the rapid rate of urbanization, and increasing domestic income. However, the high price of walnuts restrains the demand for global walnut butter market. Some of the factors trending the global walnut butter market include mergers & acquisitions between walnut butter market players and walnut suppliers and high investment in the food industry. Companies operate in the walnut butter market can increase its share through backward integration i.e. collaboration with walnut suppliers, and offering organic and gluten-free products in the market.