Peanut Butter Market

Global Peanut Butter Market: Overview

According to Custom Market Insights (CMI), The Global Peanut Butter Market  size was estimated at USD 5.56 billion in 2021 and is expected to reach USD 6.2 billion in 2022 and is expected to hit around USD 7.89 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030.

Peanut is an essential crop that is grown around the world and is most dominantly used for the production of oil, butter, flour, snack products, and among others. Peanut butter is a fine and crunchy paste made it from the ground or roasted peanut. It contains essential ingredients such as sweeteners, salts, emulsifiers, and others and it involves 45% of oil and 25% of proteins. It is widely consumed across the globe.

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Peanut Butter Market: Growth Drivers

Increasing awareness about a healthy and fit lifestyle among people will drive the peanut butter thus, increases overall potential sales of the peanut butter market. For instance, according to a report published by entrepreneur India annually, 10,000 to 12,000 tonnes of peanut butter is produced in the state and over 90% is exported across the globe. This is expected to enhance the overall demand for the peanut butter market will grow exponentially.

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Peanut Butter Market: Regional Analysis

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America is the dominant region in the peanut butter market and accounted for 51.25% of the total market share during the forecast period. According to data revealed by National Peanut Board in the U.S., 90% of households consume peanut butter regularly which is likely to impact the market positively during the forecast period.

In addition, Canada and Mexico country also contributed to the growth of the market. This is attributed to the fact that, growing awareness about a healthy lifestyle, and rise in the number of health-conscious people and the growing trend of looking fit and healthy have been projected to enhance the sales of the peanut butter market in the North America region. Furthermore, the launch of new flavours and types of peanut butter is likely to attract market growth which is one of the most popular flavours in America.

Peanut Butter Market: Recent developments

• November 2021: Gujarat’s homegrown peanut butter brand, Mustin, the peanut butter and Seeds Company, has launched its most popular product variant, Chocolate-Hazelnut spread, for the first time in the country. Customers are obsessed with its creamy texture and ultra-delicious taste. Mustin is the only PB (peanut butter) brand that has introduced a wide range of flavoured products, including Choco Peanut Butter and super flavoured ones like Strawberry, Vanilla, and Choco Almont Peanut Butter, which are extremely unique savoury flavours in India. This strategic product launch is expected to enhance Mustin’s potential sales for the peanut butter market.
• August 2022: Icelandic company, has launched Good’s peanut butter spreads that comes in creamy and crunchy varieties, are 99% sugar-free and are made using dietary fibres from chicory root. This strategic product launch has widened the peanut butter market in the U.S.

Key Players:

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

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The global Peanut Butter market is segmented as follows:

By Product Type

• Crunchy
• Creamy

By Distribution channel

• Online
• Offline

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

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