The global peanut butter market reached a value of US$ 3.4 Billion in 2020. 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 expects the global peanut butter market to exhibit moderate growth during 2021-2026.
IMARC Group provides an analysis of the key trends in each sub-segment of the global peanut butter market, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product type and distribution channel.
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 competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market.
The global peanut butter market size was valued at US$ 3.40 Billion in 2020.
According to the estimates by IMARC Group, the global peanut butter market is expected to witness a CAGR of 5.40% from 2021 to 2026.
Due to the rising health consciousness, consumers are adopting healthier food options with plant-based ingredients, thereby representing one of the key drivers for the global peanut butter market.
Several manufacturers are adopting innovative marketing strategies to reach a broader consumer base, which acts as one of the key trends in the global peanut butter market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the shift from brick-and-mortar distributional channels towards e-commerce platforms for the sales of peanut butter.
On the basis of the product type, the market has been bifurcated into smooth peanut butter, crunchy peanut butter, and others. Currently, smooth peanut butter holds the majority of the total market share.
On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, convenience stores, online stores, and others. Among these, supermarkets and hypermarkets represent the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global peanut butter market are J.M. Smucker Company, Hormel Foods Corporation, and ConAgra Food Inc.
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