Peanut Butter Market Emerging Trends, Opportunities and Forecasts 2028

Peanut Butter Industry Overview

The global peanut butter market size was valued at USD 5.70 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2028.

The market growth is significantly bolstered by the increasing health awareness across the globe. The rising trend of health consciousness and increasing demand for high protein food products among youth and millennials are driving the demand for peanut butter across the globe. On the other hand, as consumers become more worried about their health as a result of rising chronic conditions such as high blood pressure and heart disease, new opportunities for the peanut butter business will emerge. Changing lifestyles with an increased preference for convenient food is also facilitating the growth of the global market. 

Gather more insights about the market drivers, restrains and growth of the Global Peanut Butter Market

Rising disposable income in developing countries coupled with the increasing awareness around the world is anticipated to drive the growth of the market over the forecast period. Moreover, increasing expansion of the key players and heightened product launches is expected to create new business opportunities for industry participants to advance their product portfolio. The key restraint of the market is the lack of awareness about the product in the Asia Pacific affecting the penetration of the market. Inconsistent peanut production and fluctuating peanut prices also affect the market growth. Import and export tariffs implemented by the key countries are again hampering the market growth. For instance, in 2018, European Union had indicated imposing higher import duties on peanut butter from the U.S.

The COVID-19 pandemic had a positive impact on the market. With the spread of infection, consumers turned towards healthy and nutritious food products to stay healthy and safe. Peanut butter experienced an increase in demand due to the high nutritious, low calorie, and high protein content it offers. Also, due to the pandemic consumer’s inclination toward stockpiling comfort food including peanut butter increased significantly. Over the forecast period, the market is expected to witness a strong growth scenario, owing to the change in lifestyle and food consumption habits.

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Market Share Insights

• November 2021: American Peanut Growers Group, a farmer-owned processor based in Georgia, U.S., announced expansion plans amounting to USD 85 million, to make peanut butter and other products.
• June 2021: Max Protein launched protein peanut butter in 5 different flavors, including, classic crunchy, classic creamy, choco creamy, spicy chutney, and tangy tomato.

Key Companies profiled:

Some prominent players in the global peanut butter market include

• M. Smucker Company
• Kellogg Company
• Conagra Brands, Inc.
• Hormel Foods Corporation
• Kraft Foods
• Mars, Inc.
• Oetker Group
• The Hershey Company
• Unilever Plc
• Associated British Foods plc.

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