“Global Peanut Butter Market to reach a market value of USD 9.9 Billion by 2031 growing at a CAGR of 6.8%”
The Global Peanut Butter Market size is expected to reach $9.9 billion by 2031, rising at a market growth of 6.8% CAGR during the forecast period. In the year 2023, the market attained a volume of 7269.8 hundred Tonnes, experiencing a growth of 2.5% (2020-2023).
e-commerce offers unparalleled convenience for Canadians, allowing them to shop for groceries, including peanut butter, from the comfort of their homes or on the go. With busy lifestyles and hectic schedules, many consumers appreciate the convenience of having peanut butter delivered directly to their doorstep. Therefore, the North America market garnered USD 2693.2 million revenue in 2023. Also, Canada market consumed 205.9 hundred Tonnes of crunchy peanut butter in 2023. Hence, these factors will boost the demand in the segment.
Protein is necessary for many biological processes, including the development and repair of muscles, the immune system, and the synthesis of hormones. Peanut butter is lauded for its relatively high protein content, making it an appealing choice for individuals seeking to increase their protein intake, such as athletes, fitness enthusiasts, and those following high-protein diets. Hence, these factors will boost the demand for peanut butter in the upcoming years.
Additionally, the surge in plant-based diets and vegan lifestyles has fueled the demand for peanut butter as a versatile, protein-rich, and sustainable alternative to animal-derived spreads. Because of its plant-based composition, nutritional advantages, adaptability in the kitchen, and affordability, it's a great alternative for anyone adopting a plant-based diet and looking for cruelty-free and eco-friendly food options. Thus, these aspects can assist in the expansion of the market.
However, Peanut butter manufacturers face considerable vulnerability to the fluctuating prices of peanuts, influenced by many factors ranging from weather conditions to geopolitical tensions. These variables can significantly impact peanut yields and prices, introducing uncertainty in sourcing raw materials and consequently affecting production costs and profit margins. Thus, these factors can lead to decreased demand for peanut butter in the upcoming years.
Based on type, the market is divided into creamy, crunchy, and others. The creamy segment recorded a 39% revenue share in the market in 2023. Hence, Russia market consumed 103.11 hundred Tonnes of creamy peanut butter in 2022. Creamy peanut butter is a popular option for sandwiches, toast, and baked goods because of its creamy and smooth texture, making it adaptable and spreadable. Its spreadability and uniform consistency appeal to consumers seeking convenience and ease of use in their culinary creations.
On the basis of distribution channel, the market is divided into offline and online. The offline segment recorded 75.5% revenue share in the market in 2023. Offline stores like supermarkets and hypermarkets typically boast a vast product assortment, including multiple brands, flavors, and packaging options of peanut butter. Customers with diverse interests and preferences are attracted to this extensive assortment, as it empowers them to conduct thorough product research and ultimately choose the one that most effectively fulfills their needs. Therefore, these aspects will fuel the demand in the segment.
Free Valuable Insights: Global Peanut Butter Market size to reach USD 9.9 Billion by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific segment acquired a 21% revenue share in the market. The Asia Pacific region has seen a significant rise in health consciousness and awareness of the nutritional benefits of certain foods, including peanut butter. Growing consumer emphasis on health and wellbeing has led to a demand for healthful, high-protein, and high-fiber peanut butter products, as customers look for nutrient-dense, wholesome food options. Hence, the segment will grow rapidly in the coming years.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 5.9 Billion |
| Market size forecast in 2031 | USD 9.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.8% from 2024 to 2031 |
| Quantitative Data | Volume in Hundred Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 238 |
| Number of Tables | 490 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | 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) |
By Type (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Hundred Tonnes, USD Billion, 2020-2031)
The Market size is projected to reach USD 9.9 billion by 2031.
Rise Of Plant-Based and Vegan Lifestyles are driving the Market in coming years, however, Fluctuating Peanut Prices and Supply Chain Risks restraints the growth of the Market.
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)
In the year 2023, the market attained a volume of 7269.8 hundred Tonnes, experiencing a growth of 2.5% (2020-2023).
The Crunchy segment is leading the Market by Type in 2023, thereby achieving a market value of $4.5 billion by 2031.
The North America region dominated the Market by Region in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $4.4 billion by 2031.
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