Global Peanut Butter Market was worth USD 2.8 billion in 2017 and estimated to be growing at a CAGR of 10.73%, to reach USD 4.66 billion by 2022. Peanut Butter is a food paste or spread which is made from ground dry roasted peanuts. It often contains additional ingredients which modify the texture or taste, such as sweeteners, salt or emulsifiers. Peanut butter is popular in many countries around the world.
Peanut butter is served as a spread on toast, bread or crackers, and used in making sandwiches notably the peanut butter and jelly sandwich. It is also used in numerous confections and packaged foods, such as Reese's Peanut Butter Cups which is made of chocolate-coated peanut butter, candy bars which are made from peanut butter-flavoured snickers and peanut-flavoured granola bars. Comparable preparations are made by grinding other nuts. A variety of other nut butters are also sold, such as almond butter and cashew butter.
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The driving factors of global Peanut Butter market are growing demand for nutritious products coupled with increasing disposable income of consumers particularly in developing countries. Other drivers that are driving growth of peanut butter market are emergence of hectic life schedule and growing demand for low calorie healthy food. Changing lifestyle and shift towards the intake of convenient food are also some factors which are expected to drive the peanut butter market in the forecast period. Major constraint that is expected to hinder the growth of the peanut butter market is the availability of peanut at competitive prices coupled with fluctuating peanut production.
The global Peanut Butter market is segmented on the basis of product type and distribution channel. On the basis of product type, peanut butter market is segmented into plain, regular, low sodium and low sugar. Among the segments of this market, regular peanut butter holds the largest share which is followed by other segments. Low sodium peanut butter is expected to have fastest growth in the forecast period. On the basis of distribution channel, the market is divided into hypermarkets, supermarkets, retailers and others. In the above segment, supermarket segment is expected to have the largest share which is followed by hypermarkets and retailers.
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The Global Peanut Butter market is divided based on geography into North America, Latin America, Asia-Pacific, Middle East and Africa and Europe. North America has the leading market for Peanut Butter in the world, owing to high disposable incomes per capita in the region. Europe and Asia Pacific regions are expected to have second and third largest markets respectively by share. Asia Pacific region is expected to have the fastest growth rate during the forecast period due to emerging economies in the region and growing population.
Some of the major players in the market are Procter & Gamble, Unilever, The J.M. Smucker Company, Hormel Foods Corporation, Boulder Brands Inc., Kraft Canada Inc., Algood Food Company Inc.
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