Peanut Butter Market Size, Trends and Insights Product By Product Type( Smooth Peanut Butter, Crunchy Peanut Butter, Others), By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others) and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032
Report Snapshot
| Study Period: | 2022-2030 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- M. Smucker Company
- Kellogg Company
- Conagra Brands, Inc.
- Others
Reports Description
The Global Peanut Butter Market size was estimated at USD 5.56 billion in 2021 and is expected to reach USD 6.2 billion in 2022 and is expected to hit around USD 7.89 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030.
A staple crop farmed all over the world, peanuts are commercially utilized to make oil, butter, bread, confections, and snack foods. One of the most popular food spreads manufactured from these is peanut butter, which is created by dry-roasting and crushing peanuts. It is touted as a milk butter alternative and is an energy-dense product. Along with providing calories, it also contains unsaturated fats, fiber, protein, and a variety of minerals like magnesium, zinc, potassium, and vitamin E. It is used to make a variety of food products, such as salads, brownies, rolls, cakes, frostings, cornbreads, and chocolates, because of its nutritious composition.
As the worldwide market for peanut butter changes, businesses are now putting more emphasis on bolstering and combining their R&D efforts. This will increase their ability to produce peanut butter, which will fuel market expansion by meeting consumer demand.
Growth factors.
Consuming peanut butter is a high-quality food product with many nutritional benefits. It contains plenty of fiber, vitamins, minerals, protein, and fat. The vitamin E content of peanut butter is essential for correcting eyesight and muscular alignment. It also serves as an antioxidant, giving it the ability to fight off many diseases like cancer & joint inflammation.
The worldwide peanut butter market is predicted to grow throughout the forecast timeframe as people spend money on healthy products with equivalent nutritional value. Globally, people are starting to choose healthier breakfast and snack options due to rising obesity rates. For example, in the UK, peanut butter sales are predicted to surpass those of sweet spreads like jam since Public Health England (PHE) is focusing on them as part of the sugar reduction plan. With this program, the PHE hopes to lower the overall level of sugar in the meals that kids eat. In addition to this, manufacturers have been implementing cutting-edge marketing methods to reach a wider consumer base due to the intensifying competition in the worldwide market.
Peanut Butter Market Segmentation.
Peanut butter market, segmented by Type.
Depending upon the type, the peanut butter market is segmented as crunchy and creamy.
The crunchy product type-based segment dominated the market in 2021 and accounted for 46.56% of the total share during the forecast period. The higher preference for crunchy peanut butter will increase the total market share. In addition, crunchy peanut butter is healthier than creamy due to its less saturated fat content. This factor will drive the market for the crunchy type of peanut butter market. In addition, a dietician, gym trainers, and other people prefer peanut butter because of its high protein content and 2% more fiber serving.
According to Better Homes & Gardens data, 63% of people preferred crunchy peanut butter over creamy.
These elements are increasing the market for peanut butter potential sales. Additionally, the anticipated period has shown a positive increase in creamy peanut butter. Individual preferences are to blame for this, and the industry will likely rise in the next years due to the rising demand for creamy as well as smooth flavors.
Peanut butter market, segment based on Distribution Channels
The global peanut butter market is studied online and offline based on distribution channels. The global offline distribution channel segment is expected to hold a dominant position during 2022 -2030 with a total market share of 35.86%. The offline distribution channels involve supermarkets, stores, specialty markets, hypermarkets, departmental stores, and many others.
During the projection period, factors including ease of availability in retailers have propelled the total market. Additionally, most consumers still prefer offline purchasing for consumer items around the world. For instance, a RIPEN article states that 92% of retail sales in the United States still take place offline. These are the main factors propelling the market’s expansion.
The online distribution channel also witnessed significant growth during the forecast period.
Additionally, rising consumer spending power and disposable income among people are fueling industry expansion. Additionally, the expansion of online merchants, technological advancements, and quick delivery options have accelerated industry growth. In the upcoming years, the market is projected to grow due to more accessibility, increased convenience, and the quickest delivery options.
Peanut butter market, segment based on Region
The market is examined in terms of regions, including North America, Europe, Asia-Pacific, and LAMEA. The market for peanut butter is dominated by North America, which had 51.25% of the overall market share over the forecast period. 90% of American families frequently use peanut butter, according to data from the National Peanut Board, which is expected to have a favorable effect on the market during the projected period.
Canada and Mexico have made a contribution to the market’s expansion. The sales of peanut butter in the North American region are expected to increase due to rising health awareness, an increase in the population who are concerned about their health, and the rising prevalence of looking fit and healthy. Additionally, as peanut butter is one of the most popular flavors in America, the introduction of new flavors and varieties is expected to spur market expansion.
Additionally, the peanut butter market has shown good growth in both Asia-Pacific and Europe. Japan, China, and India are also helping the market to expand. According to a survey from Entrepreneur India, for instance, the top groundnut-producing nations worldwide include India, China, Nigeria, Senegal, Sudan, Burma, and the United States. This will probably open up new opportunities for the market.
