The global Peanut Butter Market Size stood at $4,245 Million in 2022 and is poised to register 7.33% growth over the forecast period from 2023 to 2030.
Increasing demand for nutritional products, increasing disposable income, rise in demand for healthier dairy alternatives, and rising purchasing power of consumers are the main driving factors.
Peanut Butter Market Analysis
Market Size of the Peanut Butter industry saw modest gains during the period as the disposable income of consumers rose and the popularity of peanut butter increased as higher quality products from small producers attracted high-income consumers. Conversely, the industry has contended with decreasing peanut prices, forcing operators to lower the price of peanut butter to remain competitive, dampening profit. Despite some of the industry's challenges, peanut butter remains a consumer staple and does not experience wild fluctuations in demand, even during periods of economic downturn.
The industry is projected to continue to experience modest gains from 2023 to 2030 as it maintains its position as a household staple. However, due to fluctuating peanut prices, the industry revenue will likely continue to see challenges from price pressure. In addition, major producers are forecast to continue to seek opportunities abroad, especially in Asia, to increase profit as the domestic market reaches maturity. Domestically, operators will likely continue to market their respective brands while introducing new products to compete more effectively with manufacturers of other snack products.
A typical peanut butter plant uses a conveyer-belt system that takes shelled peanuts through a process of roasting, cooling, blanching, splitting, grinding, and mixing, before the end product is jarred and shipped. Technological advancements over the past few decades have helped producers automate many of the processes traditionally performed by labor, further increasing the industry's reliance on capital. This shift toward automation has intensified over the past five years.
Additionally, rising per capita income levels and shifting consumer tastes have increased demand for the industry's higher-margin, premium offerings, such as organic peanut butter varieties and spreads made from other nuts. While increased sales of almond and cashew butter have presented some degree of external competition to industry operators, several peanut butter companies have introduced their line of similar products. Product innovation to satisfy changing consumer preferences is therefore essential to remain competitive, and many brand-name peanut butter producers have responded by introducing all-natural, reduced fat, low sodium peanut butter, among other varieties. This trend has encouraged small companies to break into the industry by offering niche products sold at specialty food stores, such as organic peanut butter. Simultaneously, industry operators have engaged in a significant amount of acquisition activity, resulting in the industry becoming more heavily concentrated.
Peanut Butter Market Size Outlook
Market Dynamics
Market Trend- Increasing Demand for Nutritional Products
Peanut Butter contains a high amount of essential nutrients and dietary-rich minerals like magnesium and potassium. These nutrients play a crucial role in improving consumer health and in the prevention of diseases. Consumption of the product helps in weight loss and lowers the risk of diseases like Type II Diabetes and gallstones. The increasing consciousness among the current generation about shifting to plant-based products that do not contain any unnatural fats could result in an improvement in the demand for the Peanut Butter market.
Market Driver- Rise in Demand for Healthier Dairy Alternatives
The demand for healthy alternatives within the dairy category has emerged as a driver for the demand of the peanut butter market. Consumers opt for dairy products to address their health concerns, dietary requirements, and nutritional value obtained from the same. Historically, an increased consumption of dairy products has been associated with increasing concerns over diet. Similarly, the need for healthier alternatives to traditional dairy products has found its way into the lives of consumers who are health-conscious and are proactively looking for better options in the dairy products category.
Consumers are off-late opting for on-the-go health products, such as yogurts and peanut butter. The need to adapt to the changing lifestyle and a subsequent change in consumption patterns of dairy products has led to a rise in the adoption of peanut butter products globally.
Market Opportunity- Rising Purchasing Power of Consumers
The increase in global income levels and a subsequent rise in purchasing power parity have enabled consumers to opt for better products to suit their health and enhance their nutritional intake. The average purchasing power in 2000 was recorded at $110.61, as compared to $127.18 recorded in 2019, a rise of 14.97%. This rise has also witnessed an increase in middle-class income individuals. The benefit of increased purchasing power has led to the ability of consumers to consume high-end products and replace traditional products with branded peanut butter products. The improved lifestyle of individuals has also been driven because consumers want to consider a more expensive, yet useful product rather than not consume butter products at all.
Market Segmentation
The global Peanut Butter Market is segmented into Types, Distribution Channels, and Countries.
