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Peanut Butter Market Size, Share & Trends Analysis Report By Type (Crunchy, Creamy, and Other), By Distribution Channel (Offline, and Online), By Regional Outlook and Forecast, 2024 - 2031

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    Report

  • 238 Pages
  • April 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5955299
The Global Peanut Butter Market size is expected to reach $9.9 billion by 2031, rising at a market growth of 6.8% CAGR during the forecast period. In the year 2023, the market attained a volume of 7269.8 hundred Tonnes, experiencing a growth of 2.5% (2020-2023).

e-commerce offers unparalleled convenience for Canadians, allowing them to shop for groceries, including peanut butter, from the comfort of their homes or on the go. With busy lifestyles and hectic schedules, many consumers appreciate the convenience of having peanut butter delivered directly to their doorstep. Therefore, the North America market garnered USD 2693.2 million revenue in 2023. Also, Canada market consumed 205.9 hundred Tonnes of crunchy peanut butter in 2023. Hence, these factors will boost the demand in the segment.



Protein is necessary for many biological processes, including the development and repair of muscles, the immune system, and the synthesis of hormones. Peanut butter is lauded for its relatively high protein content, making it an appealing choice for individuals seeking to increase their protein intake, such as athletes, fitness enthusiasts, and those following high-protein diets. Hence, these factors will boost the demand for peanut butter in the upcoming years.

Additionally, the surge in plant-based diets and vegan lifestyles has fueled the demand for peanut butter as a versatile, protein-rich, and sustainable alternative to animal-derived spreads. Because of its plant-based composition, nutritional advantages, adaptability in the kitchen, and affordability, it's a great alternative for anyone adopting a plant-based diet and looking for cruelty-free and eco-friendly food options. Thus, these aspects can assist in the expansion of the market.

However, Peanut butter manufacturers face considerable vulnerability to the fluctuating prices of peanuts, influenced by many factors ranging from weather conditions to geopolitical tensions. These variables can significantly impact peanut yields and prices, introducing uncertainty in sourcing raw materials and consequently affecting production costs and profit margins. Thus, these factors can lead to decreased demand for peanut butter in the upcoming years.

By Type Analysis

Based on type, the market is divided into creamy, crunchy, and others. The creamy segment recorded a 39% revenue share in the market in 2023. Hence, Russia market consumed 103.11 hundred Tonnes of creamy peanut butter in 2022. Creamy peanut butter is a popular option for sandwiches, toast, and baked goods because of its creamy and smooth texture, making it adaptable and spreadable. Its spreadability and uniform consistency appeal to consumers seeking convenience and ease of use in their culinary creations.



By Distribution Channel Analysis

On the basis of distribution channel, the market is divided into offline and online. The offline segment recorded 75.5% revenue share in the market in 2023. Offline stores like supermarkets and hypermarkets typically boast a vast product assortment, including multiple brands, flavors, and packaging options of peanut butter. Customers with diverse interests and preferences are attracted to this extensive assortment, as it empowers them to conduct thorough product research and ultimately choose the one that most effectively fulfills their needs. Therefore, these aspects will fuel the demand in the segment.

By Regional Analysis

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific segment acquired a 21% revenue share in the market. The Asia Pacific region has seen a significant rise in health consciousness and awareness of the nutritional benefits of certain foods, including peanut butter. Growing consumer emphasis on health and wellbeing has led to a demand for healthful, high-protein, and high-fiber peanut butter products, as customers look for nutrient-dense, wholesome food options. Hence, the segment will grow rapidly in the coming years.

