According to a report by IMARC Group titled, “Peanut Butter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global peanut butter market is expected to grow at a CAGR of 5.5% during 2019-2024. Presently, the sales of peanut butter are concentrated in the west, especially in the United States and Canada, as the market in these regions has a wider consumer-base than in the developing countries. However, due to the rising standards of living and changing tastes,peanut butter is slowly paving its way into the developing regions around the world. As a result of these transforming market trends, the market of peanut butter is expected to reach a value of US$ 4.9 Billion by 2024.
Highlights of the global peanut butter market:
- The food and beverage industry represents the largest driver for the growth of the market.
- Creamy peanut butter dominates the market, representing the most popular type of peanut butter.
- North America is the largest region, accounting for the majority of the market share.
Peanut butter is used for wide ranging applications in the food and beverage industry, which forms the primary driving factor for its demand. As a consequence of growing health awareness, consumers seek out food options which are rich in nutritional value. As a result, the demand for peanut butter is gaining momentum due to its low caloric value and high nutrition content. Moreover, it can also be used as a substitute for milk butter. Peanut butter is used in combination with a variety of food products as spread and in breakfast foods, savoury sauces, smoothies and innumerable bakery products. Other factors which are contributing to the growth of the global peanut butter market are increasing disposable income, evolving tastes, innovation in the food and beverage industry, and introduction of new blends and flavours.
The report has segmented the market on the basis of product type, which include creamy peanut butter, natural peanut butter, crunchy/chunky peanut butter, honey roasted peanut butter and reduced fat peanut butter. Currently, creamy peanut butter holds the largest market share. Furthermore, the report has analysed the key regions and finds that North America represents the biggest market for peanut butter. It is followed by Europe and Asia Pacific. Apart from this, an evaluation of the competitive landscape is also given. Some of the key players included in the report are J.M. Smucker Co., ConAgra Foods Inc. and Hormel Foods. Amongst these, J.M. Smucker represents the largest manufacturerof peanut butter.
This report provides a detailed roadmap for setting up a peanut butter manufacturing plant. The study covers all the essential aspects of the peanut butter industry and provides an in-depth analysis of the market, industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the peanut butter industry in any manner.
The report has examined the global peanut butter market on the basis of:
- Creamy Peanut Butter
- Crunchy Peanut Butter
- Natural Peanut Butter
- Fat Reduced Peanut Butter
- Honey Fat Peanut Butter
- North America
- J.M. Smucker Co.
- ConAgra Foods Inc.
- Hormel Foods
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