Global Peanut Butter Market – Industry Trends and Forecast to 2029

Global Peanut Butter Market Analysis and Size

Peanut butter is rapidly gaining traction because of its growing popularity among the health-conscious millennia. Peanut butter is a type of food glue made from pulverized, boiled peanuts. Unlike other spreads, it is a low-calorie item with a high protein content that works well as a substitute for milk margarine. It is commonly used as a sandwich spread, but it can also be used with other types of spreads and in exquisite sauces, pastry shop goods, and smoothies. Consumers' shift toward healthier breakfast and snack options and altering eating habits all contribute to market growth.

• Data Bridge Market Research analyses that the peanut butter market was valued at USD 4.77 billion in 2021 and is expected to reach USD 7.19 billion by 2029, registering a CAGR of 6.60% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.

Global Peanut Butter Market Definition

Peanuts are a staple crop farmed all over the world and are economically utilized to make oil, butter, flour, confections, and snack foods. Peanut butter, which is created by crushing and dry-roasting peanuts, is one of the most popular food spreads. It's an energy-dense food that's commonly sold as a milk butter alternative. It also contains fiber, protein, and unsaturated fats and a variety of minerals such as magnesium, zinc, potassium, and vitamin E.

Report Scope and Market Segmentation

Peanut Butter Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Rising incidences of obesity

The rise in incidences of obesity will flourish the market's growth rate. Consumers all over the world are switching to healthier breakfast and snack options as obesity rates rise.

• Emergence of food-on the-go trend

The industry is predicted to rise due to the emergence of food-on the-go trend. The current population exhibits a lack of cooking skills and a higher level of technology literacy, leading people to seek readily available nutritious food products on the market. This has been attributed to the current trend of "food-on-the-go" and is the primary priority of customers while purchasing food goods.

Furthermore, rising urbanization, and increasing level of disposable income will drive market value growth. Also, growing prevalence of chronic diseases such as heart problems and blood pressure will cushion the growth rate of peanut butter market. Another significant factor influencing the market's growth rate is the increasing awareness about the health benefits of peanut oil.

Opportunities

• Increasing number of government initiatives

The rise in number of government initiatives to spread awareness about healthy awareness will create new market opportunities during the forecast period.

Moreover, rise in strategic collaborations and emerging new markets will act as market drivers and further boost beneficial opportunities for the market's growth rate.

Restraints/ Challenges Global Peanut Butter Market

On the other hand, the market is projected to be hampered by a lack of awareness among people in developing nations. The impact of COVID-19 on supply chain will hinder the market's growth rate. The high cost of peanut oil production and lack of awareness will act as market restraint and further challenge the market growth rate.   

This peanut butter market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the peanut butter market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Peanut Butter Market

Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. The COVID-19 pandemic had a significant influence on the market for peanut butter. Growing number of cases around the world has resulted in a global lockdown and supply chain disruption. The industries' operations and manufacturing units were shut down. The industrial activity were ceased, and output was halted as a result. The outbreak had a profound impact on the market for peanut butter. Globally, it had a significant impact on the market's sales sector. Due to lockdown restrictions, deliveries to distribution channels such as supermarkets, retail stores, and specialized stores were halted. These establishments were even shuttered for an extended period of time. As a result, the market suffered a significant revenue loss. These variables majorly influenced the peanut butter market size.

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).

Global Peanut Butter Market Scope

The peanut butter market is segmented on the basis of product type and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Smooth Peanut Butter
• Crunchy Peanut Butter
• Others

On the basis of product type, the peanut butter market is segmented into smooth peanut butter, crunchy peanut butter and others.

Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others

Based on distribution channel, the peanut butter market is segmented into supermarkets and hypermarkets, convenience stores, online stores and others.

Peanut Butter Market Regional Analysis/Insights

The peanut butter market is analysed and market size insights and trends are provided by country, product type and distribution channel as referenced above.

The countries covered in the peanut butter market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa (MEA).

North America dominates the peanut butter market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the rising level of disposable income and rising presence of major key players in these regions. 

Asia-Pacific on the other hand is projected to exhibit the highest growth rate during the forecast period of 2022 to 2029 due to the growing consumer disposable income in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Peanut Butter Market Share Analysis

The peanut butter market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to peanut butter market.

Some of the major players operating in the peanut butter market are:

• Unilever (UK)
• Procter & Gamble (US)
• The J.M. Smucker Company (US)
• Hormel Foods Corporation (US)
• Boulder Brands (US)
• The Kraft Heinz Company (US)
• Algood Food Co. (US)
• Conagra Brands, Inc. (US)
• Britannia Dairy Private Limited (Bengaluru)
• Hormel Foods Corporation (US),
• Justin's, LLC (US)
• The Leavitt Corporation (US)
• DiSano (India)
• Alpino (India)
• Pintola (India)

Research Methodology : Global Peanut Butter Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-peanut-butter-market

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