Peanut Butter Dominates Global Food Industry: A Prognosis for 2032
According to the latest market analysis by Future Market Insights, the Peanut Butter market was valued at USD 5.0 billion in 2022. It is anticipated to experience a steady growth rate, with a compound annual growth rate (CAGR) of 4.7% during the forecast period. The market is projected to reach a value of USD 7.9 billion by 2032.
Peanut butter is a low-calorie product with high protein content prepared from grinding of dry roasted peanuts. It serves as a substitute for the dairy butter.
Peanut butter can be used as toppings for food products like bread, crackers, and many others. Peanut butter finds application in several end-user sectors such as bakery, savory sauces, smoothies, and many more.
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Peanut butter is a rich source of energy that can be used as an alternative to milk butter. Aside the energy derived from the consumption, peanut butter is also a good source of protein, fiber, unsaturated fat and minerals such as magnesium, zinc, potassium, and vitamin E.
With these nutritional value obtained from the consumption of peanut butter, the global market is slated to witness robust growth over the forecast period. Moreover, the growing population size of consumers with weight diseases and increasing disposable income of consumers in developed and developing countries are major factors expected to promote the growth of the global peanut butter during the forecast period and aftermath.
In addition, the surge in demand for convenience food and ready-to-eat meals is a strong force fueling the industry’s growth globally.
Peanut Butter Market Driven by Consumers’ Growing Demand for Nutritional Products
Peanut butter is a high-quality food product with several nutritional benefits associated with its consumption. It is a good source of protein, fat, fiber, mineral, and vitamins.
The vitamin E content in peanut butter is essential for the correction of vision and muscles’ orientation. It also serves as an antioxidant, giving it the ability to fight against diseases like cancer, joint inflammation, and many other diseases. Consumers are spending on healthy products with similar nutritional values, and this is expected to facilitate the growth of the global peanut butter market over the forecast period.
Changing Lifestyle
Consumers worldwide are now involved in strenuous activities, which often leads to the loss of energy. The need for energy giving food products like peanut butter is essential to help regain the lost energy.
When individuals are stressed up after a hectic and busy day, they are eager to consume foods like convenience meals that can be prepared within a short period. Hence, this is expected to create a surge in demand for peanut butter in the global market.
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Peanut Butter Market Restraint
The primary factor slated to hamper the growth of the global peanut butter market is the rise in the product price in the global market. There is competition among key players in the industry on the prices of products, which will affect the market’s growth over the forecast per
Peanut Butter Market: Region-wise Analysis
North America is slated to be in dominance over the forecast period in terms of market revenue, with the United States acting as the growth driver within the region.
The United States will have the highest contribution of the total market revenue due to the rise in consumers’ disposable income and the surge in demand for nutritional products.
However, the Asia Pacific region is slated to be the fastest-growing market for the global peanut butter market within emerging economy nations like China and India, acting as drivers within the region.
With the rise in per capita consumption of peanut butter among individuals in the Asia Pacific, the peanut butter market is expected to register significant growth during the forecast period and aftermath.
Peanut Butter Market: Competitive Landscape
Report Highlights
The research report presents a comprehensive assessment of market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data and projections with suitable set of assumptions and methodology. Research report provides analysis and information by categories such as market segments, geographies, types, technology and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Peanut Butter Market Segment Analysis
The global peanut butter market can be segmented on the following basis
By Type
By Distribution Channel
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 13, 2023
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