Share on

North America Peanut Butter Market By Product Type (Plain, Regular, Low Sodium And Low Sugar), By Distribution Channel (Hypermarkets, Supermarkets, Retailers And Other Distribution Channels) And By Region (Industry Analysis, Size, Share, Growth, Trends, And Forecasts 2023-2028

Published: March, 2023
ID: 5905
Pages: 145
Formats: report pdf report excel report power bi report ppt

North America Peanut Butter Market Size, Share, Growth (2023-2028)

North America Peanut Butter Market was worth USD 1.16 Billion in 2022 and is estimated to grow at a CAGR of 10.54%, reaching USD 1.92 billion by 2028.

North America Peanut Butter Market Overview

Peanut Butter is a food paste or spread which is made from ground dry roasted peanuts. It often contains additional ingredients which modify the texture or taste, such as sweeteners, salt or emulsifiers. Peanut butter is popular in many countries around the world. Peanut butter is served as a spread on toast, bread or crackers, and used in making sandwiches notably the peanut butter and jelly sandwich. It is also used in numerous confections and packaged foods, such as Reese's Peanut Butter Cups which is made of chocolate-coated peanut butter, candy bars which are made from peanut butter-flavoured Snickers and peanut-flavoured granola bars. Comparable preparations are made by grinding other nuts. A variety of other nut butter are also sold, such as almond butter and cashew butter.

North America Peanut Butter Market Regional Analysis:

Several factors are driving the North American peanut butter market. The North American Region had the dominant global peanut butter market share. Peanut butter was taken as the staple food used in households for breakfast and lunch. The increase in demand for peanut butter in households and bakeries for preparing cookies, biscuits, muffins, cakes, and others was driving the peanut butter market in this region. The availability of peanut butter in variant forms such as natural, crunchy, and creamy surged the market demand. Many people and kids are preferring colorful snacks with flavor and taste in consideration of health which influences the peanut butter market globally.

  • The United States had the highest market share in the North American Region, and it was expected to hold nearly 70% of the market size in this region during the forecast period. People preferring a low-calorie diet and intake of high protein was boosting the market in the U.S. The people are aware of the health benefits produced by peanut butter consumption, which is influencing the market demand. Peanut butter helps lower blood sugar and cholesterol levels and is suitable for heart diseases.

  • Canada was expected to hold the dominant market size following the U.S., where the disposable income of people played a role in the market demand. People are considering product quality irrespective of the price and are preferring organic products. The long shelf-life of peanut butter prompted consumers to choose it. The peanuts are rich in iron, and they work best for malnutrition. As people are busy with their modern lifestyle, they are low in nutrition, and products like peanut butter can help them recover.

  • Mexico, a country in the North American Region, was expected to expand in the peanut butter market in the forecast period. According to some studies, daily peanut butter consumption decreases the death rate by 20% and reduces the occurrence of heart diseases by 30%. It also works for people with weight loss goals as it provides enough protein and is low in calories. Peanut butter is rich in vitamin E, folate, niacin, and pantothenic acid and rich in dietary fibers, which induced the market demand due to health advantages.

North America Peanut Butter Market Drivers:

The driving factors of North America Peanut Butter market are growing demand for nutritious products coupled with the increasing disposable income of consumers particularly in developing countries. Other drivers that are driving growth of the peanut butter market are the emergence of hectic life schedule and the growing demand for low-calorie healthy food. Changing lifestyle and shift towards the intake of convenient food are also some factors which are expected to drive the peanut butter market in the forecast period. A major constraint that is expected to hinder the growth of the peanut butter market is the availability of peanuts at competitive prices coupled with fluctuating peanut production. Peanut butter is a paste prepared from roasted peanuts used as a spread on the bread during breakfast. It has high protein and low calories compared to other spreads, so it was most widely used in this region. It was primarily used in sandwiches, bakery products, and smoothies. 

North America Peanut Butter Market Segmentation:

The North America Peanut Butter market is segmented on the

basis of

  • product type

  • distribution channel

On the basis of product type,

  • plain

  • regular

  • low sodium

  • low sugar

Among the segments of this market, regular peanut butter holds the largest share which is followed by other segments. Low-sodium peanut butter is expected to have the fastest growth in the forecast period.

On the basis of the distribution channels,

  • hypermarkets

  • supermarkets

  • retailers

In the above segment, the supermarket segment is expected to have the largest share which is followed by hypermarkets and retailers.

North America Peanut Butter Market Key Players:

  1. Procter & Gamble,

  2. Unilever,

  3. The J.M. Smucker Company,

  4. Hormel Foods Corporation,

  5. Boulder Brands Inc.,

  6. Kraft Canada Inc.,

  7. Algood Food Company Inc.

 

Please wait. . . . Your request is being processed

Related Reports

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: [email protected]

Click for Request Sample