Creamy Peanut Butter is the most consumed type with a 48.9% market share in 2022
To be labeled as peanut butter, at least 90.0% of a product's total weight must come from peanuts.
In creamy peanut butter production, peanuts are ground to a paste before oil, salt, and sugar are added to create a finished product. The peanuts in creamy peanut butter can be ground to a variety of degrees of fineness; some creamy peanut butter is known for being particularly thin, while peanut butter with more coarsely ground peanuts will have a thicker finished consistency. Creamy peanut butter's share of total industry revenue has grown in the last five years, largely because it is more generally used in new formats.
Supermarkets continue to be the largest distribution mode of Peanut Butter during the forecast period
The retail sale of peanut butter products through supermarkets/hypermarkets is the most prominent form of retail sale. Such forms of retail stores are common in urban cities where consumers buy products for both regular use and in bulk for future use. Wal-Mart Inc., Schwarz Group, Aldi Einkauf GmbH & Co. oHG, and The Home Depot are some of the supermarkets/hypermarket chains at a global level. These distribution channels help sellers capture a larger customer base due to the ease of accessibility of these channels. Many sellers pay for displays on shelves, especially the ones that are visibly better for consumers. The number of supermarkets/hypermarkets globally is spiraling upwards due to increased urbanization.
Asia Pacific is the fastest growing market for the forecast period 2023 to 2030
The demand for Peanut Butter from emerging Asia Pacific countries is increasing rapidly, in particular, from China, India, and other markets.
India- India dominates the Asia Pacific Peanut Butter Slices Market. Punjab, one of the largest producers of milk, butter, and other dairy products is witnessing a significant change in the preferences of consumers. The FMCG goods in the country have identified this state as one of the largest markets. The perception of the product suggests its increasing popularity among fitness enthusiasts and health seekers looking for products to meet their active lifestyles. The category of customers in the peanut butter market is divided into three segments. These include taste seekers, health seekers, and novelty seekers. Prominent companies operating in the country include Britannia Dairy Private Limited, Agro Tech Foods Limited, and Mother Dairy Fruit & Vegetable Private Limited. The changing trend in the country presents new players with an opportunity to manufacture new products and position themselves within the huge gap present in the market.
By Type
By Distribution Channels
By Region
*List not exhaustive
Peanut Butter Market Outlook 2023
1 Market Overview
1.1 Introduction to Peanut Butter Market
1.2 Scope of the Study
1.3 Research Objective
1.3.1 Key Market Scope and Segments
1.3.2 Players Covered
1.3.3 Years Considered
2 Executive Summary
2.1 2023 Peanut Butter Industry- Market Statistics
3 Market Dynamics
3.1 Market Drivers
3.2 Market Challenges
3.3 Market Opportunities
3.4 Market Trends
4 Market Factor Analysis
4.1 Porter’s Five Forces
4.2 Market Entropy
4.2.1 Global Peanut Butter Market Companies with Area Served
4.2.2 Products Offerings Global Peanut Butter Market
5 COVID-19 Impact Analysis and Outlook Scenarios
5.1.1 Covid-19 Impact Analysis
5.1.2 Post-COVID-19 Scenario- Low Growth Case
5.1.3 Post-COVID-19 Scenario- Reference Growth Case
5.1.4 Post-COVID-19 Scenario- Low Growth Case
6 Global Peanut Butter Market Trends
6.1 Global Peanut Butter Revenue (USD Million) and CAGR (%) by Type (2018-2028)
6.2 Global Peanut Butter Revenue (USD Million) and CAGR (%) by Applications (2018-2028)
6.3 Global Peanut Butter Revenue (USD Million) and CAGR (%) by Regions (2018-2028)
7 Global Peanut Butter Market Revenue (USD Million) by Type, and Applications (2018-2022)
7.1 Global Peanut Butter Revenue (USD Million) by Type (2018-2022)
7.1.1 Global Peanut Butter Revenue (USD Million), Market Share (%) by Type (2018-2022)
7.2 Global Peanut Butter Revenue (USD Million) by Applications (2018-2022)