Recent Strategies Deployed in the Market

  • Feb-2024: The Hershey Company entered a partnership with Performance Food Group, a food distribution company. Through this partnership, Performance Food Group will integrate a diverse range of popular Hershey products into its dessert offerings, providing their customers with access to high-quality dessert options.
  • Feb-2024: The Hershey Company launched Reese's Peanut Butter Mini Eggs Unwrapped. The product is designed for easy snacking and is available in an 8 OZ pack. Additionally, it will join the lineup of Reese's and Cadbury items.
  • Nov-2023: The J.M. Smucker Company completed the acquisition of Hostess Brands, Inc., a bakery and cake shop company. With this acquisition, the J.M. Smucker Company strengthened its position in the baking products market, and the acquisition includes the Hostess® sweet baked snack brands, including Hostess®Donettes®, Twinkies®, CupCakes, DingDongs®, Zingers®, CoffeeCakes, HoHos®, Mini Muffins, and more.
  • Sep-2023: M&M's, a brand of Mars, Inc., unveiled M&M's Peanut Butter Minis. This product combines the beloved flavor of M&M's Peanut Butter chocolate candies with the small, fun size of M&M's Minis, offering a deliciously rich peanut butter taste and a satisfyingly crunchy candy shell in every miniature bite.
  • Mar-2023: The Hershey Company unveiled Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt and Reese's Plant-Based Peanut Butter Cups. With these products, the company aims to meet consumer expectations, and Reese's Plant-Based Peanut Butter Cups will be available in 1.4-ounce packaging and Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt will be available in 1.55-ounce packaging.

List of Key Companies Profiled

  • The Procter & Gamble Company
  • Unilever PLC
  • Hormel Foods Corporation (MegaMex Foods, LLC)
  • The Kraft Heinz Company
  • Associated British Foods PLC (Wittington Investments Limited)
  • The Hershey Company
  • Mars, Inc.
  • Dr. August Oetker KG
  • The J.M Smucker Company
  • Algood Food Company (Bowman Andros Products, LLC)

Market Report Segmentation

By Type (Volume, Hundred Tonnes, USD Billion, 2020-2031)
  • Crunchy
  • Creamy
  • Other
By Distribution Channel (Volume, Hundred Tonnes, USD Billion, 2020-2031)
  • Offline
  • Online
By Geography (Volume, Hundred Tonnes, USD Billion, 2020-2031)
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Peanut Butter Market, by Type
1.4.2 Global Peanut Butter Market, by Distribution Channel
1.4.3 Global Peanut Butter Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
3.3 Porter’s Five Forces Analysis
Chapter 4. Recent Strategies Deployed in Peanut Butter Market
Chapter 5. Global Peanut Butter Market by Type
5.1 Global Crunchy Market by Region
5.2 Global Creamy Market by Region
5.3 Global Other Market by Region
Chapter 6. Global Peanut Butter Market by Distribution Channel
6.1 Global Offline Market by Region
6.2 Global Online Market by Region
Chapter 7. Global Peanut Butter Market by Region
7.1 North America Peanut Butter Market
7.1.1 North America Peanut Butter Market by Type
7.1.1.1 North America Crunchy Market by Country
7.1.1.2 North America Creamy Market by Country
7.1.1.3 North America Other Market by Country
7.1.2 North America Peanut Butter Market by Distribution Channel
7.1.2.1 North America Offline Market by Country
7.1.2.2 North America Online Market by Country
7.1.3 North America Peanut Butter Market by Country
7.1.3.1 US Peanut Butter Market
7.1.3.1.1 US Peanut Butter Market by Type
7.1.3.1.2 US Peanut Butter Market by Distribution Channel
7.1.3.2 Canada Peanut Butter Market
7.1.3.2.1 Canada Peanut Butter Market by Type
7.1.3.2.2 Canada Peanut Butter Market by Distribution Channel
7.1.3.3 Mexico Peanut Butter Market
7.1.3.3.1 Mexico Peanut Butter Market by Type
7.1.3.3.2 Mexico Peanut Butter Market by Distribution Channel
7.1.3.4 Rest of North America Peanut Butter Market
7.1.3.4.1 Rest of North America Peanut Butter Market by Type
7.1.3.4.2 Rest of North America Peanut Butter Market by Distribution Channel
7.2 Europe Peanut Butter Market
7.2.1 Europe Peanut Butter Market by Type
7.2.1.1 Europe Crunchy Market by Country
7.2.1.2 Europe Creamy Market by Country
7.2.1.3 Europe Other Market by Country
7.2.2 Europe Peanut Butter Market by Distribution Channel
7.2.2.1 Europe Offline Market by Country
7.2.2.2 Europe Online Market by Country
7.2.3 Europe Peanut Butter Market by Country
7.2.3.1 Germany Peanut Butter Market
7.2.3.1.1 Germany Peanut Butter Market by Type
7.2.3.1.2 Germany Peanut Butter Market by Distribution Channel
7.2.3.2 UK Peanut Butter Market
7.2.3.2.1 UK Peanut Butter Market by Type
7.2.3.2.2 UK Peanut Butter Market by Distribution Channel
7.2.3.3 France Peanut Butter Market
7.2.3.3.1 France Peanut Butter Market by Type
7.2.3.3.2 France Peanut Butter Market by Distribution Channel
7.2.3.4 Russia Peanut Butter Market
7.2.3.4.1 Russia Peanut Butter Market by Type
7.2.3.4.2 Russia Peanut Butter Market by Distribution Channel
7.2.3.5 Spain Peanut Butter Market
7.2.3.5.1 Spain Peanut Butter Market by Type
7.2.3.5.2 Spain Peanut Butter Market by Distribution Channel
7.2.3.6 Italy Peanut Butter Market
7.2.3.6.1 Italy Peanut Butter Market by Type
7.2.3.6.2 Italy Peanut Butter Market by Distribution Channel
7.2.3.7 Rest of Europe Peanut Butter Market
7.2.3.7.1 Rest of Europe Peanut Butter Market by Type
7.2.3.7.2 Rest of Europe Peanut Butter Market by Distribution Channel
7.3 Asia Pacific Peanut Butter Market
7.3.1 Asia Pacific Peanut Butter Market by Type
7.3.1.1 Asia Pacific Crunchy Market by Country
7.3.1.2 Asia Pacific Creamy Market by Country
7.3.1.3 Asia Pacific Other Market by Country
7.3.2 Asia Pacific Peanut Butter Market by Distribution Channel
7.3.2.1 Asia Pacific Offline Market by Country
7.3.2.2 Asia Pacific Online Market by Country
7.3.3 Asia Pacific Peanut Butter Market by Country
7.3.3.1 China Peanut Butter Market
7.3.3.1.1 China Peanut Butter Market by Type
7.3.3.1.2 China Peanut Butter Market by Distribution Channel
7.3.3.2 Japan Peanut Butter Market
7.3.3.2.1 Japan Peanut Butter Market by Type
7.3.3.2.2 Japan Peanut Butter Market by Distribution Channel
7.3.3.3 India Peanut Butter Market
7.3.3.3.1 India Peanut Butter Market by Type
7.3.3.3.2 India Peanut Butter Market by Distribution Channel
7.3.3.4 South Korea Peanut Butter Market
7.3.3.4.1 South Korea Peanut Butter Market by Type
7.3.3.4.2 South Korea Peanut Butter Market by Distribution Channel
7.3.3.5 Australia Peanut Butter Market
7.3.3.5.1 Australia Peanut Butter Market by Type
7.3.3.5.2 Australia Peanut Butter Market by Distribution Channel
7.3.3.6 Malaysia Peanut Butter Market
7.3.3.6.1 Malaysia Peanut Butter Market by Type
7.3.3.6.2 Malaysia Peanut Butter Market by Distribution Channel
7.3.3.7 Rest of Asia Pacific Peanut Butter Market
7.3.3.7.1 Rest of Asia Pacific Peanut Butter Market by Type
7.3.3.7.2 Rest of Asia Pacific Peanut Butter Market by Distribution Channel
7.4 LAMEA Peanut Butter Market
7.4.1 LAMEA Peanut Butter Market by Type
7.4.1.1 LAMEA Crunchy Market by Country
7.4.1.2 LAMEA Creamy Market by Country
7.4.1.3 LAMEA Other Market by Country
7.4.2 LAMEA Peanut Butter Market by Distribution Channel
7.4.2.1 LAMEA Offline Market by Country
7.4.2.2 LAMEA Online Market by Country
7.4.3 LAMEA Peanut Butter Market by Country
7.4.3.1 Brazil Peanut Butter Market
7.4.3.1.1 Brazil Peanut Butter Market by Type
7.4.3.1.2 Brazil Peanut Butter Market by Distribution Channel
7.4.3.2 Argentina Peanut Butter Market
7.4.3.2.1 Argentina Peanut Butter Market by Type
7.4.3.2.2 Argentina Peanut Butter Market by Distribution Channel
7.4.3.3 UAE Peanut Butter Market
7.4.3.3.1 UAE Peanut Butter Market by Type
7.4.3.3.2 UAE Peanut Butter Market by Distribution Channel
7.4.3.4 Saudi Arabia Peanut Butter Market
7.4.3.4.1 Saudi Arabia Peanut Butter Market by Type
7.4.3.4.2 Saudi Arabia Peanut Butter Market by Distribution Channel
7.4.3.5 South Africa Peanut Butter Market
7.4.3.5.1 South Africa Peanut Butter Market by Type
7.4.3.5.2 South Africa Peanut Butter Market by Distribution Channel
7.4.3.6 Nigeria Peanut Butter Market
7.4.3.6.1 Nigeria Peanut Butter Market by Type
7.4.3.6.2 Nigeria Peanut Butter Market by Distribution Channel
7.4.3.7 Rest of LAMEA Peanut Butter Market
7.4.3.7.1 Rest of LAMEA Peanut Butter Market by Type
7.4.3.7.2 Rest of LAMEA Peanut Butter Market by Distribution Channel
Chapter 8. Company Profiles
8.1 The Procter & Gamble Company
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.5 SWOT Analysis
8.2 Unilever PLC
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Product Launches and Product Expansions:
8.2.6 SWOT Analysis
8.3 Hormel Foods Corporation (MegaMex Foods, LLC)
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expenses
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.5.2 Acquisition and Mergers:
8.3.6 SWOT Analysis
8.4 The Kraft Heinz Company
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Regional Analysis
8.4.4 Research & Development Expense
8.4.5 SWOT Analysis
8.5 Associated British Foods PLC (Wittington Investments Limited)
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 SWOT Analysis
8.6 The Hershey Company
8.6.1 Company overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Recent strategies and developments:
8.6.4.1 Partnerships, Collaborations, and Agreements:
8.6.4.2 Product Launches and Product Expansions:
8.6.4.3 Acquisition and Mergers:
8.6.4.4 Geographical Expansions:
8.6.5 SWOT Analysis
8.7 Mars, Inc.
8.7.1 Company Overview
8.7.2 Recent strategies and developments:
8.7.2.1 Product Launches and Product Expansions:
8.7.3 SWOT Analysis
8.8 Dr. August Oetker KG
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 SWOT Analysis
8.9 The J.M Smucker Company
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expenses
8.9.5 Recent strategies and developments:
8.9.5.1 Product Launches and Product Expansions:
8.9.5.2 Acquisition and Mergers:
8.9.6 SWOT Analysis
8.10. Algood Food Company (Bowman Andros Products, LLC)
8.10.1 Company Overview
8.10.2 SWOT Analysis
Chapter 9. Winning Imperatives of Peanut Butter Market

Companies Mentioned

  • The Procter & Gamble Company
  • Unilever PLC
  • Hormel Foods Corporation (MegaMex Foods, LLC)
  • The Kraft Heinz Company
  • Associated British Foods PLC (Wittington Investments Limited)
  • The Hershey Company
  • Mars, Inc.
  • Dr. August Oetker KG
  • The J.M Smucker Company
  • Algood Food Company (Bowman Andros Products, LLC)

Methodology

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