Peanut Butter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Peanut Butter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global peanut butter market size reached US$ 4.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.

Peanuts are an essential crop grown worldwide and are commercially used for the production of oil, butter, flour, confections and snack products. Amongst these, peanut butter is one of the most consumed food spreads and is made by grinding and dry-roasting peanuts. It is an energy-rich product, which is usually marketed as a substitute for milk butter. Other than energy, it also offers fiber, protein and unsaturated fats along with a set of micronutrients including magnesium, zinc, potassium and Vitamin E. Owing to this nutritional profile, it is used for the preparation of various food products, including salads, brownies, rolls, cakes, frostings, cornbreads and chocolates.

With rising obesity rates, consumers across the globe have started shifting towards healthier breakfast and snack options. For instance, in the UK, peanut butter is expected to overtake the sales of sweet spreads, like jam, as they are being targeted by the Public Health England (PHE) under the sugar reduction plan. Under this scheme, the PHE aims to reduce the overall amount of sugar present in the food consumed by children. Apart from this, on account of rising competition in the global market, manufacturers have been adopting innovative marketing strategies to reach a broader consumer base. In line with this, Hormel Foods, a US-based food products company, introduced a new advertising campaign for its peanut butter brand, Skippy, in 2018. The ad campaign, called ‘Be Smooth Like Skippy’, is a 15 to 30 second video which is aired on television and digital channels across the US.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global peanut butter market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type and distribution channel.

Breakup by Product Type:

Smooth Peanut Butter
Crunchy Peanut Butter
Others

Currently, smooth peanut butter is the most preferred product type in the market as it is easier to spread and mixes better with smoothies and desserts.

Breakup by Distribution Channel:

Supermarkets and Hypermarkets
Convenience Stores
Online Stores
Others

At present, supermarkets and hypermarkets account for the majority of peanut butter sales across the globe. These stores offer convenience and a wide range of brands and product variants to consumers.

Regional Insights:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

On a regional basis, North America represents the biggest market for peanut butter, holding the majority of the total market share. This can be accredited to the easy availability of raw materials and the high disposable income of consumers in the region.

Competitive Landscape:
The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market.

Key Questions Answered in This Report

1. What is the market size for the global peanut butter market?
2. What is the global peanut butter market growth?
3. What are the global peanut butter market drivers?
4. What are the key industry trends in the global peanut butter market?
5. What is the impact of COVID-19 on the global peanut butter market?
6. What is the global peanut butter market breakup by product type?
7. What is the global peanut butter market breakup by distribution channel?
8. What are the major regions in the global peanut butter market?
9. Who are the key companies/players in the global peanut butter market?