The global peanut butter market is evaluated at US$3,818.424 million for 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.
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.
|Market size value in 2020||US$3,818.424 million|
|Market size value in 2027||US$5,803.714 million|
|Growth Rate||CAGR of 6.16% from 2020 to 2027|
|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., Kraft Foods Global, Inc., Pepper Health Pvt Ltd., Crazy Richard’s Peanut Butter, The Leavitt Corporation, PB2 Foods Storefront|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the peanut butter market size by 2027?
A1. The global peanut butter market is estimated to reach a market size of US$5,803.714 million by 2027.
Q2. What is the size of the global peanut butter market?
A2. Peanut Butter Market was valued at US$3,818.424 million in 2020.
Q3. What are the growth prospects for the peanut butter market?
A3. The global peanut butter market is estimated to grow at a CAGR of 6.16% 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, 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.
The J.M. Smucker Company
Hormel Foods, LLC
The Hut.com Limited and MSM Retail Pvt Ltd.
Kraft Foods Global, Inc.
Pepper Health Pvt Ltd.
Crazy Richard’s Peanut Butter
The Leavitt Corporation
PB2 Foods Storefront
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