Posted on 29 Nov 2018
Global Peanut Butter Market to Reach US$ 4.4 Billion by 2024
Peanut butter is primarily prepared from ground dry roasted peanuts. It is highly nutritious as it contains low calories and higher levels of proteins in comparison to other spreads, which makes it a healthy substitute for milk butter. Peanut butter offers various health benefits as it helps to improve heart health, prevent gallstones, reduce the risk of diabetes and serves as an energy booster. It also assists in weight loss by acting as a hunger suppressant. Owing to these benefits, it is widely used as a spread as well as in savoury sauces, smoothies, breakfast foods and numerous bakery products. According to a new report by Expert Market Research, global peanut butter market reached sales worth US$ 3.5 Billion in 2018 and is further expected to reach revenues worth US$ 4.4 Billion by 2024.
The global peanut butter market is currently gaining impetus due to a number of factors. Rising health consciousness among the consumers has resulted in the growing demand for low-calorie and healthy food products, which in turn, is bolstering the global demand for peanut butter. Some of the other factors such as increasing population, rising disposable incomes, shift towards the intake of convenient and ready-to-eat foods and growing demand from emerging markets are also contributing towards the growth of the global market for peanut butter.
Key findings from the report:
- Different types of peanut butter available in the market are creamy, crunchy/chunky, old fashioned/natural, reduced fat and honey roasted. In 2018, Creamy Butter was the most preferred type and accounted for the majority of the total global consumption. Creamy butter was followed by runchy/chunky peanut butter, old fashioned/natural peanut butter.
- Region-wise, North America dominated the peanut butter market. Other key as well as emerging markets include Europe, South America, Asia-Pacific, the Middle East and Africa.
- Some of the key players operating in the global peanut butter market include Hersheys, Hormel Foods, JM Smucker Co, ConAgra Foods Inc. and Sonya Foods.
- These players are focussing on new blends and flavours and are targeting emerging markets by expanding their production and geographical reach.
Expert Market Research has analysed the global peanut butter market according to type, region and top players:
Market breakup by Type
- Creamy
- Crunchy/Chunky
- Old Fashioned/Natural
- Reduced Fat
- Honey Roasted
Market breakup by Region
- North America
- Asia-Pacific
- Europe
- South America
- The Middle East and Africa
Top Players
- Hersheys
- Hormel Foods
- JM Smucker Co
- ConAgra Foods Inc.
- Sonya Foods
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