Peanuts are extensively cultivated worldwide and serve as a versatile crop with various applications in the food industry. They are used to produce a range of products such as oil, butter, flour, confections, and snack foods. Among these, peanut butter stands out as a viral food spread. Made by crushing and dry-roasting peanuts, it provides a dense energy source and serves as a viable substitute for dairy butter. Moreover, peanut butter is valued for its nutritional composition, containing fiber, protein, unsaturated fats, and essential minerals like magnesium, zinc, potassium, and vitamin E. These qualities make peanut butter a sought-after choice among health-conscious consumers.
According to Data Bridge Market Research, the Peanut Butter Market accounted for USD 4.77 billion in 2021 and is expected to reach USD 7.19 billion by 2029. The market is expected to grow with a CAGR of 6.60% in the forecast period of 2022 to 2029.
“Rising incidences of obesity create market demand”
The increasing prevalence of obesity has fuelled the market demand for peanut butter, thereby driving its growth. As obesity rates rise, consumers are becoming more conscious of their dietary choices and seeking healthier alternatives. With its high protein and healthy fat content, Peanut butter offers a satisfying and nutritious option for those looking to manage their weight. Additionally, peanut butter's versatility as a spread, ingredient, or snack further enhances its appeal. The market is witnessing a surge in demand for peanut butter as health-conscious individuals embrace it as a flavourful and satiating choice in their diet plans, contributing to the market's growth.
What restraints the growth of the peanut butter market?
“High cost of peanut oil production”
The high cost of peanut oil production is hindering the growth of the peanut butter market. Peanut oil is a key ingredient in peanut butter, and the expenses involved in its production, such as cultivation, processing, and extraction, significantly impact the overall cost of peanut butter. This high production cost challenges market growth as it affects pricing and affordability for both manufacturers and consumers. Therefore, the high cost of peanut oil production is restraining the market’s growth.
Segmentation: Peanut Butter Market
The peanut butter market is segmented on the basis of product type and distribution channel.
- On the basis of product type, the peanut butter market has been segmented into smooth peanut butter, crunchy peanut butter, and others.
- On the basis of distribution channel, the peanut butter market has been segmented into supermarkets and hypermarkets, convenience stores, online stores, and others.
Regional Insights: North America Dominates the Peanut Butter Market
North America dominates the peanut butter market during the forecast period, the dominant market position of peanut butter is expected to continue flourishing in terms of market share and revenue. This can be attributed to factors such as increasing disposable income levels and the growing presence of major key players in these regions.
Asia-Pacific is anticipated to experience the highest growth rate from 2022 to 2029, due to the increasing consumer disposable income in the area, as higher disposable income enables individuals to spend more on products and services, including peanut butter.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-peanut-butter-market
Recent Development
- In September 2021, Chobani had announced that it entered the peanut butter aisle with Chobani Ends Child Hunger Peanut Butter flavored nutrient spreads in a historic partnership with Edesia Nutrition. Chobani is a non-profit organization dedicated to ending childhood hunger. A specific line of Peanut Butter Flavored Nutrient Spreads is available for newborns. It's designed to lessen the risk of choking connected with the American Academy of Pediatrics recommendation for early peanut introduction (AAP).
The Prominent Key Players Operating in the Peanut Butter Market Include:
- Unilever (U.K.)
- Procter & Gamble (U.S.)
- The J.M. Smucker Company (U.S.)
- Hormel Foods Corporation (U.S.)
- Boulder Brands (U.S.)
- The Kraft Heinz Company (U.S.)
- Algood Food Co. (U.S.)
- Conagra Brands, Inc. (U.S.)
- Britannia Dairy Private Limited (Bengaluru)
- Hormel Foods Corporation (U.S.)
- Justin's, LLC (U.S.)
- The Leavitt Corporation (U.S.)
- DiSano (India)
- Alpino (India)
- Pintola (India)
Above are the key players covered in the report, to know about more and exhaustive list of peanut butter market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Peanut Butter Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
