IMARC Group, a leading market research company, has recently releases report titled “Peanut Butter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2025-2033,” The study provides a detailed analysis of the industry, including the global peanut butter market growth, size, share, trends and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the peanut butter market?
The global peanut butter market size reached USD 4.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 6.3 Billion by 2033, exhibiting a growth rate (CAGR) of 4% during 2025-2033.
Factors Affecting the Growth of the Peanut Butter Industry:
- Health and Wellness Trends:
The increasing focus on health and wellness is a primary factor driving the peanut butter market growth. Consumers are becoming more health-conscious, leading to the heightened demand for foods that offer nutritional benefits without compromising on taste or convenience. Peanut butter is a rich source of protein, essential fatty acids, vitamins, and minerals, making it a popular choice among health enthusiasts. It is particularly appealing to those looking to maintain a balanced diet or manage weight, as it provides satiety and supports muscle growth and repair. Additionally, the ongoing shift towards healthier eating habits, which has prompted manufacturers to highlight the health benefits of peanut butter in their marketing efforts, is catalyzing the market growth.
- Convenience:
Convenience is a significant factor driving the popularity of peanut butter in fast-paced societies where quick and easy meal options are highly valued. The versatile nature of peanut butter makes it a staple in many households, as it can be spread on bread, mixed into smoothies, or used as a dip for fruits and vegetables. Additionally, its ease of use, combined with its ability to be stored without refrigeration, makes it an ideal food for busy lifestyles. Furthermore, the long shelf life of peanut butter also ensures that it can be bought in bulk and used over time, reducing the frequency of grocery shopping trips. Moreover, families and individuals are experiencing busier schedules, leading to heightened demand for convenient yet nutritious food choices.
- Plant-based Diet Popularity:
The surge in popularity of plant-based diets is significantly contributing to the market growth. More people are adopting vegetarian and vegan lifestyles due to health, ethical, or environmental reasons. Peanut butter is an excellent source of plant-based protein, offering about 8 grams of protein per serving, making it highly attractive to this demographic. Additionally, the shifting consumer movement towards foods that not only provide health benefits but also align with ethical and sustainable eating practices is fueling the market growth. Furthermore, the rising environmental impact of traditional animal protein sources, leading to heightened consumer interest in more sustainable alternatives, such as peanut butter, is strengthening the market growth.
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Peanut Butter Market Report Segmentation:
Breakup by Product Type:
- Smooth Peanut Butter
- Crunchy Peanut Butter
- Others
Smooth peanut butter holds the majority of the market share because it has a wide consumer base due to its creamy texture, ease of spreadability, and versatile use in various recipes.
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Supermarkets and hypermarkets accounted for the largest market share, as they offer a wide variety of peanut butter brands and types, catering to the preferences of a large customer base.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the market is attributed to the high popularity of peanut butter in the American diet, cultural preferences, and the presence of major peanut butter manufacturing brands.
Global Peanut Butter Market Trends:
The introduction of a range of new flavors, textures, and formulations by manufacturers to cater to the rising consumer preferences is boosting the market growth. Additionally, the growing trend for health-oriented products, such as reduced-fat, low-sodium, or no-added-sugar peanut butter, that are appealing to health-conscious consumers is favoring the market growth. Besides this, the rapid expansion of retail distribution channels, which has significantly enhanced consumer convenience and increased product visibility, is contributing to the market growth. Furthermore, the rising product popularity among fitness enthusiasts due to its high protein content, which aids in muscle building and repair, is catalyzing the market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- Alpino Health Foods Private Limited
- DiSano
- Dr. Oetker GmbH
- Hormel Foods Corporation
- Sonya Foods Pvt. Ltd.
- The Hershey Company
- The J.M. Smucker Company
- The Kraft Heinz Company
- Unilever plc
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