North America Peanut Butter Market to Reach 367.1 Kilo Tons by 2032, Stimulated by Increasing Awareness of its Nutritional Benefits

August 23, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “North America Peanut Butter Market Report by Product Type (Crunchy Peanut Butter, Smooth Peanut Butter, and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and Others), and Country 2024-2032,” the North America peanut butter market size reached 284.3 Kilo Tons in 2023. Peanut butter is a popular food product derived from ground, roasted peanuts. It is a thick, creamy spread with a rich, nutty flavor. It has a smooth texture and a delightful combination of taste and nutrition, making it a staple in households and an integral part of the region's food culture. The process of making peanut butter involves grinding the peanuts into a fine paste, often with the addition of small amounts of oil, salt, and sweeteners to enhance the taste and consistency. Peanut butter can be enjoyed in various ways, from spreading it on bread and sandwiches to incorporating it into desserts, smoothies, and savory dishes. Its widespread appeal has led to its inclusion in numerous recipes and culinary creations, making it an indispensable ingredient in the culinary landscape.

North America Peanut Butter Market Trends:

The increasing consumer awareness of the nutritional benefits of peanut butter as consumers seek healthier and protein-rich alternatives is one of the major factors contributing to the market growth. Moreover, the growing emphasis in the food industry on innovating and introducing new product variants, such as organic, all-natural, and low-sugar options, catering to the preferences of health-conscious consumers, is supporting the market growth. In line with this, the incorporation of novel flavors and textures, including crunchy and smooth variations, has garnered a wider consumer base, expanding the market reach. In addition to this, the increasing utilization of peanut butter in smoothies, baked goods, and savory dishes, diversifying its application in the culinary landscape, is favoring the market growth. In confluence with this, the rising product demand in the formulation of sports nutrition products, including protein bars, and energy snacks, is strengthening the market growth. Besides this, the increasing focus on sustainability and ethical sourcing among consumers is encouraging manufacturers to adopt sustainable and eco-friendly packaging solutions for a positive brand image and enhanced customer loyalty, which is positively impacting the market growth. Furthermore, the growing popularity of online retail channels and e-commerce platforms amplifying market accessibility to reach a broader consumer base across North America is providing remunerative growth opportunities for the market. Looking forward, the market size is projected to reach 367.1 Kilo Tons by 2032, expanding at a CAGR of 2.8% during 2024-2032.

Market Summary:

  • Based on the product type, the market has been segmented into crunchy peanut butter, smooth peanut butter and others.
  • On the basis of the distribution channel, the market has been categorized into supermarkets and hypermarkets, convenience stores, online stores and others.
  • Country-wise, the market has been segmented into the United States and Canada.
  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units '000 Tons, US$ Million
Segment Coverage Product Type, Distribution Channel, Country
Countries Covered United States, Canada
Customization Scope 10% Free Customization
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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North America Peanut Butter Market to Reach 367.1 Kilo Tons by 2032, Stimulated by Increasing Awareness of its Nutritional Benefits
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