The peanut butter market is projected to rise at a CAGR of 3.9% from 2024 to 2034. The market size is expected to reach US$ 5,470 million in 2024. Sales of peanut butter are anticipated to reach a value of US$ 8,040.9 million by 2034.
The growing health consciousness among individuals is expected to have a positive impact on market expansion. The peanut butter industry is driven by the younger generations’ increasing desire for high-protein food items and the growing trend of healthy food consumption.
With chronic illnesses like high blood pressure and heart disease on the rise, consumers are becoming more concerned about their health, resulting in the emergence of market opportunities. The peanut butter industry is evolving due to the growing demand for quick meals and changing lifestyles.
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A lack of customer understanding is the main obstacle hindering market penetration in the Asia Pacific. Variations in peanut prices and uneven production negatively the market’s growth. The application of import and export taxes in major countries also inhibits market expansion.
Regional Outlook
· Since peanut butter is so prevalent and has a long cultural history, North America holds a significant share of the peanut butter market. The rising demand for conventional and novel peanut butter products, such as sugar-free, flavored, and organic options, accelerates peanut butter market expansion.
· The growing influence of Western eating patterns and shifting dietary preferences contributes to market expansion in Asia Pacific. The market is expanding because of consumers’ increased disposable incomes and growing knowledge of health benefits associated with the consumption of peanut butter’s.
· Consumer preferences for accessible and healthful snack options are becoming prevalent in the European peanut butter industry. The market is expanding due to the growing popularity and the need for plant-based protein sources.
“Trends in health-conscious consumer behaviour are raising the demand for peanut butter. Novel product formulations and the growing awareness of plant-based diet are transforming market dynamics and creating a competitive landscape,” -Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the Market Study:
· The B2C segment in the distribution channel category is expected to grab a share of 72.5% in 2024.
· In the product type category, the crunchy peanut butter segment is set to acquire a market share of 42% in 2024.
· Sales of peanut butter in the United States are likely to surge at a CAGR of 3.2% through 2034.
· Germany’s peanut butter market is anticipated to develop at a CAGR of 2.7% through 2034.
· China’s peanut butter sales are expected to surge at a CAGR of 4.3% until 2034.
· India’s peanut butter industry is anticipated to rise at a CAGR of 5.3% over the forecast period.
· The United Kingdom peanut butter market is likely to exhibit a CAGR of 2.2% through 2034.
Competitive Landscape:
There are numerous peanut butter vendors, ranging from small businesses to major international organizations. Nonetheless, there is a tendency for industry consolidation as bigger businesses buy out smaller ones or combine with competitors. The peanut butter providers are seeking to increase their market share and boost productivity through this consolidation, while smaller enterprises need help to compete with more established rivals.
Top Companies in Peanut Butter Market:
Procter & Gamble
Unilever
The J.M. Smucker Company
Hormel Foods Corporation
Boulder Brands Inc.
Kraft Canada Inc.
Algood Food Company Inc.
Kellogg Company
Conagra Brands, Inc.
Kraft Foods
Mars, Inc.
Oetker Group
The Hershey Company
Unilever Plc
Associated British Foods plc
Others
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Key Segments:
By Product Type:
Smooth Peanut Butter
Crunchy Peanut Butter
Chocolate Peanut Butter
By Distribution Channel:
B2B
B2C
Hypermarket/Supermarket
Convenience Stores
Mass Grocery Retailers
Specialty Stores
Online Retailers
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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