According to Technavio’s market research report, the global market for nut oils and butters is expected to grow at an annual rate (CAGR) of close to 6% between 2018 and 2022. Technavio mentions several influencing factors for this positive trend, with the growing global vegan population already regarded as a primary factor. In addition, the report provides an analysis of key trends that may or will affect market prospects over the forecast period.
Increasing product launches of nut oil and nut butter products are driving market growth. Successful product launches help manufacturers to increase their sales and leave room for competition, which in turn drives the market forward. In addition to the increasing number of product launches, the growing number of vegans is primarily responsible for this growth.
The popularity of veganism is driven by the many health benefits of a vegetarian diet. Nut oils are rich in fatty acids such as oleic, palmitic and linoleic acids, which are essential for the human body. Peanut oil is also cholesterol-free, and the presence of plant sterols helps to lower cholesterol levels. Many restaurants are recognizing the trend towards veganism and expanding their menu to attract vegan customers. Vegan cheeses, vegan cakes, vegan burgers and vegan drinks are important factors influencing and promoting market growth over the forecast period.