Peanut Butter Market - Forecasts from 2022 to 2027

The global peanut butter market was valued at US$3,818.424 million in the year 2020, growing at a CAGR of 6.16% to reach the market size of US$5,803.714 million by the year 2027.

Peanut butter is getting increasingly popular as an easily prepared and convenient breakfast option, which is preferred by both the working-class population and children, is growing. In addition, it is available in different varieties and flavors to appeal to a greater proportion of the younger population. Moreover, there are a lot of useful ingredients that are beneficial for leading a healthy and balanced lifestyle. Some of these include proteins, vitamins, iron, calcium, and others. Thus, these factors are leading to an increase in the demand for peanut butter and are pushing the market's growth over the forecast period. However, the prevalence of peanut allergies among a significant proportion of the population is impacting the market's growth.

The market players are highly active in the market by offering and making available a variety of peanut butter products to cater to the rising demands from different distribution channels, which in turn helps them improve their market position. Hormel Foods, LLC, one of the most famous manufacturers and providers of peanut butter globally, offers its product under the brand name Skippy. Some of the products include SKIPPY Creamy Peanut Butter, No Sugar Added”. This product has been made using ingredients such as roasted peanuts, palm oil, and salt. It also offers another product called the SKIPPY Peanut Butter Blended with Plant Protein Creamy, which is a product with added plant protein and contains about 10g of protein per serving. In addition, the company also provides its products in squeezable pouches such as the SKIPPY Peanut Butter Squeeze Pack, which is a creamy type of peanut butter. This product is a mess-free option and is easy to use.

Furthermore, The J.M. Smucker Company, which is another food and beverage company and is involved in dealing in food and beverage products, offers peanut butter under its two brands. Under its Jif brand, the products it offers are Creamy Peanut Butter, which contains about 7g of protein and is made using less than 2% of molasses, and it is gluten-free. It also offers Extra Crunchy Peanut Butter, which is a product in which extra peanuts have been added to make it crunchier and contains less than 2% molasses. For health-conscious consumers, they also offer Creamy Peanut Butter with Omega-3 DHA & EPA, which contains 32mg of DHA and EPA combined and is loaded with the benefits of Omega-3.

During the projection period, the crunchy category is expected to account for a significant portion of market revenue. The larger market share is due to increased consumption of crunchy peanut butter and a stronger affinity for the product. Crunchy peanut butter is somewhat healthier than creamy peanut butter because it contains fewer saturated fats and more fibre. Because of its growing appeal among children and teenagers, crunchy forms of peanut butter are predicted to expand at a rapid rate over the projection period.

The North American region is estimated to hold a significant share over the forecast period. This is attributable to the fact that there are many individuals, including the young and middle-aged, that love consuming peanut butter with slices of bread or with beverages and smoothies as a wholesome and healthy breakfast option. Moreover, the Asia Pacific region is estimated to increase its share over the forecast period owing to the increasing influence of western culture and western food cultures, which is allowing different market players to launch varieties of peanut butter to cater to the evolving demands of consumers.

Recent Developments:

• American Peanut Growers Group, a farmer-owned processor based in Georgia, announced expansion plans for USD 85 million in November 2021 to manufacture peanut butter and other goods.
• Ambrosia Organic Farms launched the world's first Mango Peanut Butter in India in July 2022, and Chobani launched Chocolate Peanut Butter Spread in the United States in September 2021.
• In January 2020, Unilever, which is one of the leading global brands dealing in the food service and food and beverage sectors announced the launch of a new product called Marmite Peanut Butter, which is a smooth variety of peanut butter, after launch of its least product Marmite Peanut Butter Crunchy. The product has been launched to cater to the demands of consumers that prefer smooth peanut butter to crunchy peanut butter It has been made available in a 225g jar since February.
• In January 2020, Dr Oetker, which is among the leading companies that offer a range of products under different brands to the food and beverage industry announced the launch of their new product called “Peanut Butter All Natural”. This product has been made using peanuts, which are sourced 100% naturally, and it contains about 33% natural protein. The product has been developed for fitness enthusiasts and other health-conscious individuals so that they can lead an active lifestyle.

COVID-19 Impact

The pandemic of COVID-19 had a relatively positive effect on the market. Consumers turned to nutritionally balanced food products to stay safe and healthy as the disease spread. Peanut butter has grown in popularity as a result of its high nutritional value, low-calorie content, and high protein content. Also, as a result of the pandemic, people's willingness to stockpile comfort foods like peanut butter has increased significantly. Because of changes in lifestyle & food consumption habits, the market is likely to rise rapidly throughout the forecast period.

Segmentation:

By Type

• Processed Peanut Butter
• Natural Peanut Butter

By Product

• Chunky Peanut Butter
• Creamy Peanut Butter

By Packaging Type

• Jars
• Pouches

By Distribution Channel

• Online
• Offline
• Hypermarkets
• Convenience Stores

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• UK
• Germany
• France
• Spain
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Australia