Global Peanut Butter Market is expected to experience steady growth from 2023 to 2032, driven by the versatility of peanut butter as a popular food product and the increasing consumer interest in health-conscious and natural food options.

Experts predict a Compound Annual Growth Rate (CAGR) of approximately 7% during this period. In 2023, the market is projected to be valued at USD 7.5 Billion, and it is estimated to reach USD 9.98 Billion by 2032.

Peanut Butter Market: Growth Factors and Dynamics

The Peanut Butter Market is experiencing sustained growth, driven by various factors that highlight its adaptability and appeal to a diverse consumer base:

  • Health and Nutrition: Peanut butter is recognized as a nutritious source of plant-based protein, healthy fats, and essential nutrients. Consumers seeking health-conscious food options are turning to peanut butter.
  • Versatile Applications: Peanut butter’s versatility is evident in its use across various culinary applications, from classic PB&J sandwiches to protein-packed smoothies and savory dishes, making it a kitchen essential.
  • Global Consumption: Peanut butter enjoys a global presence and is consumed in various forms, adapted to regional tastes and preferences, from creamy spreads to crunchy variations.
  • Clean Label Trend: The demand for clean-label products continues to rise. Many peanut butter brands are responding by offering options with minimal ingredients and no additives or preservatives.
  • Plant-Based Diets: As plant-based diets gain traction, peanut butter is a go-to choice for vegans and vegetarians seeking a protein-rich, non-animal protein source.

Global Peanut Butter Market 2023 - 2032 (By Application)
  • Flavor Innovations: Flavor innovations, including honey-infused, chocolate, and other creative variants, are expanding the appeal of peanut butter to cater to diverse taste preferences.
  • Sustainability Initiatives: Sustainability is a growing concern for consumers. Peanut butter manufacturers are actively working to source sustainably grown peanuts and reduce their environmental impact.
  • Online Retailing: E-commerce has made peanut butter readily accessible to consumers worldwide, enabling a broader selection of brands and product variations.
  • Private Label Brands: Retailers are introducing private label peanut butter brands, offering cost-effective options to budget-conscious consumers.
  • Packaging Innovations: Innovations in packaging, such as single-serve peanut butter cups and resealable containers, enhance convenience for consumers and minimize food waste.
  • Global Trade and Exports: The peanut butter industry is actively involved in global trade and exports, contributing to its worldwide presence and market growth.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 7.5 Billion
Projected Market Size in 2032 USD 9.98 Billion
Market Size in 2022 USD 7.2 Billion
CAGR Growth Rate 7% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Type, Distribution Channel, Application and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Peanut Butter Market: COVID-19 Analysis

  • Home Cooking Surge: Lockdowns and restaurant closures led to a surge in home cooking. Peanut butter, a versatile ingredient, became a go-to option for creating homemade meals and snacks.
  • Comfort Food Appeal: The pandemic heightened the appeal of comfort foods. Peanut butter, often associated with nostalgia and comfort, experienced increased consumption.
  • Nutritious Convenience: With consumers prioritizing both nutrition and convenience, peanut butter’s shelf-stable, long-lasting, and nutrient-rich qualities made it a practical choice.
  • Sustainability Awareness: The pandemic emphasized the importance of sustainability and eco-conscious consumer choices. Peanut butter brands have responded by adopting sustainable practices and packaging.
  • E-commerce Expansion: The pandemic accelerated the expansion of e-commerce, making peanut butter more accessible to consumers through online retail platforms.
  • Health-Conscious Choices: As health consciousness grew during the pandemic, peanut butter was recognized as a source of plant-based protein and healthy fats, contributing to its continued popularity.
  • Consumer Brand Loyalty: Consumers sought familiar and trusted brands during uncertain times, leading to increased loyalty to established peanut butter brands.
  • Local Sourcing: There was a noticeable shift towards supporting local and regional products. Some consumers sought out peanut butter brands that sourced peanuts locally.
  • Diverse Taste Preferences: Flavor innovations, such as spiced or specialty peanut butter blends, gained traction as consumers explored diverse taste experiences while cooking at home.
  • Packaging Solutions: The pandemic led to an increased focus on food safety and packaging. Brands introduced innovative, tamper-evident, and resealable packaging options.
  • Online Recipe Sharing: Homebound consumers shared and discovered creative peanut butter recipes, fostering a sense of community around cooking and food.
  • Global Supply Chain Adaptations: The peanut butter industry adapted to challenges in the global supply chain, ensuring the continued availability of products.
  • Health and Safety Precautions: Peanut butter manufacturers implemented stringent health and safety measures in response to the pandemic, reassuring consumers about product safety.

Global Peanut Butter Market 2023 - 2032 (By Billion)

List of the prominent players in the Peanut Butter Market:

  • The J.M. Smucker Company
  • Hormel Foods Corporation
  • Kraft Heinz Company
  • Conagra Brands, Inc.
  • Unilever
  • Procter & Gamble Co.
  • Boulder Brands
  • Santa Cruz Natural Incorporated
  • Peanut Butter & Co.
  • Once Again Nut Butter
  • Others

The Peanut Butter Market is segmented as follows:

By Type

  • Smooth Peanut Butter
  • Crunchy Peanut Butter
  • Organic Peanut Butter

By Distribution Channel

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online Retail

By Application

  • Bakery Products
  • Snacks
  • Spreads and Sauces

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America


  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America