The new report by Expert Market Research titled, ‘Global Peanut Butter Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global peanut butter market, assessing the market based on its type and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 3.71 Billion
- Forecast Market Size (2028): USD 5.30 Billion
The growth in the global peanut butter market is induced by rising consumer health consciousness, which has led to an increase in demand for low-calorie healthy food items like peanut butter. Factors like growing disposable incomes, a shift toward the consumption of convenient and ready-to-eat foods, and rising demand from developing economies are all adding to the expansion of the peanut butter market.
Globally, consumers are now engaged in strenuous physical activity, which frequently results in energy loss. A need for energy-giving foods such as peanut butter is critical to regaining energy lost. With surging obesity rates, consumers around the world have begun to shift toward healthy and nutritious options for snacks and breakfast.
Industry Definition and Major Segments
Peanut butter is made mainly of ground dry roasted peanuts. It is rich in nutrients because it has fewer calories and more protein than other spreads, making it a better and healthier substitute for milk butter.
Based on type, the market is divided into:
- Old Fashioned/Natural
- Reduced Fat
- Honey Roasted
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Peanut butter is a high nutritional product that provides numerous beneficial effects when consumed. It is high in protein, fat, vitamins, minerals, and fibre. Peanut butter contains vitamin E, which is necessary for vision correction and orientation of muscle. It also acts as an antioxidant, allowing it to fight diseases such as cancer, joint inflammation, and several others.
People are spending money on healthy items with specific nutritional values, which is anticipated to boost the global peanut butter market. The major factor expected to stymie the global peanut butter market’s growth is an increase in product prices in the worldwide industry.
Key Market Players
The major players in the market are Hersheys, Hormel Foods, JM Smucker Co, ConAgra Foods Inc., Sonya Foods, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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