Peanut Butter Market Outlook
The global peanut butter market size was valued at USD 6.09 Billion in 2022 and is likely reach to USD 11.10 Billion by 2031, expanding at a CAGR of 6.9% during the forecast period, 2023-2031. The market growth is attributed to its rising food applications including brownies, cakes, salads, rolls, cornbread, frostings, and chocolates.
Peanuts are an essential crop farmed worldwide and are economically used for the production of oil, confections, flour, butter, and snack goods. Peanut butter is a culinary paste that dates back to the Aztecs and is produced mostly from ground dry roasted peanuts.
The presence of heart-healthy monounsaturated fat in peanuts expands their nutritional value and flavor. It's a great alternative to milk butter. Peanut butter is one of the most consumed food spreads and is created by crushing and dry-roasting peanuts.
It is a high-energy food that is commonly promoted as a milk butter alternative. Aside from energy, it also contains protein, fiber, and unsaturated fats, as well as a variety of minerals such as zinc, potassium, magnesium, Vitamin E, and calcium oxalate. The nutritional composition increases its food applications, including brownies, cakes, salads, rolls, cornbread, frostings, and chocolates.
Peanut Butter Market Trends, Drivers, Restraints, and Opportunities
- Rising health consciousness as well as consumer adoption of healthier food options containing plant-based components are important drivers for the global peanut butter market.
- Rise of hectic living schedule and the expanding demand for low-calorie nutritious food are driving expansion of the peanut butter market.
- Changing lifestyles and a move toward the consumption of convenience foods are likely to drive the peanut butter market.
- Rise in product prices and the emergence of various allergies can hinder the market expansion.
- Consumers are becoming more concerned about their health as chronic conditions such as high blood pressure and heart problems become more prevalent, which can open up new opportunities for the peanut butter market.
Scope of Peanut Butter Market Report
The report on global peanut butter market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Peanut Butter Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
Types (Creamy Peanut Butter, Crunchy Peanut Butter, Natural Peanut Butter, Reduced Fat Peanut Butter, Smooth Peanut Butter, and Honey Roasted Peanut Butter), Distribution Channels (Convenience Stores, Online Stores, Supermarkets/Hypermarkets, and Others)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report
Hormel Foods Corporation, ConAgra Food Inc., J.M. Smucker Company, Sonya Foods, Algood Food Co., Dr. Oetker India Pvt. Ltd., Kraft Foods, and Unilever
Peanut Butter Market Segment Insights
Type Segment Analysis
Based on types, the peanut butter market can be segmented into creamy peanut butter, crunchy peanut butter, natural peanut butter, reduced fat peanut butter, smooth peanut butter, and honey roasted peanut butter. The smooth peanut butter segment is projected to hold significant market share due to its simpler use. It can blend well with smoothies and desserts.
The crunchy and creamy peanut butter segments is anticipated to expand at a robust pace during the forecast period. Crunchy peanut butter has higher fiber and folate, which are both important for your health, while creamy peanut butter options can have a slightly higher protein level, opting for fiber over protein, providing the same gratifying impact while also aiding in excellent digestion.
Distribution Channels Segment Analysis
On the basis of distribution channels, the market can be fragmented into convenience stores, online stores, supermarkets/hypermarkets, and others. The supermarkets/hypermarkets segment is anticipated to account for a substantial share.
Consumers benefit from the convenience of these outlets as well as a diverse selection of brands and product variants. The online stores segment is estimated to expand at a rapid pace in the near future due to growing customer reach, logistics assistance, and readily available feedback.
In terms of regions, the peanut butter market can be categorized as Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America is expected to dominate during the forecast period, with the US serving as the region's growth engine.
Increased consumer disposable income, simple availability of raw materials, and expanding demand for nutritional products are major factors contributing the most to overall market income.
The market in Asia Pacific is expected to expand at a high CAGR during the forecast period. Emerging economies such as China and India acting as regional drivers. With a rise in per capita peanut butter consumption in the Asia Pacific, the market is expected to develop significantly.
- Creamy Peanut Butter
- Crunchy Peanut Butter
- Natural Peanut Butter
- Reduced Fat Peanut Butter
- Smooth Peanut Butter
- Honey Roasted Peanut Butter
- Convenience Stores
- Online Stores
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the global peanut butter market are Hormel Foods Corporation, ConAgra Food Inc., J.M. Smucker Company, Sonya Foods, Algood Food Co., Dr. Oetker India Pvt. Ltd., Kraft Foods, and Unilever.
These players have actively engaged in several market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to strengthen their geographical presence and expand their customer base globally.