According to the recent report by IMARC Group, titled “Peanut Butter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global peanut butter market size reached US$ 4.1 Billion in 2022. Peanut butter refers to a thick spread that is produced by dry roasted peanuts. It is high in proteins and low in calories in comparison to most other spreads. Peanut butter has gained prominence in several countries as it is rich in fiber and micronutrients, like vitamin E, zinc, potassium, and magnesium. The consumption of peanut butter is associated with several health benefits like weight loss, less risk of diabetes and cancer, a healthy heart, and good cholesterol maintenance. As a result, it is often used in salads, cakes, brownies, sandwiches, frostings, and rolls, as well as a substitute for milk butter.
Global Peanut Butter Market Trends:
One of the major factors driving the market growth is the rising health awareness that has led to the incorporation of plant-based proteins by the masses in their daily diets. This, along with inflating income levels, has increased the demand for premium peanut butter, thereby positively impacting the market growth. Besides this, several brands are employing innovative marketing campaigns to expand their consumer base. For instance, Jif, an American brand, rolled out a limited-edition peanut butter variant with GIF graphics on the jar to settle the debate over its pronunciation. Similar to Hormel Foods ‘Skippy’ ad campaign, Jif’s roll-out played a significant role in the uptake of peanut butter. Furthermore, the outbreak of the coronavirus disease (COVID-19) led to lockdowns for months in most countries worldwide. This has led to a rise in the sales of packaged food items with a longer shelf life, such as peanut butter. On account of these factors, the market is expected to grow at a CAGR of 4.8% during the forecast period (2023-2028).
- Based on the product type, smooth peanut butter accounts for the majority of the total market share.
- On the basis of the distribution channel, the market has been categorized into convenience stores, supermarkets and hypermarkets, online stores, and others. Among these, supermarkets and hypermarkets exhibit a clear dominance.
- Region-wise, North America (Canada and the United States) represents the leading market. Other regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Middle East and Africa, Latin America (Brazil, Mexico, and others), and Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others).
- The competitive landscape of the market has been examined, with some of the key players being Alpino Health Foods Private Limited, DiSano, Dr. Oetker GmbH, Hormel Foods Corporation, Sonya Foods Pvt. Ltd., The Hershey Company, The J.M. Smucker Company, The Kraft Heinz Company and Unilever plc.
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