Additionally, a number of industrial firms are actively involved in the creation of various varieties of peanut butter. Additionally, during the projection period, established peanut butter manufacturing facilities in both developed and developing nations are anticipated to accelerate market expansion overall. The demand for peanut butter in the Asia-Pacific area is rising as a result of these factors.
Additionally, the area includes reputable food and beverage facilities where the demand for peanut butter has grown.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 5.56 Billion |
| Projected Market Size in 2030 | USD 7.89 Billion |
| CAGR Growth Rate | 7.5% CAGR (2022-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Prominent Players | M. Smucker Company, Kellogg Company, Conagra Brands, Inc., Hormel Foods Corporation, Kraft Foods, Mars, Inc., Oetker Group, The Hershey Company, Unilever Plc, Associated British Foods plc, and Others |
| Key Segment | By Product Type, By Distribution Channel, and By 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. |
Key Findings:
- The crunchy type segment dominated the market in 2021 and is expected to grow over the forecast period with a total market share of 46.56%.
- A global offline segment held a dominant position during 2022 -2030 and accounted for 35.86% of the total market share during the forecast period.
- North America is the dominant region in the bio-butanol market with a total market share of 51.25% during the forecast period.
Key Development
- November 2021: Gujarat’s homegrown peanut butter brand, Mustin, the peanut butter and Seeds Company, has launched its most popular product variant, Chocolate-Hazelnut spread, for the first time in the country. Customers are obsessed with its creamy texture and ultra-delicious taste. Mustin is the only P.B. (peanut butter) brand that has introduced a wide range of flavored products, including Choco Peanut Butter and super flavored ones like Strawberry, Vanilla, and Choco Almont Peanut Butter, which are extremely unique savory flavors in India. This strategic product launch is expected to enhance Mustin’s potential sales in the peanut butter market.
- August 2022: Icelandic company, has launched Good’s peanut butter spreads that come in creamy and crunchy varieties, are 99% sugar-free and are made using dietary fibers from chicory root. This strategic product launch has widened the peanut butter market in the U.S.
- Saffola Peanut Butter, the newest addition to their bestselling taste and nutritious range in their product line, was introduced by Marico Company in April 2022. The market share of the peanut butter market is expected to grow as a result of this strategic product introduction.
Key market players in the peanut butter market
- M. Smucker Company
- Kellogg Company
- Conagra Brands, Inc.
- Hormel Foods Corporation
- Kraft Foods
- Mars, Inc.
- Oetker Group
- The Hershey Company
- Unilever Plc
- Associated British Foods plc
COVID-19 Analysis
The positive effect of COVID-19 on the peanut butter business is attributable to a rise in consumer awareness of healthy eating and living. Peanut butter is the most famous among young people since it has a high protein content, few calories, and good fats. Additionally, there was little impact on the standards and procedures for logistics and supply chain for items containing peanut butter. People were seen purchasing peanut butter online in the first quarter of 2020, which helped expand the peanut butter business worldwide. In addition, several producers have upgraded their peanut butter production capacities to keep up with the rising demand.
Moreover, the healthcare, pharmaceutical, and other sectors are anticipated to recover quickly as lockdown restrictions are being eased in the fourth quarter of the pandemic because of the record-high levels of peanut butter manufacturing in both developed and developing countries.
Segments covered in the report
By Product Type
- Smooth Peanut Butter
- Crunchy Peanut Butter
- Others
By Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- 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, (2022 – 2030) (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 Increasing Health Awareness
- 3.2.2 Increasing Health Awareness
- 3.2.3 Increasing Demand for High Protein Food products
- 3.2.4 Increasing Health Awareness
- 3.2.5 Increasing Demand for High Protein Food Products
- 3.2.6 Increasing Health Awareness
- 3.2.7 Increasing Demand for High Protein Food Products
- 3.2.8 Rising Trend of Health Consciousness
- 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 Outlook
- 3.7.2 Market attractiveness analysis By Distribution Channel
- Chapter 4. Global Peanut Butter Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Peanut Butter Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Peanut Butter Market – Outlook Analysis
- 5.1 Global Peanut Butter Market overview: By Outlook
- 5.1.1 Global Peanut Butter Market share, By Outlook, 2021 and 2030
- 5.2 Crunchy
- 5.2.1 Global Peanut Butter Market by Crunchy, 2022 – 2030 (USD Billion)
- 5.3 Creamy
- 5.3.1 Global Peanut Butter Market by Creamy, 2022 – 2030 (USD Billion)
- 5.1 Global Peanut Butter Market overview: By Outlook
- 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, 2021 and 2030
