Peanut Butter Market Size, Trends and Insights 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), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI18751

Published Date: September 2022

Pages: 220+

Category: Food & Beverages

Report Snapshot

CAGR: 7%
7.2B
2022
7.5B
2023
9.98B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • The J.M. Smucker Company
  • Hormel Foods Corporation
  • Kraft Heinz Company
  • Conagra Brands, Inc.
  • Unilever
  • Others

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Reports Description

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 is a staple in many households and is used in a variety of applications, including as a spread, ingredient in baking, and a key component in various snacks and sauces.

The primary factors contributing to the growth of the peanut butter market include:

  • Health and Wellness Trends: Increased consumer awareness of the health benefits associated with peanut butter, such as being a good source of protein, healthy fats, and essential nutrients, has driven its consumption.
  • Plant-Based and Vegan Diets: As plant-based and vegan diets gain popularity, peanut butter serves as a valuable source of protein, making it a staple in these dietary patterns.
  • Convenience and Versatility: Peanut butter is a convenient and versatile food product that can be used in a variety of ways, from sandwiches to smoothies, salad dressings, and baking. This versatility has driven its demand.
  • Rising Consumer Demand for Natural and Clean-Label Products: Consumers are increasingly looking for natural and clean-label products without additives and preservatives. Peanut butter, when made with minimal ingredients, meets this demand.
  • Growing Snacking Trend: The rise in snacking behavior has increased the demand for convenient and satisfying snacks. Peanut butter can be consumed as a snack with fruits, vegetables, or crackers.
  • Innovative Product Variations: Manufacturers have introduced innovative peanut butter variations, such as powdered peanut butter and flavored options, to cater to changing consumer preferences.
  • Marketing and Branding: Effective marketing and branding strategies have made peanut butter appealing to a broader demographic, including children, fitness enthusiasts, and health-conscious individuals.
  • Availability and Accessibility: Peanut butter is widely available and accessible in most parts of the world, making it an easy choice for consumers.
  • Global Popularity: Peanut butter is consumed not only in the United States but also in various other countries, making it a global product with a broad market base.
  • Nutrient Profile: Peanut butter is a nutrient-dense food that provides essential nutrients like vitamins, minerals, and healthy fats. Its nutritional value has contributed to its growth in popularity.
  • Customization and Personalization: Brands offering personalized or customized peanut butter products, including various flavors and ingredient options, have gained a following among consumers.
  • E-commerce and Online Retailing: The growth of e-commerce and online retailing has made it easier for consumers to access a wide range of peanut butter products and brands.
  • Sustainability and Ethical Sourcing: Consumer preferences for sustainably sourced and ethically produced peanut butter have driven demand for brands that align with these values.

Peanut Butter Market – Mergers and Acquisitions

  • The J.M. Smucker Company’s Acquisition of Jif and Crisco Brands: The J.M. Smucker Company, a major player in the peanut butter market, acquired the Jif and Crisco brands in 2002. This acquisition bolstered its presence in the peanut butter segment.
  • Conagra Brands’ Acquisition of Thanasi Foods: Conagra Brands, a large food company, acquired Thanasi Foods, the maker of Duke’s meat snacks and Bigs seeds. While not exclusively related to peanut butter, it shows the trend of larger food companies diversifying their product portfolios.
  • Kraft Heinz’s Acquisition of Planters: In 2000, Kraft Foods acquired Planters, a well-known brand in the peanut butter and nuts market. This acquisition was part of a broader consolidation in the food industry.
  • Hormel Foods’ Acquisition of Justin’s: Hormel Foods acquired Justin’s, a brand known for its nut butter products, including almond and peanut butter, in 2016. This acquisition reflected a growing trend toward natural and organic nut butter products.
  • Protein Bar Brands Acquired by Kellogg’s: While not a direct acquisition in the peanut butter market, Kellogg’s has been acquiring protein bar brands, which often use peanut butter as an ingredient. This illustrates the broader trend of companies expanding into protein-rich snacks.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Peanut Butter Market Gluten-Free Biscuits Market Beverage Essence Ingredient Market
CAGR 7% (Approx) CAGR 8.7% (Approx) CAGR 4.9% (Approx)
USD 9.98 Billion by 2032 USD 970.5 Million by 2032 USD 82.6 Billion by 2032

