NEWARK, Del, June 28, 2024 (GLOBE NEWSWIRE) -- The peanut butter market is projected to rise at CAGR of 3.9% from 2024 to 2034. The market size is expected to reach US$ 5,470 million in 2024. Sales of peanut butter are anticipated to reach a value of US$ 8,040.9 million by 2034.
The growing health consciousness among individuals is expected to have positive impact on market expansion. The peanut butter industry is driven by the younger generations' increasing desire for high-protein food items and the growing trend of healthy food consumption.
With chronic illnesses like high blood pressure and heart disease on the rise, consumers are becoming more concerned about their health, resulting in the emergence of market opportunities. The peanut butter industry is evolving due to the growing demand for quick meals and changing lifestyles.
A lack of customer understanding is the main obstacle hindering market penetration in the Asia Pacific. Variations in peanut prices and uneven production negatively the market’s growth. The application of import and export taxes in major countries also inhibits market expansion.
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Regional Outlook
- Since peanut butter is so prevalent and has a long cultural history, North America holds a significant share of the peanut butter market. The rising demand for conventional and novel peanut butter products, such as sugar-free, flavored, and organic options, accelerates peanut butter market expansion.
- The growing influence of Western eating patterns and shifting dietary preferences contributes to market expansion in Asia Pacific. The market is expanding because of consumers' increased disposable incomes and growing knowledge of health benefits associated with the consumption of peanut butter's.
- Consumer preferences for accessible and healthful snack options are becoming prevalent in the European peanut butter industry. The market is expanding due to the growing popularity and the need for plant-based protein sources.
“Trends in health-conscious consumer behaviour are raising the demand for peanut butter. Novel product formulations and the growing awareness of plant-based diet are transforming market dynamics and creating a competitive landscape,” - Nandini Roy Choudhury, Client Partner at Future Market Insights
Key Takeaways from the Market Study
- The B2C segment in the distribution channel category is expected to grab a share of 72.5% in 2024.
- In the product type category, the crunchy peanut butter segment is set to acquire a market share of 42% in 2024.
- Sales of peanut butter in the United States are likely to surge at a CAGR of 3.2% through 2034.
- Germany’s peanut butter market is anticipated to develop at a CAGR of 2.7% through 2034.
- China’s peanut butter sales are expected to surge at a CAGR of 4.3% until 2034.
- India’s peanut butter industry is anticipated to rise at a CAGR of 5.3% over the forecast period.
- The United Kingdom peanut butter market is likely to exhibit a CAGR of 2.2% through 2034.
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Competitive Landscape
There are numerous peanut butter vendors, ranging from small businesses to major international organizations. Nonetheless, there is a tendency for industry consolidation as bigger businesses buy out smaller ones or combine with competitors. The peanut butter providers are seeking to increase their market share and boost productivity by this consolidation, while smaller enterprises need help to compete with more established rivals.
Notable Developments:
Zotac Gaming: Zotac Gaming released the first peanut butter for gamers in February 2022. The world's first gamer's peanut butter. REAL freeze-dried blueberry and strawberry are added into trademark peanut butter.
Snickers :A mouthwatering limited-edition Snickers Creamy Peanut Butter bar was introduced in Australia in February 2022. Encased in the rich, delectable Snickers chocolate that fans have come to adore, the limited-edition Snickers Creamy Peanut Butter bar is made with actual peanut butter, silky smooth caramel, and the pure goodness of freshly ground peanuts.
Obsidian Peanut Butter Stout: In January 2022, Obsidian Peanut Butter Stout launched in 2022. Deschutes brewed it with milk sugar and peanut butter to give it that smooth texture. As whiskey and peanut butter are considered ideal American goods, an authentic American Stout would be the perfect vehicle for delivering them.
Chobani: In September 2021, Chobani announced that it is planning to join Chobani Ends Child Hunger’s peanut butter section.
Vital Peanut Butter Manufacturers
- Procter & Gamble
- Unilever
- The J.M. Smucker Company
- Hormel Foods Corporation
- Boulder Brands Inc.
- Kraft Canada Inc.
- Algood Food Company Inc.
- Kellogg Company
- Conagra Brands, Inc.
- Kraft Foods
- Mars, Inc.
- Oetker Group
- The Hershey Company
- Unilever Plc
- Associated British Foods plc
- Others
Key Segments
By Product Type:
- Smooth Peanut Butter
- Crunchy Peanut Butter
- Chocolate Peanut Butter
By Distribution Channel:
- B2B
- B2C
- Hypermarket/Supermarket
- Convenience Stores
- Mass Grocery Retailers
- Specialty Stores
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/peanut-butter-market
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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