Peanut Butter Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Peanut Butter Market grew at a CAGR of 6.4% between 2017-2021 and is estimated to be US$ 6,367.1Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.1% and is expected to reach a valuation of US$ 11,510.5Mn by 2032 end.
The global demand for peanut butter is driven by the rising trend of health consciousness and the increasing demand for high-protein food products among young people and millennials. On the other hand, new prospects for the peanut butter industry will arise as consumers become more concerned about their health due to the rise in chronic illnesses, including high blood pressure and heart disease. The expansion of the global industry is also being aided by changing lifestyles and an increase in the trend for quick meals.
ChemView Consulting has analyzed that consuming peanut butter is a high-quality food product with many nutritional benefits. It contains plenty of fiber, vitamins, minerals, protein, and fat. The vitamin E content of peanut butter is essential for correcting eyesight and muscular alignment. It also serves as an antioxidant, allowing it to fight off many diseases like cancer and joint inflammation. The worldwide peanut butter market is predicted to grow throughout the forecast period as people spend money on healthy products with equivalent nutritional value.
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About 42.5% of market revenues were in the crunchy market segment. Because people prefer crunchier peanut butter more, the product has a larger market share. It is commonly thought that crunchy peanut butter is a little bit healthier because it contains more fiber and less saturated fat than creamy peanut butter. Crunchy peanut butter variants are predicted to expand substantially over the projected period due to their growing popularity among kids and teenagers.
Segments Covered in Report
By Product Type:
- Smooth Peanut Butter
- Crunchy Peanut Butter
- Chocolate Peanut Butter
By Distribution Channel:
- Convenience Stores
- Mass Grocery Retailers
- Specialty Stores
- Online Retailers
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Peanut Butter Market
- Based on the product type, about 42.5% of market revenues were in the crunchy market segment. Because people prefer crunchier peanut butter more, the product has a larger market share. It is commonly thought that crunchy peanut butter is a little bit healthier because it contains more fiber and less saturated fat than creamy peanut butter. Crunchy peanut butter variants are predicted to expand substantially over the projected period due to their growing popularity among kids and teenagers.
- Based on the region, on a revenue basis, North America held the largest market share at nearly 44.9%. The greater peanut butter consumption in the United States is mostly to blame for the region’s larger market share. One of the most popular flavors in America, peanut butter, is consumed by 90% of American households, according to the National Peanut Board.
Key companies covered in the market study are Procter & Gamble, Unilever, The J.M. Smucker Company, Hormel Foods Corporation, Boulder Brands Inc., Kraft Canada Inc., Algood Food Company Inc., Kellogg Company, Conagra Brands, Inc., Kraft Foods, Mars, Inc., Oetker Group, The Hershey Company, Unilever Plc, Associated British Foods plc
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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