Peanut Butter Market – Significant Challenges

  • Allergen Concerns: Peanut allergies are a significant concern, and the peanut butter market must address these issues through allergen labeling and product safety measures. Cross-contamination in processing facilities can lead to serious health risks for allergic consumers.
  • Health and Nutrition Concerns: While peanut butter is a nutritious food, it is calorie-dense and can contain added sugars and unhealthy fats in some commercial varieties. Health-conscious consumers may seek healthier alternatives or limit their consumption.
  • Competition: The peanut butter market faces competition from other nut butters like almond, cashew, and walnut, as well as non-nut spreads like sunflower seed butter. These alternatives may be perceived as healthier or more unique by consumers.
  • Sustainability: The environmental impact of peanut cultivation and peanut butter production, such as water use and land degradation, can pose sustainability challenges. Brands that focus on sustainability and environmental responsibility may have a competitive advantage.
  • Supply Chain Disruptions: Supply chain disruptions, such as adverse weather conditions and changes in agricultural practices, can affect peanut availability and prices. Peanut butter manufacturers must navigate these challenges to maintain a stable supply.
  • Food Safety Regulations: Compliance with food safety regulations is essential to prevent contamination and outbreaks. Stricter regulations and increasing scrutiny on food safety practices can pose challenges for manufacturers.
  • Consumer Preferences: Evolving consumer preferences, including a demand for healthier and more natural products, can challenge traditional peanut butter brands to reformulate their products and adapt to changing consumer tastes.
  • Product Innovation: The market may require continuous product innovation to cater to changing consumer preferences and introduce new flavors, ingredients, and packaging that appeal to a wider audience.
  • Labeling and Allergen Regulations: Compliance with evolving labeling and allergen regulations, including requirements to disclose potential allergen cross-contamination, can pose challenges for peanut butter producers.
  • Quality Control: Maintaining consistent quality, taste, and texture of peanut butter across various batches can be challenging and requires strict quality control measures.
  • Global Peanut Supply Issues: The global peanut supply can be influenced by factors such as climate change, crop diseases, and changing agricultural practices. This can impact the availability and cost of peanuts for peanut butter production.
  • Consumer Education: Raising awareness about the nutritional benefits of peanut butter and dispelling misconceptions, such as the belief that peanut butter is high in unhealthy fats, can be a challenge for the industry.
  • Price Volatility: The cost of peanuts can be subject to fluctuations due to factors like crop yields and geopolitical issues. This can affect the profitability of peanut butter manufacturers and, in turn, prices for consumers.

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 2022
Forecast Period 2023-2032
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.

Category-Wise Insights

By Type

  • Smooth Peanut Butter: Smooth peanut butter is known for its creamy texture and is popular for spreading on bread or using as an ingredient in recipes.
  • Crunchy Peanut Butter: Crunchy peanut butter contains small peanut pieces, providing a textured experience and is favored by those who enjoy extra crunch.
  • Organic Peanut Butter: Organic peanut butter is made from organically grown peanuts and appeals to consumers seeking natural and pesticide-free options.

Global Peanut Butter Market 2023 - 2032 (By Billion)

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By Distribution Channel:

  • Supermarkets and Hypermarkets: Supermarkets and hypermarkets offer a wide range of peanut butter brands and variants, providing consumers with convenient in-store choices.
  • Convenience Stores: Convenience stores cater to on-the-go shoppers looking for quick snack options, making peanut butter available in easily accessible single servings.
  • Online Retail: The online retail channel allows consumers to explore a vast selection of peanut butter products and have them delivered to their doorsteps.

By Application:

  • Bakery Products: Peanut butter is used as an ingredient in various bakery products, such as cookies, brownies, and cakes, adding flavor and texture.
  • Snacks: Peanut butter is a common component in snack products, including energy bars, peanut butter cups, and peanut butter-filled pretzels.
  • Spreads and Sauces: Peanut butter serves as a spread for bread and crackers and as an ingredient in savory sauces and dressings.

Global Peanut Butter Market 2023 - 2032 (By Application)

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Peanut Butter Market – Regional Analysis

North America:

  • The United States is one of the largest markets for peanut butter globally. Peanut butter is a staple in American households, and it is widely used in sandwiches, baking, and as a snack.
  • The market has seen a shift toward natural and organic peanut butter products, driven by health-conscious consumers.

Europe:

  • The peanut butter market in Europe has experienced significant growth, with the United Kingdom, Germany, and France being key markets.
  • European consumers have shown interest in natural and organic peanut butter varieties, as well as innovative flavors and formats.

Asia-Pacific:

  • China and India have seen rising demand for peanut butter due to a growing middle class, urbanization, and increased exposure to Western food trends.
  • Local brands and international players are expanding their presence in these markets, offering various product variations to cater to consumer preferences.

