The Peanut Butter market is valued at USD 5.0 Bn in 2022 and is projected to grow at a CAGR of 4.7% during the forecast period, to reach a value of USD 7.9 Bn by 2032. Newly released data from Future Market Insights market analysis shows that global Peanut Butter demand is projected to grow year-on-year (Y-o-Y) growth of 3.5% in 2022.
Market Size Value in 2022
USD 5.0 Bn
Market Forecast Value in 2032
USD 7.9 Bn
Global Growth Rate (2022 to 2032)
4.7% CAGR
Forecast Period
2022-2032
Collective Value Share: Top 3 Countries (2021A)
41.4%
The most popular applications for peanut butter are as a spread and in sandwiches. It is frequently used in bakeries and candy shops. Other applications include frosting for cakes, cookies, salads, pies, filled vegetables, muffins, biscuits, apples, soup, peanut butter roll, sweet potatoes, cornbread, beef loaf, boiled custard, brownies, vegetable sauces, etc. It is used in chocolates and ice cream as well.
As a great source of energy, peanut butter can be used in place of milk butter. In addition to providing energy, peanut butter is a good source of protein, fiber, unsaturated fat, and minerals like magnesium, zinc, and potassium as well as vitamin E.
The global market for peanut butter is anticipated to increase strongly over the forecast period thanks to the nutritional benefits it provides. Additionally, a growing number of consumers with weight-related ailments and rising disposable incomes in both developed and developing nations are important variables anticipated to support the expansion of the worldwide peanut butter market throughout the projected period and afterward.
Additionally, a significant factor driving the industry's expansion globally is the spike in demand for convenience foods and ready-to-eat meals.
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2017-2021 Peanut Butter Market Outlook Compared to 2022-2032 Forecast
Peanut Butter demand grew at 3.9% CAGR between 2017 and 2021. The global demand for peanut butter is being driven by the rising trend of health consciousness and the rising demand for high-protein food products among young people and millennials.
On the other hand, new prospects for the peanut butter industry will arise as consumers become more concerned about their health as a result of the rise in chronic illnesses including high blood pressure and heart disease. The expansion of the global industry is also being aided by changing lifestyles and a rise in the trend for quick meals.
Nutritional Benefits of Peanut Butter is Driving the Market
Consuming peanut butter has several nutritional advantages and is a high-quality food product. It is a good source of fiber, minerals, vitamins, protein, and fat. To correct vision and muscle alignment, peanut butter's vitamin E content is crucial.
Additionally, it functions as an antioxidant, which gives it the power to combat a variety of illnesses, including cancer and joint inflammation. Throughout the forecast period, the global peanut butter market is anticipated to rise as consumers spend money on healthy goods with comparable nutritional content.
In the US, Canada, and Western European nations, peanut butter is regarded as a breakfast staple. In nearly 90% of American households, peanut butter is used as a bread spread. Approximately one-third of the peanuts harvested in the US are used for peanut butter production. More than two billion pounds of Peanut butter is made with the help of peanuts.
The amount of important minerals and dietary fiber in peanut butter is very high. minerals like magnesium and potassium are abundant in fiber. These nutrients aid in illness prevention and health improvement.
Find your sweet spots for generating winning opportunities in this market.
Country-wise Insights
U.S. to Uplift Demand for Peanut Butter
By the end of 2032, the U.S. is projected to hold approximately ~75% of the market's revenue value shares in North America. Consumers prefer low-fat foods in industrialized nations like the US and Canada to maintain a balanced diet. Low in fat and loaded with health advantages is plant-based butter, such as peanut butter. Additionally, peanut butter has a long shelf life that makes it handy to use, so consumers are willing to spend more money on it. As a result, the demand for peanut butter is anticipated to expand significantly throughout the forecast period.
India and China to dominate the APAC Peanut Butter Market
A lucrative market for peanut butter has also developed in Asia, and it has a lot of room to grow in the years to come. South Asia is expected to experience significant growth during the assessment period. The demand for colorful snacks with increased flavor and taste is being driven by customers' rising purchasing power and changing lifestyles. This is thus anticipated to stimulate the demand for peanut butter to develop. The largest market value share of South Asia and East Asia is anticipated to be shared by India and China, respectively.
Category-wise Insights
Which Product type is Contributing the Most Towards Peanut Butter Sales?
In 2022, the crunchy market category accounted for about 42% of total market revenues. The greater market share is a result of consumers consuming crunchier peanut butter and favoring the product more. Since crunchy peanut butter has more fiber and less saturated fat than creamy peanut butter, it is generally considered to be slightly healthier. Due to their growing appeal among children and young people, crunchy varieties of peanut butter are anticipated to experience rapid expansion over the forecast period.
Which Distribution Channel Dominants the Peanut Butter Sales in 2022?
In terms of distribution channels, the B2C segment's revenue share is projected to be the highest in 2022. Hypermarkets/supermarkets, convenience stores, etc. are all part of the offline distribution channel. The lengthy history and wide availability globally are cited for the B2C higher market share. Additionally, the majority of customers continue to prefer buying through hypermarkets/supermarkets since they offer product assurance, authenticity, and verification.
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Competitive Landscape
The market for peanut butter on a global scale is highly competitive. The market is characterized by the presence of a few notable small- to medium-sized local firms in addition to major global players. The world market is significantly influenced by major international players.
Globally, new firms are entering the market as consumer awareness of products gradually rises. The main players are concentrating on product innovation, product launches, production growth, and penetration into new geographies.
The market players also carry out new product variations by bolstering with the other nutritive elements to permit product offers to a wider consumer base. The major businesses want to enhance their market share in the worldwide industry by expanding customer reach and accessibility.
Scope of Report
Attribute
Details
Market Size Value in 2022
USD 4.1 Bn
Market Forecast Value in 2032
USD 6.0 Bn
Global Growth Rate
3.9% CAGR
Forecast Period
2022-2032
Historical Data Available for
2017-2021
Market Analysis
MT for Volume and USD Bn for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA
Key Countries Covered
United States, Canada, Brazil, Mexico, Argentina, Chile, Peru, Germany, France, Italy, Spain, UK, Netherlands, Belgium, Nordic, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, North Africa, and others
Key Market Segments Covered
Product type, Distribution Channel
Key Companies Profiled
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
Others
Pricing
Available upon Request
Peanut Butter Market by Category
By Product Type, Peanut Butter Market is Segmented as:
Smooth Peanut Butter
Crunchy Peanut Butter
Chocolate Peanut Butter
By Distribution Channel, Peanut Butter Market is Segmented as:
B2B
B2C
Hypermarket/Supermarket
Convenience Stores
Mass Grocery Retailers
Specialty Stores
Online Retailers
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
Frequently Asked Questions
The Peanut Butter market is estimated to reach sales of nearly USD 5.0 Bn by 2022.
Peanut Butter market revenue is expected to increase at a CAGR of around 4.7% during the period 2022-2032.
Peanut Butter sales increased a CAGR of around 3.9% over the past half-decade.
The global Peanut Butter market value is estimated to be around USD 7.9 Bn in 2032.
The top countries driving the Peanut Butter demand are the US, Germany, France, China, and the UK.
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