Global Peanut Butter Market Size (2024 to 2032)
The global peanut butter market size is estimated to be worth USD 6.47 billion in 2024 and is anticipated to reach USD 9.24 billion by 2029 with a CAGR of 6.65% during the forecast period.
MARKET DRIVERS
The increased awareness among the people regarding the healthy lifestyle and busy lifestyles of the people is influencing the consumers to choose ready-to-go food products are primary factors contributing to the global market growth. The peanut butter is most popular in United States and is extensively used in varieties of foods which is fueling the market revenue growth. For Instance, in 2022, U.S. total peanut production is 5.57 billion pounds from 1.45 million acres. The increasing number of fitness and gym people who seek for low-calorie and high-protein food are augmenting the global market growth rate. The rise in disposable incomes of the people, and the growing government initiatives for food processing industry is projected to have substantial market growth. The increased utilisation of peanut butter in bakery and confectionery products is proliferating the market growth worldwide.
MARKET RESTRAINTS
The major concern regarding the consumption of peanut butter is the allergic reactions produced by peanut consumption which is hampering the market growth. For Instance, around 2% of the global population have peanut allergy where the prevalence in U.S. and Europe is of 1.4% and 2%. Peanut butter is considered as high-calorie food, and the peanut butter is highly linked to salmonella outbreaks which causes foodborne diseases, these factors are hindering the market growth. The presence of stringent regulations regarding the product approval and launch owing to the complexity impedes the market expansion.
MARKET SEGMENTATION
Global Peanut Butter Market By Product Type
The smooth peanut butter segment dominated the global peanut butter market revenue and is expected to hold the dominance during the forecast period. The presence of smooth texture is widely preferred by the consumers, the greater adoption is driving the segment growth. The availability of different type of flavors with the smooth texture is enhancing the demand among consumers which is leading to substantial segment growth. The increased utilisation of smooth peanut butter in several recipes such as milkshakes, protein bars, chocolates, sandwiches and desserts which contributes to the segment growth.
The crunchy segment is projected to have considerable growth during the forecast period. The change in consumer preferences, and the growing demand fort innovative and different flavors among the people is fueling the segment growth opportunities.
Global Peanut Butter Market By Distribution Channel
The hypermarkets segment held the most significant share in the peanut butter market and is anticipated to register notable growth during the forecast period. Most of the consumers prefer offline stores as they can physically observe the product and make their choices which is influencing positively on the segment growth. The hypermarkets act as single stop for the consumers for various food products and the wide distribution network of the segment is augmenting the expansion of segment revenue. The accessibility and availability of various flavors and types of products in the hypermarkets and growing number of hypermarkets worldwide is enhancing the segment expansion rate.
The supermarkets and retailers segments are estimated to have notable growth during the forecast period. The growing number of offers and discounts being provided by the retailers is gaining traction among the people which is contributing to segment revenue growth. The partnership and collaborations with the brands is projected to create growth opportunities to the segment in the coming years.
REGIONAL ANALYSIS
The North American region accounted with the most significant share in the global peanut butter market and is expected to maintain the domination during the forecast period. The increased awareness among the people regarding the healthy food habits and rising shift towards healthy diet options among the people is propelling the regional market growth. The presence of significant market players in the region, well-established food industry is fueling the regional market share. United States and Canada have some of the prominent producers, exporters, importers which is influencing positively on the market expansion. The booming of the agricultural industry in the region, rising demand for plant-based protein is escalating the market growth opportunities. For Instance, according to data provided by Zipdo article in 2024, around 61% of the global peanut butter export share goes to Canada.
The European region is predicted to have considerable growth during the forecast period owing to rising vegan population across the region. The changing consumer preferences regarding the veganism is escalating the demand for plant-based protein foods and rising health awareness among the people is driving the European market.
The Asia Pacific region is projected to have rapid growth rate during the forecast period. The rise in adoption of advanced agricultural practices in the region, and increased production of peanuts, busy lifestyles of people is enhancing the adoption of easy-to-go foods are few factors contributing to regional market share growth.
RECENT MARKET DEVELOPMENTS
- In 2024, Kraft-Heinz is widely known for its innovative products and was listed to World’s Most Innovative Companies for 2024. This is highlighting their efforts in product development.
- In May 2024, Skippy, well-known American peanut butter brand, announced its partnership with USA Gymnastics (USAG). The company will support the coming generations of athletes by supplying nutritious and protein-rich snacks at USAG major events and national camps.
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