7.2.1 Global Peanut Butter Revenue (USD Million), Market Share (%) by Applications (2018-2022)
8 Global Peanut Butter Development Regional Status and Outlook
8.1 Global Peanut Butter Revenue (USD Million) By Regions (2018-2022)
8.2 North America Peanut Butter Revenue (USD Million) by Type, and Application (2018-2022)
8.2.1 North America Peanut Butter Revenue (USD Million) by Country (2018-2022)
8.2.2 North America Peanut Butter Revenue (USD Million) by Type (2018-2022)
8.2.3 North America Peanut Butter Revenue (USD Million) by Applications (2018-2022)
8.3 Europe Peanut Butter Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)
8.3.1 Europe Peanut Butter Revenue (USD Million), by Country (2018-2022)
8.3.2 Europe Peanut Butter Revenue (USD Million) by Type (2018-2022)
8.3.3 Europe Peanut Butter Revenue (USD Million) by Applications (2018-2022)
8.4 Asia Pacific Peanut Butter Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)
8.4.1 Asia Pacific Peanut Butter Revenue (USD Million) by Country (2018-2022)
8.4.2 Asia Pacific Peanut Butter Revenue (USD Million) by Type (2018-2022)
8.4.3 Asia Pacific Peanut Butter Revenue (USD Million) by Applications (2018-2022)
8.5 South America Peanut Butter Revenue (USD Million), by Type, and Applications (2018-2022)
8.5.1 South America Peanut Butter Revenue (USD Million), by Country (2018-2022)
8.5.2 South America Peanut Butter Revenue (USD Million) by Type (2018-2022)
8.5.3 South America Peanut Butter Revenue (USD Million) by Applications (2018-2022)
8.6 Middle East and Africa Peanut Butter Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)
8.6.1 Middle East and Africa Peanut Butter Revenue (USD Million) by Country (2018-2022)
8.6.2 Middle East and Africa Peanut Butter Revenue (USD Million) by Type (2018-2022)
8.6.3 Middle East and Africa Peanut Butter Revenue (USD Million) by Applications (2018-2022)
9 Company Profiles
10 Global Peanut Butter Market Revenue (USD Million), by Type, and Applications (2023-2028)
10.1 Global Peanut Butter Revenue (USD Million) and Market Share (%) by Type (2023-2028)
10.1.1 Global Peanut Butter Revenue (USD Million), and Market Share (%) by Type (2023-2028)
10.2 Global Peanut Butter Revenue (USD Million) and Market Share (%) by Applications (2023-2028)
10.2.1 Global Peanut Butter Revenue (USD Million), and Market Share (%) by Applications (2023-2028)
11 Global Peanut Butter Development Regional Status and Outlook Forecast
11.1 Global Peanut Butter Revenue (USD Million) By Regions (2023-2028)
11.2 North America Peanut Butter Revenue (USD Million) by Type, and Applications (2023-2028)
11.2.1 North America Peanut Butter Revenue (USD) Million by Country (2023-2028)
11.2.2 North America Peanut Butter Revenue (USD Million), by Type (2023-2028)
11.2.3 North America Peanut Butter Revenue (USD Million), Market Share (%) by Applications (2023-2028)
11.3 Europe Peanut Butter Revenue (USD Million), by Type, and Applications (2023-2028)
11.3.1 Europe Peanut Butter Revenue (USD Million), by Country (2023-2028)
11.3.2 Europe Peanut Butter Revenue (USD Million), by Type (2023-2028)
11.3.3 Europe Peanut Butter Revenue (USD Million), by Applications (2023-2028)
11.4 Asia Pacific Peanut Butter Revenue (USD Million) by Type, and Applications (2023-2028)
11.4.1 Asia Pacific Peanut Butter Revenue (USD Million), by Country (2023-2028)
11.4.2 Asia Pacific Peanut Butter Revenue (USD Million), by Type (2023-2028)
11.4.3 Asia Pacific Peanut Butter Revenue (USD Million), by Applications (2023-2028)
11.5 South America Peanut Butter Revenue (USD Million), by Type, and Applications (2023-2028)
11.5.1 South America Peanut Butter Revenue (USD Million), by Country (2023-2028)
11.5.2 South America Peanut Butter Revenue (USD Million), by Type (2023-2028)
11.5.3 South America Peanut Butter Revenue (USD Million), by Applications (2023-2028)
11.6 Middle East and Africa Peanut Butter Revenue (USD Million), by Type, and Applications (2023-2028)
11.6.1 Middle East and Africa Peanut Butter Revenue (USD Million), by Region (2023-2028)
11.6.2 Middle East and Africa Peanut Butter Revenue (USD Million), by Type (2023-2028)
