Peanut Butter Market Size, Share, Growth, and Industry Analysis, By Type (Salted Peanut Butter and Sweet Peanut Butter), By Application (Physical Store and Online Store) and Regional Insights and Forecast to 2031

Updated On: 06 May 2024

PEANUT BUTTER MARKET REPORT OVERVIEW

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The global peanut butter market size was USD 2933.1 million in 2020 and the market is projected to touch USD 3797.7 million by 2026, exhibiting a CAGR of 4.4% during the forecast period.

Because it is becoming more and more popular among millennia who are health-conscious, peanut butter is expanding quickly. A kind of food adhesive called peanut butter is created by pulverizing and boiling peanuts. It's a high-protein, low-calorie spread that can effectively replace milk margarine, unlike other spreads. Although it's most frequently used as a sandwich spread, it may also be used in fine sauces, pastries, smoothies, and other dishes together with other spreads. The industry is expanding as a result of consumers' changing eating patterns and transition to healthier breakfast and snack alternatives.

COVID-19 Impact: Online Retail Growth and Home Cooking Trend in the Phase of COVID-19 Emphasized the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Due to its shelf life, peanut butter saw a spike in demand as people stocked up on non-perishable goods during lockdowns and other uncertain times. Baking and cooking at home increased significantly as more people stayed at home. Due to its versatility, peanut butter witnessed a spike in demand as more people tried their hand at making homemade dishes. The epidemic hastened the growth of e-commerce and online food buying. Brands of peanut butter that successfully promoted their goods through e-commerce channels and adjusted to online retail saw growth.

LATEST TRENDS

"Lifestyle Changes, Health and Nutrition Focus with Innovation in Product to Refurbish the Market Growth"

The market is expected to increase rapidly over the course of the projected period due to changes in food consumption and lifestyle. As more government efforts to encourage healthy consciousness are launched, new market possibilities will present themselves throughout the course of the projected period. In addition, the emergence of new markets and the formation of strategic partnerships will serve as market stimulants and improve the outlook for the industry's growth rate. The epidemic highlighted the significance of well-being and good health. Consumers searching for wholesome and filling snacks were drawn to peanut butter since it is a source of protein and healthy fats.

PEANUT BUTTER MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into salted peanut butter and sweet peanut butter.

Sweet: Roasted peanuts and honey are combined to make honey-roasted peanut butter, which has a sweet and somewhat salty taste. A distinct taste profile is produced by the addition of a hint of saltiness and sweetness from the maple syrup infusion to peanut butter.

Salted: To make a sweet and salty spread that complements both sweet and savory foods, peanut butter is mixed with vanilla essence and sea salt. A variety of dishes can benefit from this sweet and salty peanut butter, which is created by combining the rich flavor of caramel with salted peanuts. Chocolate, pretzel bits, and salted peanuts are common ingredients in this variant, which combines flavors of sweetness, salt, and crunch.

• By Application

Based on application the global market can be categorized into physical store and online store

Physical Store Applications: In most supermarket stores, peanut butter may be found in the condiments or spreads section. Retailers can draw attention to certain peanut butter brands or campaigns by using promotional displays, such as endcap displays or independent shelving units. Retailers may provide discounts or package offers, such as combining peanut butter with complimentary goods like jelly or bread. To entice customers to buy, several establishments employ sampling booths where they may sample various types of peanut butter. To encourage clients, store employees may do demos including inventive peanut butter dishes.

Online Store Applications: Detailed descriptions of every peanut butter variety, emphasizing ingredients, textures, and flavor characteristics, may be found in online product listings. Customer reviews offer insightful information on the flavor and caliber of the product. Customers may quickly filter and search for particular types of peanut butter, such organic, natural, or sweet and salty variations, in online retailers. For peanut butter, online merchants may provide subscription services that let users get frequent delivery without having to place new orders. Online retailers frequently link with social networking sites to distribute peanut butter-related recipes, culinary tips, and consumer reviews. One way to foster a feeling of community around a product is to invite customers to contribute their own creations using the hashtag #PeanutButterLove.

DRIVING FACTORS

"Rise in Disposable Income to Boom Up the Market Growth"

Growing worldwide awareness and increased disposable income in emerging countries are expected to drive market expansion during the forecast period. Industry players can also anticipate new business opportunities to broaden their product offerings as a result of the growing number of product launches and the ongoing expansion of the top rivals. Trends for food-on-the-go are predicted to increase, which will be good for the industry. Because they are less skilled in the kitchen and more technologically literate, people nowadays are more inclined to buy easily accessible, healthful food items from the market. This is a result of the current "food-on-the-go" trend and the primary worry that consumers have while purchasing food items.

"Convinience Offered and Food-on-the-go-Trend to Intensify the Market Growth"

It is anticipated that the trend for food-on-the-go will continue to expand, which is good for business. Due to their increased internet literacy and propensity to lack culinary abilities, people today tend to search the market for readily accessible, nutrient-dense food products. This is what consumers value most when purchasing food goods, and it has been attributed to the present "food-on-the-go" trend. Growing desire for nutrient-dense, low-calorie foods and the rise in busy lifestyles are what are propelling the peanut butter market's development. The peanut butter market is anticipated to be driven by shifting consumer preferences and a shift toward the use of convenience meals.

RESTRAINING FACTOR

"Risk of Allergic Reactions to Crumble Up the Market Growth"

One factor that may contribute to peanut allergy is the increased concentration of insecticides sprayed on peanut crops. Aflatoxin emissions from the fungus that develops over peanuts can also result in serious health problems including liver cancer. Furthermore, except from vaccinations to address mild or severe allergic responses, there is no known treatment for these allergies. These factors impede market expansion by discouraging consumers from consuming peanut butter. However, the issues with allergic concerns to hold back the  peanut butter market growth.

PEANUT BUTTER MARKET REGIONAL INSIGHTS

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"North America to dominate the Market owing to Greater Consumption and High Disposable Income "

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

North American region have the biggest consumption almost half, with the highest peanut butter market share. North America had the most market share in terms of revenue throughout the projected period. The U.S.' higher market share is mostly due to the country's higher peanut butter consumption. According to the National Peanut Board, peanut butter is one of the most popular tastes in America and is regularly consumed in 90% of American households. Higher production of peanuts, production companies, and customer knowledge of the product are all responsible for North America's higher market share. In addition, the region's easy accessibility, greater disposable income, and well-established retail sector all contribute to the rise in demand and consumption of peanut butter in the area.

KEY INDUSTRY PLAYERS

"Notable Market Players Shaping the Market and Contributing in the Market Expansion"

Due to their significant market influence, major market players are essential for understanding consumer preferences and industry dynamics. Because of these big companies' extensive retail networks and online platforms, customers may easily browse through an enormous variety of clothing selections. Due to their strong global presence and well-known brand, which have also strengthened customer loyalty and confidence, product adoption has increased. 

List of Market Players Profiled

• Hunts (U.S.)
• Hormel (U.S.)
• Skippy (U.S.)
• JIF (U.S.)
• Waitrose (U.K.)
• Taoyuanjianmin (China)
• Wangzhihe (China)

INDUSTRIAL DEVELOPMENT

• April 2021: MegaMex introduced their Tres Cocinas brand of pepper pastes, extending their product line to the wholesale food service sector.

REPORT COVERAGE

The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.