Peanut Butter Market size is estimated to reach $5.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 6.1% over the forecast period of 2022-2027.
HYDERABAD, TELANAGANA, INDIA, September 26, 2022 /EINPresswire.com/ — Peanut Butter Market size is estimated to reach $5.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 6.1% over the forecast period of 2022-2027. Peanuts often revered as groundnuts are extremely common forms of snacks, candy, and butter. However, the latter form which is peanut butter holds a dominant market share within the peanut sub-forms. Peanut butter is packed with folate which is highly recommended to women for their health. Additionally, pantothenic acid or also known as Vitamin B5 is present in good quantities within peanuts. As per the nutritional value index, 100 grams of peanuts provide around 35% of daily vitamin B5 requirements. Further, brands are now extending their offerings by label claims such as high dietary fiber content or supplement for immune health.
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This IndustryARC report on the Peanut Butter market highlights the following areas –
1. Geographically, North America’s peanut butter market held a dominant market share in the year 2021. One of the crucial edges that the region gets is a decent production acreage of groundnuts (peanuts) which allows for the making of in-house peanut butter. Further, trends such as an increase in snacking, millennials embracing the crunchiness and taste, along with a sense of comfort post-consumption. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. It is owing to a significant increase in the per capita consumption while also substantiating creating make-in-country products which reduce the overall cost burden and makes it cross comparable.
2. Various health benefits offered by peanut butter along with a growing trend governing to power up post hectic lifestyles’ related activities are some of the key drivers for the market. However, the rising competition from the other form of plant-based butter impedes market growth.
3. A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Peanut Butter Market Report.
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1. Peanut butter market based on type can be further segmented into Smooth Peanut Butter (Sweetened & Unsweetened) and Crunchy Peanut Butter (Sweetened & Unsweetened). Smooth Peanut Butter held a dominant market share in the year 2021. Further, of both the sub-segments, sweetened peanut butter had a slight upper hand.
2. Peanut butter market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. North America held a dominant market share of 33% in the year 2021. It is owing to a widespread habit of consuming peanut butter with toast as a primary form of breakfast.
3. Peanut butter market based on distribution channels can be further segmented into Offline Retail and Online Retail. Offline Retail held a dominant market share in the year 2021. Offline retailers are launching new brands under their private labels. Brands known as Target, HEB, and Aldi are among the most active supermarket store chains that are actively launching peanut butter.
The top 5 players in the Peanut Butter industry are:
1. Procter & Gamble
2. Unilever PLC
3. JM Smucker Company
4. Hormel Foods
5. Boulder Brands
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