Peanut butter is a brownish paste made by roasting peanuts. It has soft and creamy texture commonly used as a bread spread. Sweeteners, salt and flavors are added to the peanut butter to modify and enhance its taste. Peanut butter is highly nutritious as it contains vitamin E, vitamin B6, magnesium and potassium. It also helps to reduce risk of chronic diseases such as diabetes and heart diseases.
The first five-year cumulative revenue (2019–2023) is projected to be Over US$ 18 Bn, which is expected to increase significantly over the latter part of the five-year forecast period. The global peanut butter market is estimated to value at over US$ 3 Bn in 2019, and is expected to register a CAGR of 4.2%.
Rising disposable income and changing lifestyles, coupled with increasing preference for ready-to-eat food products is resulting in high demand for nutritional food products such as peanut butter, which in turn is expected to drive growth of the global market.
Development of cost-effective flavored peanut butter with additional nutritional content can create higher revenue opportunities for players in the target market.
Global Peanut Butter Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global peanut butter market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global peanut butter market is expected to expand at a CAGR of 4.2% over the forecast period.
Global Peanut Butter Market: Segmental Snapshot
The market report has been segmented on the basis of product type, distribution channel, and region. The product type segment includes regular peanut butter, low sodium peanut butter, and low sugar peanut butter. The application segment includes hypermarkets, supermarkets, convenience stores, and others. The regions covered in the analysis include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Product type: The regular peanut butter segment accounted for highest revenue share contribution as compared to other product type segments, and is expected to register highest CAGR of over 4.3%
By Distribution channel: The supermarkets segment is expected to account for highest revenue share as compared to that of other distribution channel segments, and register highest CAGR of over 4.5% over the forecast period
By Region: The market in North America accounted for highest revenue share in the global peanut butter market, and is expected to register highest CAGR of over 4%
Global Peanut Butter Market: Competitive Analysis
The research report on the global peanut butter market include profiles of some of major companies such as The Procter & Gamble Company, Unilever N.V., The J.M. Smucker Company, Hormel Foods Corporation, Boulder Brands Inc., Kraft Canada Inc., Algood Food Company, Inc., Monsanto Company, ConAgra Foods, Inc., and The Hershey Company.