The Latin America, Middle East and Africa Peanut Butter Market would witness market growth of 8.2% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 742.6 hundred Tonnes, showcasing a growth of 9.8% (2024-2031).
Online distribution channels offer unparalleled convenience, enabling consumers to browse a wide variety of peanut butter brands, flavors, and packaging options from the comfort of their homes. Moreover, online platforms often provide detailed product descriptions, customer reviews, and comparison tools, empowering consumers to make informed purchasing decisions. Therefore, UAE market consumed 18.22 hundred Tonnes of peanut butter from online distribution channel in 2023.
The Brazil market dominated the LAMEA Peanut Butter Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $225 Million by 2031. The Argentina market is showcasing a CAGR of 8.9% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 7.8% during (2024 - 2031).
Peanut butter, a beloved staple in households everywhere, has emerged as a versatile and nutritious food product with a rich history and widespread popularity. From its humble beginnings as a protein-rich spread to its evolution into a versatile ingredient in many culinary creations, the peanut butter market continues to captivate consumers with its taste, convenience, and nutritional benefits.
In addition, the growing awareness of the health benefits associated with peanut butter, including its high protein content, heart-healthy fats, and essential nutrients, has contributed to its widespread adoption among health-conscious consumers. Additionally, the rise of vegetarian, vegan, and plant-based diets has fueled demand for peanut butter as a plant-based protein alternative, further driving its adoption and consumption.
The UAE's population exhibits a growing interest in health and wellness, driving demand for nutritious and better-for-you food options. Peanut butter aligns with the preferences of health-conscious consumers seeking balanced and wholesome meals. Food service establishments in the UAE are responding to this trend by incorporating peanut butter into menu items such as smoothies, salads, wraps, and protein bowls, catering to the health-conscious segment of the population and driving demand for peanut butter products. Therefore, owing to the rising demand in food service and retail sectors in LAMEA will fuel the demand for peanut butter in the region.
Free Valuable Insights: The Worldwide Peanut Butter Market is Projected to reach USD 9.9 Billion by 2031, at a CAGR of 6.8%
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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Type (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Country (Volume, Hundred Tonnes, USD Billion, 2020-2031)
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