According to a market report, published by Sheer Analytics and Insights, The global peanut butter market was valued at $4.9 billion in 2021 and it is expected to reach $10.2x billion at a CAGR of 6.8% between 2022 and 2032. At present days, peanut butter is gaining popularity among a large number of consumers across the globe, and this increasing demand has led the market growth over the past few years. It is food glue made from ground dry simmered peanuts. In addition, it is low in calories associated with high protein substances and fills in as an ideal substitute for milk and dairy margarine. The consumption of peanut butter has grown due to increasing demand among people who have become more health conscious after the COVID-19 pandemic. As peanut butter has multiple health benefits such as high protein, low calories, and high nutritious value, thus, the market is expected to gain more growth opportunities over the upcoming years. The product has helped a lot of consumers in recovering from several diseases. For example, it could boost heart health and manages blood sugar. In addition, it could control weight. Therefore, these rising factors are expected to fuel the growth of the market during the forecast period from 2022 to 2032.
There are several major companies across the globe which is focusing on producing more peanut butter products due to the rising demand. Moreover, the peanut butter market is overwhelmed by more local and neighborhood players. Furthermore, these key players are trying to establish partnerships with other food manufacturing companies to build new food products associated with peanut butter. This would benefit the market to have more growth opportunities during the upcoming years. Companies are establishing mergers and acquiring subsidiary companies to build up new products. These are projected to fuel market growth throughout the forecast period.
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The online distributional channel is another major factor that is driving the market over the past few years. At present days, various products of peanut butter are easily available in online retail shops, and this is very beneficial for people who are busy during their work and could not go to the offline market to purchase their favorite peanut butter. Thus, the rising usage of smartphones and shopping applications with good internet services is also expected to accelerate the growth of the global peanut butter market during the forecast period from 2022 to 2032.
Last year, Mustin, the peanut butter and Seeds Company launched its most popular product variant, Chocolate-Hazelnut spread, for the first time in India. Moreover, hundreds of new peanut products are launched in the U.S every year by multiple brands and retailers. Marico introduces Saffola Mayonnaise and Saffola Peanut butter. FMCG Company has forayed into the healthy spreads with the launch of its all-new peanut butter products. The world’s first Mango peanut butter is launched by Goa’s first organic food company in 2022. Ascent Plant Protein launched a new chocolate peanut butter flavor. Unilever launched Kissan Peanut Butter in South India. This new product was initially introduced in the North Indian markets as well. Therefore, these new launches are expected to drive the growth of the global peanut butter market during the forecast period from 2022 to 2032
According to the study, key players dominating the global peanut butter market are Alpino (Italy), Algood Food Company (U.S), Conagra Brands (U.S), DiSano Foods (India), Hormel Foods (U.S), Pintola (India), Procter and Gamble (U.S), The Krafts Heinz Company (U.S), The Leavitt Corporation (U.S), Tyson Foods (U.S), The J.M Smucker Company (U.S), Unilever PLc (U.K), Wadia Group (India), among others.
The Global Peanut Butter Market Has Been Segmented Into:
The Global Peanut Butter Market – by Product Type:
- Crunchy
- Creamy
- And Others
The Global Peanut Butter Market – by Distributional Type:
- Online Shop
- Offline Shop
- Supermarket
- Hypermarket
The Global Gene Therapy Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/peanut-butter-market-21
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