[Latest] Global Peanut Butter Market Size/Share Worth 7.89 Billion by 2030 at a 7.5% CAGR: Custom Market Insights (Leaders, Report, Trends, Forecast, Trends, Segmentation, Basket)

Sandy, Utah, USA, Oct. 17, 2022 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled “Peanut Butter Market Size, Trends and Insights Product Type (Crunchy and Creamy), by Distribution Channel (Online and Offline) and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” in its research database.

“According to the latest research study, the demand for global Peanut Butter Market size & share was valued at approximately USD 5.56 Billion in 2021 and is expected to reach a value of around USD 7.89 Billion by 2030, at a compound annual growth rate (CAGR) of about 7.5% during the forecast period 2022 to 2030.”

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

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Regional Snapshots.

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 from 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 growing awareness about a healthy lifestyle, the rise in the number of health-conscious people, and the ever-increasing trend of looking fit and healthy have been projected to enhance the sales of the peanut butter market in the North American region. Furthermore, launching new flavours and types of peanut butter is likely to attract market growth, one of the most popular flavours in America.

(A free sample of the Peanut Butter report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

• Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
• The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
• About 220+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on the Request
• Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2022
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis 
• Custom Market Insights (CMI) research methodology

(Please note that the sample of the Peanut Butter report has been modified to include the COVID-19 impact study prior to delivery.)

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Market Dynamics Drivers

Increase in the production rate of peanut butter

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, 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.

Restraints.

High production cost

Peanut butter offers various health benefits, including sound and healthy fat, protein-rich fibre, and low calories. However, it has a high price rate, likely hampering the market. In addition, various substitutes for high-cost peanut butter are inhibiting market growth.

Key questions answered in this report:

• What is the size of the Peanut Butter market and what is its expected growth rate?
• What are the primary driving factors that push the Peanut Butter market forward?
• What are the Peanut Butter Industry’s top companies?
• What are the different categories that the Peanut Butter Market caters to?
• What will be the fastest-growing segment or region?
• In the value chain, what role do essential players play?
• What is the procedure for getting a free copy of the Peanut Butter market sample report and company profiles?

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Key Offerings:

• Market Share, Size & Forecast by Revenue | 2022−2030
• Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
• Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by Regions
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Opportunities

Rising preference for healthy products

Rising trends among the young and millennial population regarding health consciousness and consumption of healthy fat-contained food have increased the overall market growth. However, another critical factor impeding market expansion is an increase in the number of heart-related diseases that have provided new opportunities for the market.

Furthermore, the adoption of healthy lifestyles, an increase in disposable income among people, and a rise in the purchasing power of consumers have escalated the overall market growth. These factors are anticipated to enhance the overall demand for the peanut butter market during the forecast period, thus, offering the most lucrative opportunities.

Challenges

Lack of awareness

Over the forecast period, the peanut butter market will hamper its growth rate due to a lack of awareness about its health benefits and less emergence of and launch of products in rural areas is likely to be one of the challenging factors for the market growth. Therefore, these factors will be problematic for developing the peanut butter market.

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Report highlights.

The peanut butter market is segmented into crunchy and creamy depending on the product type.
The crunchy product type-based segment dominated the market in 2021 and accounted for 46.56% of the total share during the forecast period. The higher preference for crunchy peanut butter will increase the total market share. In addition, crunchy peanut butter is healthier than creamy due to less content of saturated fat. This factor will drive the market for the crunchy type of peanut butter market.

The global peanut butter market is studied online and offline based on distribution channels. It is expected that the international offline distribution channel segment to hold a dominant position during 2022 -2031 with a total market share of 35.86%. 

The offline distribution channels involve supermarkets, stores, speciality markets, hypermarkets, departmental stores, and many others.

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Factor such as ease of availability in the stores has driven the overall market during the forecast period. In addition to this, most people across the globe still prefer offline shopping for consumer goods. For instance, according to an article published by RIPEN, the vast majority of U.S. retail sales, 92%, still happen offline. Therefore, these are the central driving element for the market’s growth.

The online distribution channel also witnessed significant growth during the forecast period.
Furthermore, growing disposable income and increasing consumer purchasing power drive market growth. In addition, the rise in the number of online retailers, advancements in technology, and fast delivery services have escalated the market growth.

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Key Findings:

• The crunchy type segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 46.56%.
• A global offline segment held a dominant position during 2022 -2031 and accounted for 35.86% of the total market share during the forecast period.
• North America is the dominant region in the bio-butanol market with a total market share of 51.25% during the forecast period.

Key Development

• 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.

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Key market players in the peanut butter market

• 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

Segments covered in the report

Key market segments

By Product Type

By Distribution channel

Key Insights from Primary Research/Key Insights & Findings from the report:

• As per the analysis shared by our primary respondents, the Peanut Butter market is expected to grow annually at a CAGR of around 10.5 %.
• Through primary research, it was established that the Peanut Butter market was valued at around USD 1.5 Billion in 2021.
• Based on type segmentation, gas chromatography (GC) and high-performance liquid chromatography (HPLC) were predicted to show maximum market share in the year 2021.
• The key factor driving the market is the legalization of cannabis use for recreational and medical purposes will be the primary force behind future market trends.
• The “North America” region will lead the global Peanut Butter market during the forecast period 2022 to 2030.

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On the basis of Geography

North America

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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This Peanut Butter Market Research/Analysis Report Contains Answers to the following Questions.

• Which Manufacturing Technology is used for Peanut Butter? What Developments Are Going on in That Technology? Which Trends Are Causing These Developments?
• Who Are the Global Key Players in This Peanut Butter Market? What are Their Company Profile, Their Product Information, and Contact Information?
• What Was the Global Market Status of the Peanut Butter Market? What Was the Capacity, Production Value, Cost and PROFIT of the Peanut Butter Market?
• What Is the Current Market Status of the Peanut Butter Industry? What’s Market Competition in This Industry, Both Company and Country Wise? What’s Market Analysis of Peanut Butter Market by Taking Applications and Types in Consideration?
• What Are Projections of the Global Peanut Butter Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
• What Is Peanut Butter Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
• What Is Economic Impact on Peanut Butter Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
• What Is the Market Dynamics of the Peanut Butter Market? What Are Challenges and Opportunities?
• What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Peanut Butter Industry?

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Reasons to Purchase Peanut Butter Market Report

• Peanut Butter Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
• The Peanut Butter Market report outlines market value (USD) data for each segment and sub-segment.
• This report indicates the region and segment expected to witness the fastest growth and dominate the market.
• Peanut Butter Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
• The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
• Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
• The Industry’s current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
• Peanut Butter Market Includes in-depth market analysis from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain.

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Reasons for the Research Report

• The study provides a thorough overview of the global Peanut Butter market. Compare your performance to that of the market as a whole.

• Aim to maintain competitiveness while innovations from established key players fuel market growth.

What does the report include?

• Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Peanut Butter market analysis.

• The competitive environment of current and potential participants in the Peanut Butter market is covered in the report, as well as those companies’ strategic product development ambitions.

• According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

• For each segment mentioned above, actual market sizes and forecasts have been given.

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Who should buy this report?

•  Participants and stakeholders worldwide Peanut Butter market should find this report useful. The research will be useful to all market participants in the Peanut Butter industry.

•  Managers in the Peanut Butter sector are interested in publishing up-to-date and projected data about the worldwide Peanut Butter market.

•  Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Peanut Butter products’ market trends.
•  Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans. 

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