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Global Peanut Butter Market

The rising demand for protein-rich foods and the increasing popularity of plant-based diets are majorly driving the peanut butter market growth.

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Global Peanut Butter Market

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  1. GlobalPeanutButterMarketSize(2024to 2032) The global peanut butter market size is estimated to be worth USD 6.47 billion in 2024 and is anticipatedto reach USD9.24billionby 2029withaCAGR of 6.65% during the forecastperiod. MARKETDRIVERS Theincreasedawareness amongthe people regardingthe healthy lifestyle andbusy lifestylesof the peopleis influencingthe consumers to choose ready-to-go food productsareprimaryfactors contributing tothe globalmarketgrowth.Thepeanut butterismostpopularinUnitedStates andis extensively usedinvarietiesof foodswhichisfuelingthe market revenue growth.ForInstance,in 2022,U.S.total peanutproductionis 5.57billionpounds from1.45million acres.The increasing number offitnessandgympeople whoseekforlow-calorie and high-protein food areaugmenting theglobal marketgrowth rate.The riseindisposableincomesofthe people,andthegrowing government initiatives for food processing industry is projected to have substantial market growth. The increasedutilisationof peanutbutterinbakery andconfectioneryproducts isproliferatingthe marketgrowthworldwide. MARKETRESTRAINTS The major concern regarding the consumption of peanut butter is the allergic reactions produced by peanut consumption which is hampering the market growth. For Instance, around 2% of the global population have peanut allergy where the prevalence in U.S. and Europe is of 1.4% and 2%. Peanut butter is consideredas high-calorie food,andthe peanutbutterishighly linkedtosalmonella outbreaks whichcauses foodbornediseases,thesefactorsarehinderingthe marketgrowth.The presence ofstringentregulations regardingtheproductapproval andlaunchowing tothecomplexity impedesthe marketexpansion. MARKETSEGMENTATION GlobalPeanut ButterMarketBy ProductType The smooth peanut butter segment dominated the global peanut butter market revenue and is expected toholdthedominance during the forecastperiod. The presence of smooth textureis widely preferred by the consumers,thegreater adoption isdriving the segmentgrowth.The availabilityof differenttype of flavorswiththe smoothtextureis enhancingthe demandamong consumerswhich is leadingto substantialsegment growth.Theincreased utilisation ofsmooth peanut butter in several recipes such as milkshakes, protein bars, chocolates, sandwiches and dessertswhichcontributes tothesegmentgrowth. The crunchy segment is projected to have considerable growth during the forecast period. The change in consumer preferences, and the growing demand fort innovative and different flavors among thepeopleisfueling thesegmentgrowthopportunities. GlobalPeanut ButterMarketByDistributionChannel The hypermarkets segment held the most significant share in the peanut butter market and is anticipated to register notable growth during the forecast period. Most of the consumers prefer offline stores as they can physically observe the product and make their choices which is influencing positively onthe segmentgrowth.The hypermarketsactassinglestop forthe consumersforvarious food products and the wide distribution network of the segment is augmenting the expansion of segmentrevenue.The accessibility andavailability of various flavorsandtypesofproductsinthe

  2. hypermarkets and growingnumberofhypermarketsworldwideisenhancingthesegment expansion rate. • The supermarkets and retailers segments are estimated to have notable growth during the forecast period. The growingnumber of offersanddiscounts being provided by the retailersis gainingtraction among the people which is contributing to segment revenue growth. The partnership and collaborations with the brands is projected to create growth opportunities to the segment in the coming years. • REGIONALANALYSIS • The North American region accounted with the most significant share in the global peanut butter market and is expected to maintain the domination during the forecast period. The increased awareness among the people regarding the healthy food habits and rising shift towards healthy diet optionsamongthe peopleis propellingthe regionalmarketgrowth.The presence of significant marketplayersinthe region,well-established food industry isfueling the regionalmarketshare. • UnitedStatesandCanada have someofthe prominent producers,exporters,importerswhichis influencing positivelyonthemarketexpansion.Thebooming of theagricultural industry inthe • region, rising demand for plant-based protein is escalating the market growth opportunities. For Instance, according to data provided by Zipdo article in 2024, around 61% of the global peanut butter exportshare goes toCanada. • The European region is predicted to have considerable growth during the forecast period owing to risingveganpopulation across theregion. The changingconsumer preferencesregardingthe • veganism is escalating the demand for plant-based protein foods and rising health awareness among thepeopleisdriving the Europeanmarket. • The AsiaPacificregionis projected to have rapid growth rateduring theforecastperiod. The rise in adoptionofadvanced agriculturalpractices inthe region,andincreasedproduction ofpeanuts,busy lifestylesof peopleis enhancingthe adoptionof easy-to-go foodsarefewfactorscontributingto • regionalmarketsharegrowth. • RECENTMARKETDEVELOPMENTS • In 2024,Kraft-Heinz is widely knownfor its innovativeproductsand waslisted toWorld’s MostInnovative Companies for2024. This ishighlighting theirefforts in product • development. • In May 2024, Skippy, well-known American peanut butter brand, announced its partnership with USA Gymnastics (USAG). The company will support the coming generations of athletes by supplyingnutritious andprotein-richsnacks atUSAGmajor eventsandnationalcamps. • RELATEDREPORTS • AlmondButterMarket • CupuacuButterMarket • ABOUTUS • MarketDataForecastisafirm working inthe areas ofmarketresearch,businessintelligence and consulting.Wehaverich experienceinresearchandconsultingforvariousbusinessdomainsto cater totheneedsofbothindividualandcorporate clients.

  3. CONTACTUS MarketDataForecast www.marketdataforecast.com Phone:+1-888-702-9626 Email:sales@marketdataforecast.com 3rd Floor, Trendz Park Building, Jain Rock Garden Rd, Vittal Rao Nagar, Madhapur, Hyderabad, Telangana,India.

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