Peanut Butter Market

Peanut Butter Market Size Analysis

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.

Peanut butter can be used in place of milk butter as a fantastic energy source. Peanut butter is a good source of protein, fiber, and unsaturated fat, as well as vitamins E and magnesium, zinc, and potassium, in addition to giving you energy.

Due to the nutritional advantages that peanut butter offers, the market is expected to grow rapidly throughout the forecast period. Furthermore, an increasing number of consumers with weight-related illnesses and rising disposable incomes in both developed and developing countries are significant factors anticipated to drive the global peanut butter market growth throughout the projected decade and after.

Market Dynamic

THE NUTRITIONAL BENEFITS OF PEANUT BUTTER ARE DRIVING THE MARKET

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.

LACK OF AWARENESS AMONG PEOPLE IN DEVELOPING NATIONS

It is anticipated that a lack of awareness among residents in underdeveloped countries will constrain the market. COVID-19’s effects on the supply chain will slow the market’s expansion. Lack of understanding and the high cost of producing peanut oil will act as market restraints and restrict the market expansion rate.

INCREASING NUMBER OF GOVERNMENT INITIATIVES

During the projection period, there will be more government programs to promote health consciousness, which will lead to new market possibilities. Additionally, an increase in strategic alliances and the emergence of new markets will act as market drivers and increase favorable prospects for the industry’s growth rate.

Market Segments Covered in Report

By Product Type:

• Smooth Peanut Butter
• Crunchy Peanut Butter
• Chocolate Peanut Butter

By Distribution Channel:

• B2B
• B2C
• Hypermarket/Supermarket
• 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)

Segment-Wise Analysis

Which product type is contributing the most toward peanut butter sales?

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• 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.
• Over the projected years, the Asia Pacific is expected to experience a considerable growth rate. The increased product awareness in nations like India, China, Japan, South Korea, and others is expected to cause the region’s greater growth rate. The demand for processed meals in the area is primarily fueled by rising disposable income and evolving lifestyles.

Competition Analysis

The peanut butter industry faces fierce competition on a global scale. Along with significant international players, the market is distinguished by a few notable small- to medium-sized local businesses. Major international players have a huge influence on the global market.

New businesses are entering global markets as customer knowledge of products gradually increases. The major companies focus on new product development, product launches, production expansion, and geographic expansion.

To enable product offers to a larger consumer base, the market participants additionally create new product varieties by fortifying them with other nutritional components. The main corporations strive to increase client accessibility and customer reach to increase their market share in the global sector.

The recent developments in the Global Peanut Butter Market:

• In September 2021, in historical cooperation with Edesia Nutrition, Chobani announced that it would be entering the peanut butter category with nutritious spreads flavored with Chobani Ends Child Hunger Peanut Butter. A non-profit organization called Chobani is committed to eradicating childhood hunger. For neonates, a fine line of peanut butter-flavored nutritional spreads is offered. It is intended to reduce the choking danger associated with the American Academy of Pediatrics advice for the early introduction of peanuts (AAP).

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• 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 impacting the 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.