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Global Peanut Butter Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Product Type (Plain, Regular, Low Sodium and Low Sugar), Distribution Channel (Hypermarkets, Supermarkets, Retailers And Other Distribution Channels) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Published: March, 2023
ID: 5903
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Peanut Butter Market Size (2024 to 2029)

The size of the global peanut butter market was worth USD 6.07 billion in 2023. The global market size is estimated to be growing at a CAGR of 6.65% from 2024 to 2029 and be worth USD 8.93 bn by 2029 from USD 6.47 bn in 2024.

Peanut Butter is a food paste or spread which is made from ground dry roasted peanuts. It often contains additional ingredients that 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-flavored snickers, and peanut-flavored granola bars. Comparable preparations are made by grinding other nuts. A variety of other nut butter is also sold, such as almond butter and cashew butter. 

Global Peanut Butter Market Drivers:

Peanut butter is a high-quality food product with several nutritional benefits associated with its consumption. It is a good source of protein, fat, fiber, minerals, and vitamins. The vitamin E content of peanut butter is essential for correcting vision and muscle orientation. It also serves as an antioxidant, giving it the ability to fight diseases like cancer, inflammation of the joints, and many other diseases. Consumers prefer health products with similar nutritional values compared to junk food, which is estimated to support the demand in the global peanut butter market over the forecast period. The driving factors of the global peanut butter market are the growing demand for nutritious products coupled with the increasing disposable income of consumers particularly in developing countries. Other drivers that are driving the growth of the peanut butter market are the emergence of hectic life schedules and the growing demand for low-calorie healthy food. Changing lifestyles and shift toward the intake of convenient food are also some factors that are expected to drive the peanut butter market in the forecast period.

Consumers around the world are now involved in strenuous activities, which often result in loss of energy. The need for high-energy foods like peanut butter is essential to help regain lost energy. When people are stressed after a busy and hectic day, they are eager to consume foods like ready meals that can be prepared in a short time. Therefore, this is estimated to generate an increase in the demand for peanut butter in the worldwide market.

Global Peanut Butter Market Restraints:

Factors such as the increase in the price of the products and the occurrence of various allergies among some people with the intake of peanuts are primarily hampering the growth of the global peanut butter market. There is competition between the main players in the industry in the price of products, which will affect the growth of the market. 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.

Impact of COVID-19 on the global peanut butter market:

The anticipated economic crisis caused by nationwide lockdowns due to coronavirus has influenced the peanut butter market. The market faced a slight decline with the temporary shutdown of manufacturing units and supply chain disruptions. However, the peanut butter market is estimated to develop with a notable CAGR in the coming years, owing to the rising awareness of health benefits associated with this compared to traditional spreads.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

6.65%

Segments Covered

By Product Type, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Britannia Dairy Private Limited, Procter & Gamble, Dr. Oetker India Pvt. Ltd, Conagra Brands, Algood Food Co., Kraft Foods, Boulder Brands, Hormel Foods Corporation, The J.M. Smucker Company and Unilever

 

This research report on the global peanut butter market has been segmented and sub-segmented based on product type, distribution channel and region.

Global Peanut Butter Market – By 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.

Global Peanut Butter Market – By Distribution Channel:

  • Hypermarkets
  • Supermarkets
  • Retailers

Global Peanut Butter Market – By Region:

  • North America
    • The United States
    • Canada
    • Rest of North America
  • Europe
    • The United Kingdom
    • Spain
    • Germany
    • Italy
    • France
    • Rest of Europe
  • The Asia Pacific
    • India
    • Japan
    • China
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • New Zealand
    • Southeast Asia
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of LATAM
  • The Middle East and Africa
    • Saudi Arabia
    • UAE
    • Lebanon
    • Jordan
    • Cyprus

North America is likely to dominate during the outlook period in terms of market revenue, with the United States as the growth engine in the area. The United States will have the largest contribution to total market income due to rising consumer disposable income and increasing demand for nutritional products. However, the Asia Pacific region is anticipated to be the fastest-growing market for the global peanut butter market in emerging economies such as China and India, acting as drivers in the region. With the increase in per capita peanut butter consumption among people in the Asia Pacific region, the market is supposed to register significant growth over the envisioned period and beyond.

KEY MARKET PARTICIPANTS:

Companies such as Britannia Dairy Private Limited, Procter & Gamble, Dr. Oetker India Pvt. Ltd, Conagra Brands, Algood Food Co., Kraft Foods, Boulder Brands, Hormel Foods Corporation, The J.M. Smucker Company and Unilever are playing a dominating role in the global peanut butter market.

RECENT HAPPENINGS IN THE MARKET:

  • Hormel Foods Corporation confirmed about its plans to purchase Justin's, LLC, a renowned company in nut butter snacks. Justin markets four lines of best-selling nut butter snacks: spreads, squeeze packets, peanut butter cups and sandwiches.
  • Hormel Foods acquired the Skippy® peanut butter business, including related manufacturing facilities in Little Rock, Arkansas and Weifang, China, from Unilever United States Inc. for approximately $ 700 million. The Skippy® Household Peanut Butter Line consists of 11 varieties of non-perishable peanut butter products. The purchase of the Skippy® peanut butter business is likely to strengthen the balanced portfolio of Hormel Foods Corporation.
  • Post Holdings Inc. has agreed to acquire American Blanching Co. for $ 128 million, in a move that expands Post's peanut butter operations. The St. Louis-based Post also said it suffered a tax loss in the third quarter for fees and expenses related to its recent round of acquisitions.
  • Utz Brands, Inc. Expands the Savory Snack Game. The snack brand entered into an agreement with Conagra Brands to acquire specific assets of the H.K. peanut butter pretzel brand Anderson Business, "with a purchase price of less than $ 10 million," according to Business Wire. The acquisition does not include employees or facilities but does include intellectual property.

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