Peanut Butter Market

Global Peanut Butter Market Size (2024 to 2029)

The size of the global peanut butter market is expected to be 6.47 Billion in 2024, and USD 8.93 billion by 2029, to grow at a CAGR of 6.65% from 2024 to 2029.

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. 

MARKET DRIVERS

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

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.

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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Peanut Butter Market Analysis By Product Type

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.

REGIONAL ANALYSIS

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 PLAYERS IN THE GLOBAL PEANUT BUTTER MARKET

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.

DETAILED SEGMENTATION OF THE GLOBAL PEANUT BUTTER MARKET INCLUDED IN THIS REPORT

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

By Product Type

• Plain
• Regular
• Low Sodium
• Low Sugar

By Distribution Channel

• Hypermarkets
• Supermarkets
• Retailers

By Region

• North America
• Europe
• The Asia Pacific
• Latin America
• Middle East and Africa