The global Peanut Butter market worth USD 7.19 billion by 2029, growing at a CAGR of 6.6%
Main ingredient used for making Peanut butter is ground dry roasted peanuts. Peanut butter is popular as a supplement to dairy butter and contains high protein and less calories.
The peanut butter market trend study indicates growing market share owing to high demand as a healthy bread spread. Peanut butter contains essential nutrients and has rich dietary fiber, potassium, magnesium and minerals that help in preventing diseases and for better health. Consuming peanut butter on regular basis helps in improving the antioxidant properties of the body and helps in controlling dangerous disease like cancer and other degenerative form of illness.
UK peanut butter market is growing owing to the increased health awareness among people and preference for consuming low calorie food. The major market share is from U.S, Canada and Western Europe. Peanut butter is popularly used in the form of spreads and as an alternative for milk butter. The fact that it is rich in protein and low in calorie has helped in the development of peanut butter market size. Peanut butter is widely used in a variety of food products such as spread and in breakfast foods like savory sauces, smoothies and countless bakery products. Some other factors influencing the progression of peanut butter market size are growing population, increased spending power, and increased demand for ready-to-eat and processed foods.
The peanut butter market size in developing countries of Asia like India, is growing at a slower pace owing to the lack of awareness of the health benefits of peanut butter. Also, irregular production of peanuts in countries like India, South Africa and China have led to increased price of peanuts and high cost of peanut butter.
Global peanut butter market share is segmented on the basis of type, applications and region. Based on type it is segmented as creamy, honey roasted crunchy/chunky, reduced fat and old fashioned/natural. Among all the segment types, the creamy butter segment is widely used and is popular by consumers. Segmentation on the basis of applications is done as Supermarkets, Hypermarkets, Retailers and others. Segmentation on the basis of region is Europe, Asia-Pacific, South America, Middle East and Africa. In these segments, North America has the highest contribution in the market share.
The key players in the peanut butter market size are Hershey, JM Smucker Co, Hormel foods, Sonya Foods and ConAfra Foods Inc. and many others. Increased popularity and market demand has led to immense competition. Due to the competition the key players are trying to identify new ways by introducing flavors in the same. Also, the market penetration of the key players is restricted owing to the high cost involved in exporting the product. Especially in developing countries like India and China.
The various segments of peanut butter market size are,
- Honey roasted
- Reduced fat
- Old fashioned/natural
- South America
- Middle East and Africa