Overview:

The global peanut butter market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. The peanut butter is nothing but the paste of dry-roasted peanuts. Also, some manufacturers add some other ingredients in this paste such as emulsifiers, sweeteners, salt, vegetable oils, and some other. It is also called as peanut spread and is a good source of protein and carbohydrate.

The peanut butter is mainly prepared using ground peanuts hence it is considered as a plant-based good protein source for vegan population.

Market Dynamics:

Increasing vegan population and growing awareness about vegan food are key factors driving growth of the peanut butter market across the globe. The peanut butter is completed plant-based food hence, it is gaining popularity among vegan population.

In addition, rising number of global and regional manufacturers and growing product availability through various sales channel are other major factors supporting growth of the target market. Many companies are increasing their E-commerce or online presence to sell products and expand the market reach. This in turn expected to propel growth of the global market during the forecast period.

Moreover, rising popularity of peanut butter among gym and health clubs for weight and health management is among the other factor supporting target market growth. Additionally, rising availability of flavored peanut butter is expected to drive the market growth across the globe in the near future.

Key Trends:

Increasing products launches by key players operating in the peanut butter market is a key trend witnessed in the target market. For instance, in October 2020, Unilever plc. has launched Kissan peanut butter in South India. This type of strategic initiatives expected to support growth of the target market over the forecast period.

Regional Analysis:

For detailed understanding of market dynamics, the global peanut butter market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The global market was dominated by North America region with highest revenue share in the year 2019. This is attributed to high awareness about peanut butter among individuals in countries in the region. In addition, high popularity of fast food and high preference for various snacks owing to busy lifestyle are some other factors driving growth of the target market in this region.

In addition, the target market in Asia Pacific region is expected to register highest growth during the forecast period. Rising consumer base and growing number of regional market players in countries such as India are key factors expected to propel growth of the peanut butter market in the region.

Scope of the Report:

Detailed Segmentation:

Global Peanut Butter Market, By Product Type:

• Smooth Peanut Butter
• Crunchy Peanut Butter
• Other Product Type

Global Peanut Butter Market, By Distribution Channel:

• Supermarkets/ Hypermarkets
• Convenience Stores
• E-commerce/ Online
• Other Channel

Key Players Covered:

Key players operating in the global peanut butter market includes Boulder Brands Inc., Kraft Canada Inc., Hormel Foods Corporation, Algood Food Company Inc., The J.M. Smucker Company, Procter & Gamble Company, Unilever plc, Boulder Brands Inc., Conagra Brands, Inc., and Dr. Oetker India Pvt. Ltd.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Peanut Butter Market by product type, distribution channel, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2019 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global peanut butter market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.