11.6.3 Middle East and Africa Peanut Butter Revenue (USD Million), by Applications (2023-2028)
12 Methodology and Data Sources
12.1 Methodology/Research Approach
12.1.1 Research Programs/Design
12.1.2 Market Size Estimation
12.1.3 Market Breakdown and Data Triangulation
12.2 Data Sources
12.2.1 Secondary Sources
12.2.2 Primary Sources
12.3 Disclaimer
List Of Tables
Table 1 Market Segmentation Analysis
Table 2 Global Peanut Butter Market Companies with Areas Served
Table 3 Products Offerings Global Peanut Butter Market
Table 4 Low Growth Scenario Forecasts
Table 5 Reference Case Growth Scenario
Table 6 High Growth Case Scenario
Table 7 Global Peanut Butter Revenue (USD Million) And CAGR (%) By Type (2018-2028)
Table 8 Global Peanut Butter Revenue (USD Million) And CAGR (%) By Applications (2018-2028)
Table 9 Global Peanut Butter Revenue (USD Million) And CAGR (%) By Regions (2018-2028)
Table 10 Global Peanut Butter Revenue (USD Million) By Type (2018-2022)
Table 11 Global Peanut Butter Revenue Market Share (%) By Type (2018-2022)
Table 12 Global Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Table 13 Global Peanut Butter Revenue Market Share (%) By Applications (2018-2022)
Table 14 Global Peanut Butter Market Revenue (USD Million) By Regions (2018-2022)
Table 15 Global Peanut Butter Market Share (%) By Regions (2018-2022)
Table 16 North America Peanut Butter Revenue (USD Million) By Country (2018-2022)
Table 17 North America Peanut Butter Revenue (USD Million) By Type (2018-2022)
Table 18 North America Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Table 19 Europe Peanut Butter Revenue (USD Million) By Country (2018-2022)
Table 20 Europe Peanut Butter Revenue (USD Million) By Type (2018-2022)
Table 21 Europe Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Table 22 Asia Pacific Peanut Butter Revenue (USD Million) By Country (2018-2022)
Table 23 Asia Pacific Peanut Butter Revenue (USD Million) By Type (2018-2022)
Table 24 Asia Pacific Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Table 25 South America Peanut Butter Revenue (USD Million) By Country (2018-2022)
Table 26 South America Peanut Butter Revenue (USD Million) By Type (2018-2022)
Table 27 South America Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Table 28 Middle East and Africa Peanut Butter Revenue (USD Million) By Region (2018-2022)
Table 29 Middle East and Africa Peanut Butter Revenue (USD Million) By Type (2018-2022)
Table 30 Middle East and Africa Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Table 31 Financial Analysis
Table 32 Global Peanut Butter Revenue (USD Million) By Type (2023-2028)
Table 33 Global Peanut Butter Revenue Market Share (%) By Type (2023-2028)
Table 34 Global Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Table 35 Global Peanut Butter Revenue Market Share (%) By Applications (2023-2028)
Table 36 Global Peanut Butter Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2028)
Table 37 North America Peanut Butter Revenue (USD)By Country (2023-2028)
Table 38 North America Peanut Butter Revenue (USD Million) By Type (2023-2028)
Table 39 North America Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Table 40 Europe Peanut Butter Revenue (USD Million) By Country (2023-2028)
Table 41 Europe Peanut Butter Revenue (USD Million) By Type (2023-2028)
Table 42 Europe Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Table 43 Asia Pacific Peanut Butter Revenue (USD Million) By Country (2023-2028)
Table 44 Asia Pacific Peanut Butter Revenue (USD Million) By Type (2023-2028)
Table 45 Asia Pacific Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Table 46 South America Peanut Butter Revenue (USD Million) By Country (2023-2028)
Table 47 South America Peanut Butter Revenue (USD Million) By Type (2023-2028)
Table 48 South America Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Table 49 Middle East and Africa Peanut Butter Revenue (USD Million) By Region (2023-2028)
Table 50 Middle East and Africa Peanut Butter Revenue (USD Million) By Region (2023-2028)
Table 51 Middle East and Africa Peanut Butter Revenue (USD Million) By Type (2023-2028)
