Dublin, May 20, 2024 (GLOBE NEWSWIRE) -- The "North America Peanut Butter Market Size, Share & Trends Analysis Report By Type (Crunchy, Creamy, and Other), By Distribution Channel (Offline, and Online), By Country and Growth Forecast, 2024 - 2031" report has been added to ResearchAndMarkets.com's offering.
The North America Peanut Butter Market is forecast to witness market growth of 6.3% CAGR during the forecast period 2024-2031. In 2020, the North America market's volume surged to 3050.1 hundred Tonnes, showcasing a growth of 2.1% during 2020-2023.
The US market dominated the North America Peanut Butter Market by Country in 2023 and is forecast to continue to be a dominant market until 2031; achieving a market value of $3,070.9 Million by 2031. The Canadian market is experiencing a CAGR of 6.6% during 2024-2031. Additionally, the Mexican market is forecast to exhibit a CAGR of 7.3% during 2024-2031.
The peanut butter market is witnessing a proliferation of innovative flavor profiles and product variants, catering to diverse consumer tastes and preferences. Brands are introducing unique flavor combinations, such as honey-infused, chocolate-swirled, and spicy chili-infused peanut butter, offering consumers a broader range of options to suit their flavor preferences.
Sustainability concerns drive demand for ethically sourced peanuts and eco-friendly packaging solutions within the peanut butter market. Brands are stressing sustainable sourcing practices, using recyclable or biodegradable packaging materials, and supporting fair trade initiatives to meet consumer expectations for sustainable products while reducing their environmental impact.
Furthermore, the peanut butter market is characterized by a spirit of innovation and creativity, with brands continually pushing the boundaries of taste, texture, and functionality to captivate consumers and differentiate their products in a competitive landscape. Several notable innovations are reshaping the peanut butter market, offering consumers new and exciting options. Beyond traditional creamy and crunchy varieties, peanut butter brands introduce diverse texture variations to cater to consumer preferences. From smooth and silky to chunky and textured, brands offer various texture options to suit individual tastes and culinary applications.
The proliferation of supermarkets and hypermarkets across the United States has made peanut butter more accessible to consumers. These large-scale retail outlets are typically located in high-traffic areas, making it convenient for consumers to purchase peanut butter during regular grocery shopping trips. Hence, the proliferation of e-commerce and hypermarkets/supermarkets in North America will boost the demand for peanut butter in the region.
Based on Type, the market is segmented into Crunchy, Creamy, and Other. Based on Distribution Channel, the market is segmented into Offline, and Online. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Key Companies Profiled
- The Procter & Gamble Company
- Unilever PLC
- Hormel Foods Corporation (MegaMex Foods, LLC)
- The Kraft Heinz Company
- Associated British Foods PLC (Wittington Investments Limited)
- The Hershey Company
- Mars, Inc.
- Dr. August Oetker KG
- The J.M Smucker Company
- Algood Food Company (Bowman Andros Products, LLC)
Market Report Segmentation
By Type
- Crunchy
- Creamy
- Other
By Distribution Channel
- Offline
- Online
By Country
- US
- Canada
- Mexico
- Rest of North America
For more information about this report visit https://www.researchandmarkets.com/r/3g3bz1
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