Latin America:

  • Peanut butter is a relatively niche market in Latin America compared to other regions. However, countries like Mexico and Brazil have shown potential for growth.
  • The market is characterized by a mix of imported and locally-produced peanut butter products.

Middle East and Africa:

  • The Middle East, particularly the UAE and Saudi Arabia, has a growing market for peanut butter, driven by a desire for convenient and nutritious food options.
  • South Africa is another emerging market with a focus on natural and organic peanut butter products.

Oceania:

  • Australia and New Zealand have seen steady growth in the peanut butter market. Consumers in these countries are becoming increasingly health-conscious and seek healthier peanut butter options.

Global Peanut Butter Market 2023 - 2032 (By Type)

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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

Europe

  • 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

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Peanut Butter Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Peanut Butter Market : snapshot
  • Chapter 3. Global Peanut Butter Market – Industry Analysis
    • 3.1 Peanut Butter Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Health and Wellness Trends
      • 3.2.2 Plant-Based and Vegan Diets
      • 3.2.3 Convenience and Versatility
      • 3.2.4 Rising Consumer Demand for Natural and Clean-Label Products
      • 3.2.5 Growing Snacking Trend
      • 3.2.6 Innovative Product Variations
      • 3.2.7 Marketing and Branding
      • 3.2.8 Availability and Accessibility
      • 3.2.9 Global Popularity
      • 3.2.10 Nutrient Profile
      • 3.2.11 Customization and Personalization
      • 3.2.12 E-commerce and Online Retailing
      • 3.2.13 Sustainability and Ethical Sourcing.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Distribution Channel
      • 3.7.3 Market attractiveness analysis By Application
  • Chapter 4. Global Peanut Butter Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Peanut Butter Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Peanut Butter Market – Type Analysis
    • 5.1 Global Peanut Butter Market overview: By Type
      • 5.1.1 Global Peanut Butter Market share, By Type, 2022 and 2032
    • 5.2 Smooth Peanut Butter
      • 5.2.1 Global Peanut Butter Market by Smooth Peanut Butter, 2023 – 2032 (USD Billion)
    • 5.3 Crunchy Peanut Butter
      • 5.3.1 Global Peanut Butter Market by Crunchy Peanut Butter, 2023 – 2032 (USD Billion)
    • 5.4 Organic Peanut Butter
      • 5.4.1 Global Peanut Butter Market by Organic Peanut Butter, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Peanut Butter Market – Distribution Channel Analysis
    • 6.1 Global Peanut Butter Market overview: By Distribution Channel
      • 6.1.1 Global Peanut Butter Market share, By Distribution Channel, 2022 and 2032
    • 6.2 Supermarkets and Hypermarkets
      • 6.2.1 Global Peanut Butter Market by Supermarkets and Hypermarkets, 2023 – 2032 (USD Billion)
    • 6.3 Convenience Stores
      • 6.3.1 Global Peanut Butter Market by Convenience Stores, 2023 – 2032 (USD Billion)
    • 6.4 Online Retail
      • 6.4.1 Global Peanut Butter Market by Online Retail, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Peanut Butter Market – Application Analysis
    • 7.1 Global Peanut Butter Market overview: By Application
      • 7.1.1 Global Peanut Butter Market share, By Application, 2022 and 2032
    • 7.2 Bakery Products
      • 7.2.1 Global Peanut Butter Market by Bakery Products, 2023 – 2032 (USD Billion)
    • 7.3 Snacks
      • 7.3.1 Global Peanut Butter Market by Snacks, 2023 – 2032 (USD Billion)
    • 7.4 Spreads and Sauces
      • 7.4.1 Global Peanut Butter Market by Spreads and Sauces, 2023 – 2032 (USD Billion)
  • Chapter 8. Peanut Butter Market – Regional Analysis
    • 8.1 Global Peanut Butter Market Regional Overview
    • 8.2 Global Peanut Butter Market Share, by Region, 2022 & 2032 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Peanut Butter Market, 2023 – 2032 (USD Billion)
        • 8.3.1.1 North America Peanut Butter Market, by Country, 2023 – 2032 (USD Billion)
    • 8.4 North America Peanut Butter Market, by Type, 2023 – 2032
      • 8.4.1 North America Peanut Butter Market, by Type, 2023 – 2032 (USD Billion)
    • 8.5 North America Peanut Butter Market, by Distribution Channel, 2023 – 2032
      • 8.5.1 North America Peanut Butter Market, by Distribution Channel, 2023 – 2032 (USD Billion)
    • 8.6 North America Peanut Butter Market, by Application, 2023 – 2032
      • 8.6.1 North America Peanut Butter Market, by Application, 2023 – 2032 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Peanut Butter Market, 2023 – 2032 (USD Billion)
