Peanut Butter Market Size, Share, and Industry Report [2031]

Segments - Peanut Butter Market by 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), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Anuradha B. More

Fact-checked by : Vaibhav Chandola

Editor : Shruti Bhat

Report Description

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.

Attributes	Details
Report Title	Peanut Butter Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	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)
Regional Scope	Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Report Coverage	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.

Regional Analysis

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.

Segments

Types

Creamy Peanut Butter
Crunchy Peanut Butter
Natural Peanut Butter
Reduced Fat Peanut Butter
Smooth Peanut Butter
Honey Roasted Peanut Butter

Distribution Channels

Convenience Stores
Online Stores
Supermarkets/Hypermarkets
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Hormel Foods Corporation
ConAgra Food Inc.
J.M. Smucker Company
Sonya Foods
Algood Food Co.
Dr. Oetker India Pvt. Ltd.
Kraft Foods
Unilever

Competitive Landscape

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.

Peanut Butter Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Peanut Butter Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Peanut Butter Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Peanut Butter Market - Supply Chain
  4.5. Global Peanut Butter Market Forecast
     4.5.1. Peanut Butter Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Peanut Butter Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Peanut Butter Market Absolute $ Opportunity
5. Global Peanut Butter Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Peanut Butter Market Size and Volume Forecast by Types
     5.3.1. Creamy Peanut Butter
     5.3.2. Crunchy Peanut Butter
     5.3.3. Natural Peanut Butter
     5.3.4. Reduced Fat Peanut Butter
     5.3.5. Smooth Peanut Butter
     5.3.6. Honey Roasted Peanut Butter
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Peanut Butter Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Peanut Butter Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Peanut Butter Demand Share Forecast, 2019-2026
7. North America Peanut Butter Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Peanut Butter Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Peanut Butter Market Size and Volume Forecast by Types
     7.4.1. Creamy Peanut Butter
     7.4.2. Crunchy Peanut Butter
     7.4.3. Natural Peanut Butter
     7.4.4. Reduced Fat Peanut Butter
     7.4.5. Smooth Peanut Butter
     7.4.6. Honey Roasted Peanut Butter
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Peanut Butter Demand Share Forecast, 2019-2026
8. Latin America Peanut Butter Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Peanut Butter Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Peanut Butter Market Size and Volume Forecast by Types
     8.4.1. Creamy Peanut Butter
     8.4.2. Crunchy Peanut Butter
     8.4.3. Natural Peanut Butter
     8.4.4. Reduced Fat Peanut Butter
     8.4.5. Smooth Peanut Butter
     8.4.6. Honey Roasted Peanut Butter
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Peanut Butter Demand Share Forecast, 2019-2026
9. Europe Peanut Butter Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Peanut Butter Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Peanut Butter Market Size and Volume Forecast by Types
     9.4.1. Creamy Peanut Butter
     9.4.2. Crunchy Peanut Butter
     9.4.3. Natural Peanut Butter
     9.4.4. Reduced Fat Peanut Butter
     9.4.5. Smooth Peanut Butter
     9.4.6. Honey Roasted Peanut Butter
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Peanut Butter Demand Share Forecast, 2019-2026
10. Asia Pacific Peanut Butter Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Peanut Butter Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Peanut Butter Market Size and Volume Forecast by Types
     10.4.1. Creamy Peanut Butter
     10.4.2. Crunchy Peanut Butter
     10.4.3. Natural Peanut Butter
     10.4.4. Reduced Fat Peanut Butter
     10.4.5. Smooth Peanut Butter
     10.4.6. Honey Roasted Peanut Butter
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Peanut Butter Demand Share Forecast, 2019-2026
11. Middle East & Africa Peanut Butter Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Peanut Butter Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Peanut Butter Market Size and Volume Forecast by Types
     11.4.1. Creamy Peanut Butter
     11.4.2. Crunchy Peanut Butter
     11.4.3. Natural Peanut Butter
     11.4.4. Reduced Fat Peanut Butter
     11.4.5. Smooth Peanut Butter
     11.4.6. Honey Roasted Peanut Butter
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Peanut Butter Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Peanut Butter Market: Market Share Analysis
  12.2. Peanut Butter Distributors and Customers
  12.3. Peanut Butter Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Hormel Foods Corporation
     12.4.2. ConAgra Food Inc.
     12.4.3. J.M. Smucker Company
     12.4.4. Sonya Foods
     12.4.5. Algood Food Co.
     12.4.6. Dr. Oetker India Pvt. Ltd.
     12.4.7. Kraft Foods
     12.4.8. Uni