- 6.2 Online
- 6.2.1 Global Peanut Butter Market by Online, 2022 – 2030 (USD Billion)
- 6.3 Offline
- 6.3.1 Global Peanut Butter Market by Offline, 2022 – 2030 (USD Billion)
- 6.4 Supermarkets and Hypermarkets
- 6.4.1 Global Peanut Butter Market by Supermarkets and Hypermarkets, 2022 – 2030 (USD Billion)
- 6.5 Convenience Stores
- 6.5.1 Global Peanut Butter Market by Convenience Stores, 2022 – 2030 (USD Billion)
- 6.1 Global Peanut Butter Market overview: By Distribution Channel
- Chapter 7. Peanut Butter Market – Regional Analysis
- 7.1 Global Peanut Butter Market Regional Overview
- 7.2 Global Peanut Butter Market Share, by Region, 2021 & 2030 (USD Billion)
- 7.3. North America
- 7.3.1 North America Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.3.1.1 North America Peanut Butter Market, by Country, 2022 – 2030 (USD Billion)
- 7.3.1 North America Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.4 North America Peanut Butter Market, by Outlook, 2022 – 2030
- 7.4.1 North America Peanut Butter Market, by Outlook, 2022 – 2030 (USD Billion)
- 7.5 North America Peanut Butter Market, by Distribution Channel, 2022 – 2030
- 7.5.1 North America Peanut Butter Market, by Distribution Channel, 2022 – 2030 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.6.1.1 Europe Peanut Butter Market, by Country, 2022 – 2030 (USD Billion)
- 7.6.1 Europe Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.7 Europe Peanut Butter Market, by Outlook , 2022 – 2030
- 7.7.1 Europe Peanut Butter Market, by Outlook , 2022 – 2030 (USD Billion)
- 7.8 Europe Peanut Butter Market, by Distribution Channel, 2022 – 2030
- 7.8.1 Europe Peanut Butter Market, by Distribution Channel, 2022 – 2030 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.9.1.1 Asia Pacific Peanut Butter Market, by Country, 2022 – 2030 (USD Billion)
- 7.9.1 Asia Pacific Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.10 Asia Pacific Peanut Butter Market, by Outlook , 2022 – 2030
- 7.10.1 Asia Pacific Peanut Butter Market, by Outlook , 2022 – 2030 (USD Billion)
- 7.11 Asia Pacific Peanut Butter Market, by Distribution Channel, 2022 – 2030
- 7.11.1 Asia Pacific Peanut Butter Market, by Distribution Channel, 2022 – 2030 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.12.1.1 Latin America Peanut Butter Market, by Country, 2022 – 2030 (USD Billion)
- 7.12.1 Latin America Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.13 Latin America Peanut Butter Market, by Outlook , 2022 – 2030
- 7.13.1 Latin America Peanut Butter Market, by Outlook , 2022 – 2030 (USD Billion)
- 7.14 Latin America Peanut Butter Market, by Distribution Channel, 2022 – 2030
- 7.14.1 Latin America Peanut Butter Market, by Distribution Channel, 2022 – 2030 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Peanut Butter Market, by Country, 2022 – 2030 (USD Billion)
- 7.15.1 The Middle-East and Africa Peanut Butter Market, 2022 – 2030 (USD Billion)
- 7.16 The Middle-East and Africa Peanut Butter Market, by Outlook , 2022 – 2030
- 7.16.1 The Middle-East and Africa Peanut Butter Market, by Outlook , 2022 – 2030 (USD Billion)
- 7.17 The Middle-East and Africa Peanut Butter Market, by Distribution Channel, 2022 – 2030
- 7.17.1 The Middle-East and Africa Peanut Butter Market, by Distribution Channel, 2022 – 2030 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 J.M. Smucker Company
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Kellogg Company
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Conagra Brands
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Skippy.
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Hormel Foods Corporation
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Kraft Foods
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Mars
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Peter Pan.
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Oetker Group
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 The Hershey Company
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Unilever Plc
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.12 Associated British Foods plc
- 8.12.1 Overview
- 8.12.2 Financials
- 8.12.3 Product Portfolio
- 8.12.4 Business Strategy
- 8.12.5 Recent Developments
- 8.1 J.M. Smucker Company
List Of Figures
Figures No 1 to 20
List Of Tables
Tables No 1 to 52
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 |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
The global Electric Wheelchair market size was valued at USD 5.56 billion in 2021 and it is projected to reach around USD 7.89 billion by 2030.
The global Peanut Butter market is expanding growth with a CAGR of approximately 7.5% during the forecast period (2022 to 2030).
The key players operating in the Peanut Butter market are M. Smucker Company, Kellogg Company, Conagra Brands, Inc., Hormel Foods Corporation, Kraft Foods, Mars, Inc., Oetker Group, The Hershey Company, Unilever Plc, Associated British Foods plc
The key factors driving the market is Increasing Health Awareness, 3.2.3 Increasing Demand for High Protein Food products
The “North American” region will lead the global Peanut Butter market during the forecast period 2022 to 2030.
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