        • 8.7.1.1 Europe Peanut Butter Market, by Country, 2023 – 2032 (USD Billion)
    • 8.8 Europe Peanut Butter Market, by Type, 2023 – 2032
      • 8.8.1 Europe Peanut Butter Market, by Type, 2023 – 2032 (USD Billion)
    • 8.9 Europe Peanut Butter Market, by Distribution Channel, 2023 – 2032
      • 8.9.1 Europe Peanut Butter Market, by Distribution Channel, 2023 – 2032 (USD Billion)
    • 8.10 Europe Peanut Butter Market, by Application, 2023 – 2032
      • 8.10.1 Europe Peanut Butter Market, by Application, 2023 – 2032 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Peanut Butter Market, 2023 – 2032 (USD Billion)
        • 8.11.1.1 Asia Pacific Peanut Butter Market, by Country, 2023 – 2032 (USD Billion)
    • 8.12 Asia Pacific Peanut Butter Market, by Type, 2023 – 2032
      • 8.12.1 Asia Pacific Peanut Butter Market, by Type, 2023 – 2032 (USD Billion)
    • 8.13 Asia Pacific Peanut Butter Market, by Distribution Channel, 2023 – 2032
      • 8.13.1 Asia Pacific Peanut Butter Market, by Distribution Channel, 2023 – 2032 (USD Billion)
    • 8.14 Asia Pacific Peanut Butter Market, by Application, 2023 – 2032
      • 8.14.1 Asia Pacific Peanut Butter Market, by Application, 2023 – 2032 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Peanut Butter Market, 2023 – 2032 (USD Billion)
        • 8.15.1.1 Latin America Peanut Butter Market, by Country, 2023 – 2032 (USD Billion)
    • 8.16 Latin America Peanut Butter Market, by Type, 2023 – 2032
      • 8.16.1 Latin America Peanut Butter Market, by Type, 2023 – 2032 (USD Billion)
    • 8.17 Latin America Peanut Butter Market, by Distribution Channel, 2023 – 2032
      • 8.17.1 Latin America Peanut Butter Market, by Distribution Channel, 2023 – 2032 (USD Billion)
    • 8.18 Latin America Peanut Butter Market, by Application, 2023 – 2032
      • 8.18.1 Latin America Peanut Butter Market, by Application, 2023 – 2032 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Peanut Butter Market, 2023 – 2032 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Peanut Butter Market, by Country, 2023 – 2032 (USD Billion)
    • 8.20 The Middle-East and Africa Peanut Butter Market, by Type, 2023 – 2032
      • 8.20.1 The Middle-East and Africa Peanut Butter Market, by Type, 2023 – 2032 (USD Billion)
    • 8.21 The Middle-East and Africa Peanut Butter Market, by Distribution Channel, 2023 – 2032
      • 8.21.1 The Middle-East and Africa Peanut Butter Market, by Distribution Channel, 2023 – 2032 (USD Billion)
    • 8.22 The Middle-East and Africa Peanut Butter Market, by Application, 2023 – 2032
      • 8.22.1 The Middle-East and Africa Peanut Butter Market, by Application, 2023 – 2032 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 J.M. Smucker Company
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Hormel Foods Corporation
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Kraft Heinz Company
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Conagra Brands
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Once Again Nut Butter
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Unilever
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Procter & Gamble Co.
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Boulder Brands
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Santa Cruz Natural Incorporated
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Peanut Butter & Co.
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Others
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
List Of Figures

Figures No 1 to 25

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2028
  • Market revenue estimates and forecasts up to 2028, by technology
  • Market revenue estimates and forecasts up to 2028, by application
  • Market revenue estimates and forecasts up to 2028, by type
  • Market revenue estimates and forecasts up to 2028, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • 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

FAQs

The key factors driving the Market are Health and Wellness Trends, Plant-Based and Vegan Diets, Convenience and Versatility, Rising Consumer Demand for Natural and Clean-Label Products, Growing Snacking Trend, Innovative Product Variations, Marketing and Branding, Availability and Accessibility, Global Popularity, Nutrient Profile, Customization and Personalization, E-commerce and Online Retailing And Sustainability and Ethical Sourcing.

The “Crunchy Peanut Butter” category dominated the market in 2022.

The key players in the market are 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.

“North America” had the largest share in the Peanut Butter Market.

The global market is projected to grow at a CAGR of 7% during the forecast period, 2023-2032.

The Peanut Butter Market size was valued at USD 7.5 Billion in 2023.

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