According to the latest report by IMARC Group, titled “Peanut Butter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global peanut butter market size reached US$ 3.5 Billion in 2019. Peanut butter is a spread prepared using ground dry roasted peanuts that are high in proteins but low in calories. It represents one of the most commonly consumed spreads as it a rich source of fiber, unsaturated fats and micronutrients, such as zinc, magnesium, potassium and Vitamin E. It is known to assist in losing weight, keeping the heart healthy, lowering the risk of cancer and diabetes, and protecting against Alzheimer’s and other neurodegenerative diseases. It is widely utilized in the preparation of various food products, such as rolls, cakes, salads, frostings, brownies, cornbread and chocolates.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Peanut Butter Market Trends:
At present, there is a rise in the demand for low-calorie and premium peanut butter on account of inflating income levels and increasing health consciousness among individuals. Consequently, leading players are introducing value-added variants, such as honey roasted peanut butter, to expand their product portfolio. Moreover, with the rising competition, these players are investing in innovative promotion activities to attract new customers. Furthermore, the growth of the organized retail sector is propelling the sales of peanut butter across the globe. Apart from this, due to the sudden outbreak of the coronavirus disease (COVID-19), there is a significant rise in the demand for healthy, packaged food items, with a longer shelf life, such as peanut butter. However, the market is being negatively impacted as governing agencies of various countries have declared complete lockdowns and manufacturing units of leading players are unable to function at an optimum level. The market will witness growth once normalcy is regained. Looking forward, the market value is projected to reach US$ 4.8 Billion by 2025, expanding at a CAGR of 5.30% during the forecast period (2020-2025).
- Based on the product type, the market has been segmented into crunchy peanut butter, smooth peanut butter and others. At present, smooth peanut butter exhibits a clear dominance in the market.
- On the basis of the distribution channel, the market has been segregated into supermarkets and hypermarkets, convenience stores, online stores, and others. Supermarkets and hypermarkets account for the majority of the total market share.
- Region-wise, the market has been classified into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are J.M. Smucker Co., Hormel Foods Corporation and ConAgra Food Inc.
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