Global Peanut Butter Market By Type (Crunchy, Creamy, and Other Types), By Distribution Channel Type (Offline, and Online), and by Region and Companies Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032.

Peanut Butter Market Overview:

The global peanut butter market is estimated to be worth USD 57,500 million in 2021. From 2023 to 2032, it will register a CAGR of 8.5%.

The growing health consciousness across the globe has significantly contributed to the market’s growth. The demand for peanut butter is increasing due to rising health awareness and growing demand for high-quality protein food products, especially among young people and millennials.

However, peanut butter will see new growth opportunities as consumers become more concerned about their overall health because of increasing chronic conditions such as high blood pressure and heart disease. This is due to a change in lifestyles that encourages people to eat more convenient foods.

Global Peanut Butter Market Scope:

Type Analysis

In 2021, more than 45% market share was captured by the crunchy segment. Higher market share can be attributed to the increased consumption of crunchy peanut butter as well as higher preferences. Crunchy Peanut Butter tends to have less saturated fats than the creamy and contains more fiber. The rising popularity of crunchy peanut butter among children and youth are expected to lead to a rapid growth rate.

The highest expected growth rate for the other segment is 7.3% over the forecast period. Peanut butter with added nuts and fruits is included in the other segment. This category of peanut butter is relatively new and in its early stages.

Many companies are now offering products with added nutritional value. Ambrosia Organic Farms launched the first Mango peanut butter in India on 23 July 20,222. Chobani, for example, introduced Chocolate peanut butter spread in America in September 2021. Key players should take such initiatives to attract consumers and generate new revenue streams.

Distribution Channel Analysis

The largest revenue share by distribution channel was held by the offline segment in 2021. The distribution channel’s offline segment includes hypermarkets department stores supermarkets convenience stores specialty shops, and supermarkets.

The long-established nature of the offline channel and its widespread availability around the globe is what accounts for the higher market share. The majority of consumers still prefer shopping offline channels for product verification, authenticity, or surety.

The fastest-growing market segment is expected to be the online distribution channel. The growth in online retail penetration and the opening of international online retailers will allow for greater accessibility and ease of use, which will lead to segmental growth. Online growth is expected to grow due to increased internet penetration and greater use of smartphones. Online growth can be driven by comfort, convenience, and ease of payment, which was also significantly accelerated by the COVID-19 pandemic.

Key Market Segments:

By Type

•  Crunchy
•  Creamy
•  Other Types

By Distribution Channel

•  Offline
•  Online

Market Dynamics:

Market growth is expected to be driven by rising disposable income in the developing world and increased awareness worldwide. In addition, the industry players will have new opportunities to grow their product portfolio through increased expansion and product launches.

The main market constraint is the lack of awareness in the Asia Pacific about the product, which limits its penetration. The market growth is affected by fluctuating peanut prices and inconsistent peanut production. The market growth is being hampered by high import and export duties imposed in key countries.

The COVID-19 epidemic had a positive effect on the market. Consumers turned to healthier and more nutritious food options after the spread and spread of the disease. Peanut butter was in high demand because of its high nutrition, low calories, and high level of protein. A pandemic caused a significant increase in demand for peanut butter. Market growth is expected to be strong over the forecast period because of the shift in lifestyles and food habits.

Regional Analysis

North America held the largest market share, with more than 50% based on revenue in 2021. Peanut butter consumption in America is responsible for the greater market share. According to the National Peanut Board in America, 90% of Americans eat peanut butter every day. It is the most widely consumed flavor in America.

A higher market share can be attributed to higher peanut production and more companies producing peanut butter. A region with a high demand for peanut butter can be attributed to its easy accessibility, disposable income, well-developed retail sector, and higher consumption.

In the coming years, Asia Pacific is expected to experience significant growth. The increased product awareness in countries like India and South Korea is the main reason for the higher region’s growth. The demand for processed foods is being driven by the changing lifestyles of the region and the increasing disposable income.

Peanut butter companies are expanding their product lines and taking important initiatives to realize the potential of the region’s market. The market is expected to grow due to new product launches and new players in the region, as well as the development of retail sectors. Hormel Foods Corporation, for example, launched the Skippy Squeeze Pouch with peanut butter in Malaysia.

Key Regions and Countries covered in the report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The peanut butter industry is stable in its nature. This market is dominated both by large global players and small/medium local competitors. The global market is dominated by key global players. With product awareness increasing, there are new players entering the market. Principal players are focused on expansion in new markets, product innovation, product launch, and penetration.

To make it easier for consumers to choose new products, market players also have developed other nutritious ingredients that can be used to enhance the product. Key players want to expand their market share in the global marketplace due to increasing consumer access and accessibility. American Peanut Growers Group, an American farmer-owned processor, was based in Georgia, U.S.A., and announced expansion plans in November 2021 to produce peanut butter and other products:

The global peanut butter market is dominated by the following key players.

Market Key Players:

•  Mars, Inc.
•  Oetker Group
•  The Hershey Company
•  Unilever Plc
•  J.M. Smucker Company
•  Kellogg Company
•  Conagra Brands, Inc.
•  Hormel Foods Corporation
•  Kraft Foods
•  Associated British Foods plc
•  Other Key Players

For the Peanut Butter Market research study, the following years have been considered to estimate the market size: