According to IMARC Group’s latest report, titled “Peanut Butter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the peanut butter market share.
The global peanut butter market size reached US$ 4.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028. Peanuts are an essential crop grown across the globe and are commercially used for the production of flour, confections, oil, butter, snack products, etc. Among these, peanut butter is one of the most consumed food spreads and prepared by grinding and dry-roasting peanuts. In line with this, it refers to a thick spread and an energy-rich product that is usually marketed as a substitute for milk butter. Other than energy, peanut butter also offers fiber, protein, unsaturated fats, etc., along with a set of micronutrients, including magnesium, zinc, potassium, Vitamin E, etc. Consequently, it is extensively utilized in the preparation of numerous food products, such as salads, brownies, rolls, cakes, frostings, cornbread, chocolates, etc.
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Peanut Butter Market Trends:
The growing consumer inclination towards healthier breakfast and snack options, on account of the rising obesity rates across countries, is among the key factors stimulating the peanut butter market. Moreover, the widespread adoption of plant-based proteins by individuals in their daily diets is further bolstering the market growth. Besides this, leading manufacturers are utilizing innovative marketing strategies to expand their product portfolio and reach a broader customer base, which is acting as another significant growth-inducing factor. Furthermore, the introduction of rolled-out limited-edition peanut butter variants with GIF graphics on the jar is also positively influencing the global market. Apart from this, the sudden outbreak of the COVID-19 pandemic has led to increasing sales of packaged food items with a longer shelf life, which is anticipated to fuel the peanut butter market over the forecasted period.
Peanut Butter Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the peanut butter market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the global peanut butter market on the basis of product type, distribution channel and region.
Breakup by Product Type:
- Smooth Peanut Butter
- Crunchy Peanut Butter
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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