The global peanut butter market reached a value of US$ 3.5 Billion in 2018, exhibiting a CAGR of 5.8% during 2011-2018. Peanuts are an essential crop grown worldwide and are commercially used for the production of oil, butter, flour, confections and snack products. Amongst these, peanut butter is one of the most consumed food spreads and is made by grinding and dry-roasting peanuts. It is an energy-rich product, which is usually marketed as a substitute for milk butter. Other than energy, it also offers fiber, protein and unsaturated fats along with a set of micronutrients including magnesium, zinc, potassium and Vitamin E. Owing to this nutritional profile, it is used for the preparation of various food products, including salads, brownies, rolls, cakes, frostings, cornbreads and chocolates.
With rising obesity rates, consumers across the globe have started shifting towards healthier breakfast and snack options. For instance, in the UK, peanut butter is expected to overtake the sales of sweet spreads, like jam, as they are being targeted by the Public Health England (PHE) under the sugar reduction plan. Under this scheme, the PHE aims to reduce the overall amount of sugar present in the food consumed by children. Apart from this, on account of rising competition in the global market, manufacturers have been adopting innovative marketing strategies to reach a broader consumer base. In line with this, Hormel Foods, a US-based food products company, introduced a new advertising campaign for its peanut butter brand, Skippy, in 2018. The ad campaign, called ‘Be Smooth Like Skippy’, is a 15 to 30 second video which is aired on television and digital channels across the US. Attributing to these drivers, IMARC Group estimates that the market will grow at a CAGR of 5.5% during 2019-2024, reaching a value of around US$ 5 Billion by 2024.
Peanut Butter Market Segmentation:
Breakup by Product Type:
Currently, smooth peanut butter is the most preferred product type in the market as it is easier to spread and mixes better with smoothies and desserts.
Breakup by Distribution Channel:
At present, supermarkets and hypermarkets account for the majority of peanut butter sales across the globe. These stores offer convenience and a wide range of brands and product variants to consumers.
On a regional basis, North America represents the biggest market for peanut butter, holding the majority of the total market share. This can be accredited to the easy availability of raw materials and the high disposable income of consumers in the region.
The report has also analyzed the competitive landscape of the market with some of the key players being:
Key Questions Answered in This Report:
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