Global Walnut-Based Spread Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Organic Walnut-Based Spread, Conventional Walnut-Based Spread, Low Sugar Walnut-Based Spread, Flavored Walnut-Based Spread), By Formulation Type (Smooth, Crunchy, Blended), By Distribution Channel (Online Retail, Supermarkets, Specialty Stores, Health Food Stores), By End User (Households, Food Service Providers, Bakeries, Cafes and Restaurants) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Walnut-Based Spread Market Insights Forecasts to 2033

• The Global Walnut-Based Spread Market Size was Estimated at USD 0.83 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 7.56% from 2023 to 2033
• The Worldwide Walnut-Based Spread Market Size is Expected to Reach USD 1.72 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Walnut-Based Spread Market Size was worth around USD 0.83 Billion in 2023 and is predicted to Grow to around USD 1.72 Billion by 2033 with a compound annual growth rate (CAGR) of 7.56% between 2023 and 2033. The walnut-based spread market is being driven by health and nutritional benefits, a rise in plant-based and vegan diets, increased interest in nut and seed-based products, flavor innovation, product diversification, and the growing popularity of gourmet and artisanal products.

Market Overview

The walnut-based spread market is defined as the segment of the food sector that involves the manufacture, distribution, and consumption of walnut-based spreads. Generally, these preparations result from grinding walnuts together with other ingredients such as oils, sweeteners, and flavorings to yield materials with spreading consistency. Walnut-based spreads are generally marketed as healthier alternatives to classical spreads due to the rich nutritional composition of walnuts containing healthy fats, protein, and antioxidants. Walnut spreads are gaining popularity due to increasing health awareness among people. The consumption of walnuts can decrease the risk of getting severe diseases such as cancer, diabetes, and coronary heart disease. Moreover, the vegetarian and vegan population lists walnuts as one of the top superfoods because they are rich in protein, fiber, essential fats, vitamins, and minerals. Hence, this factor is going to keep raising the demand for walnut-based spreads due to the increased popularity of a vegan lifestyle around the world. Similarly, novel flavor profiles will always be a way of attracting niche markets such as gourmet food lovers and those seeking more interesting culinary experiences. Such kinds of innovation are expected to contribute significantly to market gain in the future.

Report Coverage

This research report categorizes the walnut-based spread market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the walnut-based spread market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the walnut-based spread market.

Driving Factors

The walnut-based spread market industry is experiencing a remarkable increase in demand due to growing health awareness among consumers. Walnuts contain high levels of omega-3 fatty acids, which are good for heart health. With growing health awareness among consumers, they are turning towards walnut-based spreads as a healthier option compared to conventional spreads such as butter or peanut butter. The walnut-based spread market industry has been experiencing innovative product offerings that enhance consumer experience and cater to divergent tastes. Producers are diversifying their walnut-based spread offerings to encompass a range of flavors and formulations, including chocolate-flavored, honey-flavored, and spiced products. This innovation draws a larger audience and encourages more consumers to include these spreads in their diets. Such innovation is likely to give an impetus to walnut-based spread market growth in the coming years.

Restraining Factors

Walnuts are more costly than other nuts, which would drive up the cost of producing walnut-based spreads. This increased cost might restrict the price affordability of such products among some users, particularly in price-sensitive markets, leading to hindering the growth of the walnut-based spreads market.

Market Segmentation

The walnut-based spread market share is classified into product type, formulation type, distribution channel, and end user.

• The conventional walnut-based spread segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.

Based on the product type, the walnut-based spread market is divided into organic walnut-based spread, conventional walnut-based spread, low sugar walnut-based spread, and flavored walnut-based spread. Among these, the conventional walnut-based spread segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to conventional walnut-based spreads being more widely known and usually employing a simpler, more traditional recipe. These spreads are widely available in retail establishments and people are more familiar with their flavor and advantages, many consumers are more inclined to select conventional goods.

• The smooth segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

Based on the formulation type, the walnut-based spread market is divided into smooth, crunchy, and blended. Among these, the smooth segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven due to consumer appetite for smooth textures that complement a variety of uses, from bread spreads to recipe ingredients. Smooth spreads tend to be more desirable since they spread more easily and have a uniform texture that makes them easier to use for a variety of purposes.

• The supermarkets segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the distribution channel, the walnut-based spread market is divided into online retail, supermarkets, specialty stores, and health food stores. Among these, the supermarkets segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to supermarkets stocking an assortment of walnut-based spreads, ranging from ordinary to organic, low-sugar, or flavored. Supermarkets often provide discounts, loyalty schemes, or bundle offers, which encourage customers to buy walnut-based spreads. The promotional offers attract price-conscious consumers.

• The household segment accounted for the majority share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the end user, the walnut-based spread market is divided into households, food service providers, bakeries, cafes, and restaurants. Among these, the household segment accounted for the majority share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The growth is attributed to walnut-based spreads are mostly utilized in homes as part of everyday or weekly meal plans. Spreads are mostly consumed by consumers for breakfast, snacks, or as a topping for fruits, crackers, or bread. Walnut-based spreads are versatile and can be utilized in different ways in a home, such as a spread on toast, in smoothies, as an ingredient for baking, or in recipes. This versatility promotes regular use within the home.

Regional Segment Analysis of the Walnut-Based Spread Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the walnut-based spread market over the predicted timeframe.

North America is anticipated to hold the largest share of the walnut-based spread market over the predicted timeframe. North American consumers increasingly focus on healthy eating, and walnut-based spreads fit perfectly with this trend based on the nutritional value of walnuts, including healthy fats and antioxidants. The growing demand among consumers for healthier alternatives to traditional spreads like peanut butter has boosted the strong demand for walnut-based spreads in the region.

Asia Pacific is expected to grow at a rapid CAGR in the walnut-based spread market during the forecast period. The APAC region is witnessing a growth due to health-conscious consumers, especially in nations such as China, Japan, India, and South Korea. With these consumers increasingly becoming aware of the health benefits of nuts, such as walnuts, the market for walnut-based spreads is on the rise. As income levels and urbanization are rising in developing countries such as India and Southeast Asia, people are looking for healthier and more variety-rich foods, which are demanding premium food such as walnut-based spreads.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the walnut-based spread market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Nuts 'N More
• Meridian Foods
• Nut Butter International
• Artisana Organics
• Kraft Heinz
• Manna Organics
• NuttZo
• Nuts to You Nut Butter
• Wild Friends Foods
• Justin's Nut Butter
• Screamin' Nuts
• PB2 Foods
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In December 2024, Spoon Roasters launched a nut butter made with English walnuts, organic maple syrup, and spices such as cinnamon and nutmeg, which provides an interesting taste experience.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the walnut-based spread market based on the below-mentioned segments: 

Global Walnut-Based Spread Market, By Product Type

• Organic Walnut-Based Spread
• Conventional Walnut-Based Spread
• Low Sugar Walnut-Based Spread
• Flavored Walnut-Based Spread

Global Walnut-Based Spread Market, By Formulation Type

• Smooth
• Crunchy
• Blended

Global Walnut-Based Spread Market, By Distribution Channel

• Online Retail
• Supermarkets
• Specialty Stores
• Health Food Stores

Global Walnut-Based Spread Market, By End User

• Households
• Food Service Providers
• Bakeries
• Cafes and Restaurants

Global Walnut-Based Spread Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa