The global peanut butter market is estimated to grow at a CAGR of 5.69% to reach US$5,249.302 million by 2025 from US$3,766.155 million in 2019.
Peanut butter is getting increasingly popular as an easily prepared and convenient breakfast option, which is preferred by both the working-class population and the children, is growing. In addition, it is available in different varieties and flavors to appeal greater proportion 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 among others. Thus, these factors are leading to increasing in the demand for peanut butter and are pushing the market growth over the forecast period. However, the prevalence of peanut allergies among a significant proportion of the population is impacting the market growth.
Product launches and product offerings by Major Market Players in the Peanut Butter Market
The market players are highly active in the market by offering and making available a variety of peanut butter products in order to cater to the rising demands from different distribution channels which in turn helping them improve their market position.
Some of the examples of product launches and offerings are as follows:
- 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 also offers different types of peanut butter, 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. In addition, a new texture has been added by the name “Ground”. It comes in an all-new texture named ‘Ground’ which is essentially creamy peanut butter blended with tiny bits of peanuts, which is a blend of tiny bits of peanuts and creamy peanut butter.
- In January 2020, Unilever, which is one of the leading global brands dealing in the foodservice and food and beverage sector, offers a variety of products under its umbrella of brands. It also offers peanut butter. They announced the launch of a new product called the Marmite Peanut Butter, which is a smooth variety of peanut butter, after the launch of its least product Marmite Peanut Butter Crunchy last year. The product has been launched in order to cater to the demands of the consumers that prefer smooth peanut butter to crunchy peanut butter It has been made available in 225g jar from February.
- Hormel Foods, LLC, one of the famous manufacturers and providers of peanut butter globally and offers their 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 protein per serving. In addition, the company also provides its products in squeezable pouches such as SKIPPY Peanut Butter Squeeze Pack, which is a creamy type of peanut butter. This product is a mess-free option and easy to use.
- 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 the 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 the 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.
The North American region is estimated to hold a significant share over the forecast period owing to the rising consumption of peanut butter among the younger individuals and middle-aged individuals as a breakfast option. The Asia Pacific region is estimated to increase its share over the forecast period as a result of the varieties of peanut butter being made available and the influence of western culture.
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 younger 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 payers to launch varieties of peanut butter to cater to the evolving demands from the consumers.
Global Peanut Butter Market Scope:
| Market size value in 2019
|| US$3,766.155 million
| Market size value in 2025
|| US$5,249.302 million
| Growth Rate
|| CAGR of 5.69% from 2019 to 2025
| Base year
| Forecast period
| Forecast Unit (Value)
|| USD Million
| Segments covered
|| Type, Product, Packaging Type, Distribution Channel, And Geography
| Regions covered
|| North America, South America, Europe, Middle East and Africa, Asia Pacific
| Companies covered
||Dr. Oetker, The J.M. Smucker Company, Hormel Foods, LLC, Conagra Brands, The Hut.com Limited and MSM Retail Pvt Ltd., Pepper Health Pvt Ltd., Crazy Richard’s Peanut Butter, The Leavitt Corporation, PB2 Foods Storefront
| Customization scope
|| Free report customization with purchase
- By Type
- Processed Peanut Butter
- Natural Peanut Butter
- By Product
- Chunky Peanut Butter
- Creamy Peanut Butter
- By Distribution Channel
- Convenience Stores
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
Frequently Asked Questions (FAQs)
Q1. What will be the peanut butter market size by 2025?
A1. The global peanut butter market is estimated to reach a market size of US$5,249.302 million by 2025.
Q2. What is the size of global peanut butter market?
A2. Peanut Butter market was valued at US$3,766.155 million in 2019.
Q3. What are the growth prospects for peanut butter market?
A3. The global peanut butter market is estimated to grow at a CAGR of 5.69% over the forecast period.
Q4. How is the global peanut butter market segmented?
A4. The global peanut butter market has been segmented by type, product, packaging type, distribution channel, end-user, and geography.
Q5. Which region holds the largest market share in the peanut butter market?
A5. The North American region is estimated to hold a significant share in the peanut butter market.