Global Peanut Butter Market Report and Forecast 2024-2032

Global Peanut Butter Market Outlook

The global peanut butter market grew at a CAGR of around 6.1% during 2018-2023. The market is further estimated to witness a healthy growth in the forecast period of 2024-2032.

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Growing Demand for Peanut Butter Spreads Due to Ease of Consumption to Support the Market Growth

The growing consumer preference for peanut butter spread during meals is anticipated to supplement the growth of the market in the forecast period. This can be attributed to the ease of consumption offered by peanut butter, which can be used as a spread or topping on various food items including bread and crackers, among others. In addition, peanut butter is also used to cook a variety of dishes including baked goods like cakes and cookies, and beverages such as smoothies and milk shakes, among others.

North America to Provide Significant Growth Opportunities for the Market Expansion of Peanut Butter

The North America region is expected to account for a significant share of the market, with the United States being the leading consumer and exporter of peanut butter. This can be attributed to the growing preference for energy enhancing products, especially among the working population. Peanut butter is a rich source of protein, which is also leading to its increased demand among the fitness enthusiasts as a pre and post-workout food. The rising cases of obesity in the region are further supporting the demand for innovative and low-calorie peanut butter variants to serve as a healthy breakfast solution.

Market Segmentation

Peanut butter is a food paste made primarily from ground dry roasted peanuts and can be traced back to the Aztecs. It is widely used for its nutritional value and taste due to the presence of heart-healthy monounsaturated fat. It is an ideal substitute to milk butter.

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By spread type, the market is divided into:

• Creamy 
• Crunchy/Chunky
• Old Fashioned/Natural 
• Reduced Fat
• Honey Roasted

On the basis of end use, the industry can be categorised into:

• Cooking
• Health Product

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Consumption of Peanut Butter as a Nutritional Product to Augment the Growth of the Market

The market is currently being driven by the heightened consumption of peanut butter owing to its nutritional profile, as it is rich in protein, dietary fibre, and vitamins. The increased consumption can be associated with the growing adoption of health enhancing products due to the rising consumer interest in fitness and weight management. In addition, the growing trends of veganism and vegetarianism are also expected to prove beneficial for the market growth. Furthermore, the rising disposable incomes and improved living standards are expected to bolster the demand for premium food products in the forecast period. In this regard, the leading market players are increasingly investing in the development of new and innovative peanut butter flavours that are enriched with protein and comprise no-added sugar, which is expected to significantly contribute to the market growth in the coming years.

Key Players in the Global Peanut Butter Market

The report gives a detailed analysis of the following key players in the global peanut butter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Hormel Foods Corporation
• The J.M. Smucker Co.
• Post Holdings, Inc.
• Sonya Foods Pvt. Ltd.
• H.J. Heinz Company Brands LLC (KRAFT Foods)
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report