Peanut Butter Market Report and Forecast 2024-2032

According to the report, the global peanut butter market attained a healthy growth in the historical period. Aided by the surging demand for versatile and nutritious food products and the expanding applications of peanut butter in an array of culinary dishes, the market is expected to grow significantly by 2032.

Peanut butter, a creamy, delectable spread, is derived from roasted peanuts and is an inherent part of diets worldwide, especially in Western countries. Loaded with proteins, healthy fats, and essential vitamins, peanut butter is not just a mouth-watering delight but also a nutritional powerhouse. Its attributes of satiety and health benefits are boosting its popularity as a staple breakfast ingredient and a quick snack. Beyond its primary role as a spread, peanut butter's rich, nutty flavour and creamy consistency have carved its niche in baking, confectionery, smoothies, and a multitude of international cuisines.

A major propellant of the global peanut butter market growth is the shifting dietary preferences towards protein-rich foods. As consumers grow increasingly health-conscious, the awareness regarding the nutritional advantages of peanuts - high protein, low carbs, and a wealth of minerals - has amplified the demand for peanut butter. It's not merely seen as a tasty spread but a health-enhancing food product. The fitness community, too, has embraced peanut butter as a preferred pre and post-workout snack, owing to its energy-boosting properties.

The burgeoning trend of quick meals, driven by the fast-paced urban lifestyles, has further bolstered the peanut butter market outlook. Peanut butter's versatility, which allows it to slide effortlessly into sandwiches, desserts, and even savoury dishes, is ensuring its sustained demand in households globally.

The applications of peanut butter are not confined to households and the culinary world. The confectionery industry is capitalising on its rich flavour and texture to produce an assortment of products - from peanut butter cups and bars to cookies. Moreover, as the global palate becomes more experimental, restaurants and food joints are innovating traditional recipes, integrating peanut butter into diverse cuisines, thus expanding its gastronomic footprint.

Furthermore, with veganism and vegetarian diets gaining traction worldwide, peanut butter stands out as a plant-based protein source. This rise in plant-forward diets, coupled with lactose intolerance issues in a significant portion of the global population, has intensified the peanut butter market demand. Peanut butter, being dairy-free, positions itself as an ideal alternative for those seeking plant-derived protein and nutritional benefits.

Market Segmentation

The market can be divided based on spread type, end-use, and region.

Market Breakup by Spread Type

• Creamy
• Crunchy/Chunky
• Old Fashioned/Natural
• Reduced Fat
• Honey Roasted

Market Breakup by End-Use

• Cooking
• Health Product

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global peanut butter market. Some of the major players explored in the report are as follows:

• Hormel Foods Corporation
• The J.M. Smucker Co.
• Post Holdings, Inc.
• Sonya Foods Pvt. Ltd.
• H.J. Heinz Company Brands LLC (KRAFT Foods)
• Others