According to Custom Market Insights (CMI), The Global Peanut Butter Market Size was valued at USD 5.56 billion in 2021 and is estimated to reach USD 7.89 billion by the end of 2030 at a CAGR of approximately 7.5% during the forecast period 2022-2030.
Peanut is an essential crop that is grown around the world and is most dominantly used for the production of oil, butter, flour, snack products, and among others. Peanut butter is a fine and crunchy paste made it from the ground or roasted peanut. It contains essential ingredients such as sweeteners, salts, emulsifiers, and others and it involves 45% of oil and 25% of proteins. It is widely consumed across the globe.
Regional Snapshots.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America is the dominant region in the peanut butter market and accounted for 51.25% of the total market share during the forecast period. According to data revealed by National Peanut Board in the U.S., 90% of households consume peanut butter regularly which is likely to impact the market positively during the forecast period.
In addition, Canada and Mexico country also contributed to the growth of the market. This is attributed to the fact that, growing awareness about a healthy lifestyle, and rise in the number of health-conscious people and the growing trend of looking fit and healthy have been projected to enhance the sales of the peanut butter market in the North America region. Furthermore, the launch of new flavours and types of peanut butter is likely to attract market growth which is one of the most popular flavours in America.
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Market dynamics.
Drivers.
Increase in the production rate of peanut butter
Increasing awareness about a healthy and fit lifestyle among people will drive the peanut butter thus, increases overall potential sales of the peanut butter market. For instance, according to a report published by entrepreneur India annually, 10,000 to 12,000 tonnes of peanut butter is produced in the state and over 90% is exported across the globe. This is expected to enhance the overall demand for the peanut butter market will grow exponentially.
Restraints.
High production cost
Peanut butter offers various health benefits such as good and healthy fat, protein-rich content fiber, and low calories. However, it has a high price rate which will likely hamper the market. In addition, the availability of various substitutes for high-cost peanut butter is hampering the market growth.
Opportunities.
Rising preference for healthy products
In response to this, rising trends among the young and millennial population regarding health consciousness and consumption of healthy fat-contained food have increased the overall market growth. Another key factor impeding market expansion is an increase in the number of heart-related diseases that have provided new opportunities for the market.
Furthermore, the adoption of healthy lifestyles, an increase in disposable income among people, and a rise in the purchasing power of consumers have escalated the overall market growth. These factors are anticipated to enhance the overall demand for the peanut butter market during the forecast period; thus, offering the most lucrative opportunities.
Challenges.
Lack of awareness
Over the forecast period, the peanut butter market will hamper its growth rate due to a lack of awareness about its health benefits and less emergence of and launch of products in rural areas is likely to be one of the challenging factors for the market growth. These factors will act as a challenging factor for the growth of the peanut butter market.
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Report highlights.
Depending upon the product type, the peanut butter market is segmented into crunchy and creamy.
The crunchy product type-based segment dominated the market in 2021 and accounted for a total of 46.56% of the total share during the forecast period. The higher preference for the crunchy type of peanut butter will increase total market share. In addition, crunchy peanut butter is healthier than creamy due to less content of saturated fat. This factor will drive the market for the crunchy type of peanut butter market.
Based on distribution channels the global peanut butter market is studied online and offline. It is expected that the global offline distribution channel segment to hold a dominant position during 2022 -2031 with a total market share of 35.86%. The offline distribution channels involve supermarkets, stores, speciality markets, hypermarkets, departmental stores, and many others.
Factor such as ease of availability in the stores has driven the overall market during the forecast period. In addition to this, most people across the globe still prefer offline shopping for consumer goods. For instance, according to an article published by RIPEN, the vast majority of US retail sales, 92%, still happen offline. These are the major driving element for the growth of the market.
Key market players in the peanut butter market
- M. Smucker Company
- Kellogg Company
- Conagra Brands, Inc.
- Hormel Foods Corporation
- Kraft Foods
- Mars, Inc.
- Oetker Group
- The Hershey Company
- Unilever Plc
- Associated British Foods plc
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