Table 52 Middle East and Africa Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Table 53 Research Programs/Design for This Report
Table 54 Key Data Information from Secondary Sources
Table 55 Key Data Information from Primary Sources
List Of Figures
Figure 1 Market Scope
Figure 2 Porter’s Five Forces
Figure 3 Global Peanut Butter Revenue (USD Million) By Type (2018-2022)
Figure 4 Global Peanut Butter Revenue Market Share (%) By Type (2022)
Figure 5 Global Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Figure 6 Global Peanut Butter Revenue Market Share (%) By Applications (2022)
Figure 7 Global Peanut Butter Market Revenue (USD Million) By Regions (2018-2022)
Figure 8 Global Peanut Butter Market Share (%) By Regions (2022)
Figure 9 North America Peanut Butter Revenue (USD Million) By Country (2018-2022)
Figure 10 North America Peanut Butter Revenue (USD Million) By Type (2018-2022)
Figure 11 North America Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Figure 12 Europe Peanut Butter Revenue (USD Million) By Country (2018-2022)
Figure 13 Europe Peanut Butter Revenue (USD Million) By Type (2018-2022)
Figure 14 Europe Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Figure 15 Asia Pacific Peanut Butter Revenue (USD Million) By Country (2018-2022)
Figure 16 Asia Pacific Peanut Butter Revenue (USD Million) By Type (2018-2022)
Figure 17 Asia Pacific Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Figure 18 South America Peanut Butter Revenue (USD Million) By Country (2018-2022)
Figure 19 South America Peanut Butter Revenue (USD Million) By Type (2018-2022)
Figure 20 South America Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Figure 21 Middle East and Africa Peanut Butter Revenue (USD Million) By Region (2018-2022)
Figure 22 Middle East and Africa Peanut Butter Revenue (USD Million) By Type (2018-2022)
Figure 23 Middle East and Africa Peanut Butter Revenue (USD Million) By Applications (2018-2022)
Figure 24 Global Peanut Butter Revenue (USD Million) By Type (2023-2028)
Figure 25 Global Peanut Butter Revenue Market Share (%) By Type (2028)
Figure 26 Global Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Figure 27 Global Peanut Butter Revenue Market Share (%) By Applications (2028)
Figure 28 Global Peanut Butter Market Revenue (USD Million) By Regions (2023-2028)
Figure 29 North America Peanut Butter Revenue (USD Million) By Country (2023-2028)
Figure 30 North America Peanut Butter Revenue (USD Million) By Type (2023-2028)
Figure 31 North America Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Figure 32 Europe Peanut Butter Revenue (USD Million) By Country (2023-2028)
Figure 33 Europe Peanut Butter Revenue (USD Million) By Type (2023-2028)
Figure 34 Europe Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Figure 35 Asia Pacific Peanut Butter Revenue (USD Million) By Country (2023-2028)
Figure 36 Asia Pacific Peanut Butter Revenue (USD Million) By Type (2023-2028)
Figure 37 Asia Pacific Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Figure 38 South America Peanut Butter Revenue (USD Million) By Country (2023-2028)
Figure 39 South America Peanut Butter Revenue (USD Million) By Type (2023-2028)
Figure 40 South America Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Figure 41 Middle East and Africa Peanut Butter Revenue (USD Million) By Region (2023-2028)
Figure 42 Middle East and Africa Peanut Butter Revenue (USD Million) By Region (2023-2028)
Figure 43 Middle East and Africa Peanut Butter Revenue (USD Million) By Type (2023-2028)
Figure 44 Middle East and Africa Peanut Butter Revenue (USD Million) By Applications (2023-2028)
Figure 45 Bottom-Up and Top-Down Approaches For This Report
Figure 46 Data Triangulation
By Type
By Distribution Channels
By Region
The global Peanut Butter Market Size stood at $4245 Million in 2022.
The market is poised to register 7.33% growth over the forecast period from 2023 to 2030.
Hormel Foods Corp, Unilever Plc, The J.M. Smucker Company, Utz Brands, Inc., Post Holdings, Inc., Kellogg Company, Conagra Brands, Inc., Kraft Foods, Mars, Inc., The Hershey Company
Specialty Peanut Butter, Online sales, and Asia Pacific are the fastest-growing segments in the market.