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 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 a lot of useful ingredients that are beneficial for leading a healthy and balanced lifestyle. Some of these include, proteins, vitamins, iron, calcium among other. Thus, these factors are leading to increase in the demand for peanut butter and are pushing the market growth over the forecast period. However, 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:
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In January 2020, Dr Oetker, which is among the leading companies that offers 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 peanut 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 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.
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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.
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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 ingredient 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 product with added plant protein and contains about 10g protein per serving. In addition, the company also provides is products in squeezable pouches such as SKIPPY Peanut Butter Squeeze Pack, which is a creamy type peanut butter. This product is a mess free option and easy to use.
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The J.M. Smucker Company, which is another food and beverage company and is involved in dealing in the food and beverage products offers peanut butter under it 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 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 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.
Segmentation:
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By Type
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Processed Peanut Butter
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Natural Peanut Butter
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By Product
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Chunky Peanut Butter
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Creamy Peanut Butter
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By Distribution Channel
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Online
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Offline
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Hypermarkets
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Convenience Stores
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Others
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By Geography
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North America
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USA
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Canada
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Mexico
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South America
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Brazil
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Argentina
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Others
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Europe
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UK
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Germany
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France
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Spain
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Others
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Middle East and Africa
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Saudi Arabia
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UAE
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Israel
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Others
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Asia Pacific
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Japan
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China
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India
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South Korea
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Others
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