Peanut Butter Market Growth Statistics, Size Estimation, Emerging Trends, Outlook to 2030 : by Form (Smooth Peanut Butter, Crunchy Peanut Butter, Low-Fat Peanut Butter, and Others), by Distribution Channel (Online and Offline), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
The peanut butter market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the peanut butter industry.
Peanut Butter Industry Outlook
The global peanut butter market was valued at USD 5.7 billion in 2020, which is expected to reach USD 7.4 billion by 2027, registering a CAGR of 5.7% during the forecast period (2021-2027). Peanut butter contains the low calories that are processed from the grinding of dry peanuts. Peanut butter has rich energy sources compared to milk butter, as it is an excellent source of protein, fiber, unsaturated fat, and minerals such as magnesium, zinc, potassium, and vitamins. Knowing the nutritional factor of peanut butter, it is used to prepare various food products, including salads, brownies, rolls, cakes, frostings, cornbreads, and chocolates.
Factors Affecting the Peanut Butter Market Over the Forecast Period:
The rise in consumer spending for nutritional products, backed by the increasing disposable income, is driving the growth of the peanut butter market across the globe.
Working people have stressed, hectic schedules; they prefer to eat instant food items as a convenience meal. This is the reason to expect an increase in the demand for peanut butter in on-the-go food products.
The high cost is the main barrier to the peanut butter market. Therefore, due to price factors, consumers prefer normal butter over peanut butter in emerging and under-developed economies, which restrains the global market’s growth.
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Impact of COVID-19 on Peanut Butter Market:
The COVID-19 pandemic will have a low-to-moderate impact on the growth of the global peanut butter market. The offline sales of peanut butter have significantly declined amidst the crisis; though, the online delivery of peanut butter will overcome the loss of the global sales of peanut butter from offline sales platforms. Therefore, a moderate impact in the peanut butter market value can be expected in 2020 globally.
Scope of the Report
The report outlines the global peanut butter market study based on type and distribution channel.
The peanut butter market has been segmented based on type –
- Smooth Peanut Butter
- Crunchy Peanut Butter
- Low-Fat Peanut Butter
The peanut butter market has been segmented based on distribution channel –
Peanut Butter Market: Regional Outlook
The peanut butter market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, the Middle East, and Africa. In 2020, North America held the largest share in the global peanut butter market, followed by Europe and the Asia Pacific. North America is further estimated to dominate the peanut butter market during the forecast period. Moreover, Asia Pacific is expected to project the highest CAGR in the global market over the forecast period.
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Key Global Peanut Butter Market Competitors Includes –
The peanut butter market is highly fragmented, with a large number of small players across the globe. The key peanut butter players operating in the global market include –
- Agro Tech Foods Limited
- Algood Food Company Inc.
- Archer Daniels Midland
- Boulder Brands Inc.
- Britannia Dairy Private Limited
- Conagra Foodservice
- Diamond Foods, Inc.
- Dr. Oetker India Pvt Ltd
- Hampton Farms, Inc
- Hormel Foods Corporation
- Kraft Canada Inc.
- Kraft Heinz
- Mother Dairy Fruit & Vegetable Private Limited
- Olam International
- Parag Milk Foods Limited
- Peanut Butter & Co
- Pinnacle Foods
- Procter & Gamble
- Star Snacks Co., LLC
- The Hain Celestial Group
- The Hershey Company
- The J.M. Smucker Company
- Trader Joe’s
- Unilever Group
- Virginia Diner.