Peanut Butter Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Peanut Butter Market grew at a CAGR of 6.4% between 2017-2021 and is estimated to be US$ 6,367.1Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.1% and is expected to reach a valuation of US$ 11,510.5Mn by 2032 end.
Peanut butter can be used in place of milk butter as a fantastic energy source. Peanut butter is a good source of protein, fiber, and unsaturated fat, as well as vitamins E and magnesium, zinc, and potassium, in addition to giving you energy.
Due to the nutritional advantages that peanut butter offers, the market is expected to grow rapidly throughout the forecast period. Furthermore, an increasing number of consumers with weight-related illnesses and rising disposable incomes in both developed and developing countries are significant factors anticipated to drive the global peanut butter market growth throughout the projected decade and after.
THE NUTRITIONAL BENEFITS OF PEANUT BUTTER ARE DRIVING THE MARKET
Consuming peanut butter is a high-quality food product with many nutritional benefits. It contains plenty of fiber, vitamins, minerals, protein, and fat. The vitamin E content of peanut butter is essential for correcting eyesight and muscular alignment.
It also serves as an antioxidant, allowing it to fight off many diseases like cancer and joint inflammation. The worldwide peanut butter market is predicted to grow throughout the forecast period as people spend money on healthy products with equivalent nutritional value.
LACK OF AWARENESS AMONG PEOPLE IN DEVELOPING NATIONS
It is anticipated that a lack of awareness among residents in underdeveloped countries will constrain the market. COVID-19’s effects on the supply chain will slow the market’s expansion. Lack of understanding and the high cost of producing peanut oil will act as market restraints and restrict the market expansion rate.
INCREASING NUMBER OF GOVERNMENT INITIATIVES
During the projection period, there will be more government programs to promote health consciousness, which will lead to new market possibilities. Additionally, an increase in strategic alliances and the emergence of new markets will act as market drivers and increase favorable prospects for the industry’s growth rate.
Market Segments Covered in Report
By Product Type:
By Distribution Channel:
By Region and Country:
Which product type is contributing the most toward peanut butter sales?
About 42.5% of market revenues were in the crunchy market segment. Because people prefer crunchier peanut butter more, the product has a larger market share. It is commonly thought that crunchy peanut butter is a little bit healthier because it contains more fiber and less saturated fat than creamy peanut butter. Crunchy peanut butter variants are predicted to expand substantially over the projected period due to their growing popularity among kids and teenagers.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The peanut butter industry faces fierce competition on a global scale. Along with significant international players, the market is distinguished by a few notable small- to medium-sized local businesses. Major international players have a huge influence on the global market.
New businesses are entering global markets as customer knowledge of products gradually increases. The major companies focus on new product development, product launches, production expansion, and geographic expansion.
To enable product offers to a larger consumer base, the market participants additionally create new product varieties by fortifying them with other nutritional components. The main corporations strive to increase client accessibility and customer reach to increase their market share in the global sector.
The recent developments in the Global Peanut Butter Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, Distribution Channel, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.1%.
The nutritional benefits of peanut butter are driving the market.
Major global Peanut Butter Market players are Procter & Gamble, Unilever, The J.M. Smucker Company, Hormel Foods Corporation, Boulder Brands Inc., Kraft Canada Inc., Algood Food Company Inc., Kellogg Company, Conagra Brands, Inc., Kraft Foods, Mars, Inc., Oetker Group, The Hershey Company, Unilever Plc, Associated British Foods plc
Lack of awareness among people in developing nations.
North America is expected to account for the largest market revenue share in the Global Peanut Butter market.
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