Global Peanut Butter Market Share, Size, Price Trends And Forecast (2018-2023)

Global Peanut Butter Market to Reach US$ 4.1 Billion by 2023

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Global Peanut Butter Market to Reach US$ 4.1 Billion by 2023 Peanut butter is a spread made from dry, roasted peanuts and is usually served with toasts, sandwiches and crackers. It is highly nutritious and contains large amounts of carbohydrates, vitamin E, niacin, monounsaturated fatty acids, potassium and magnesium. Being a low-calorie product with high protein content, peanut butter has rapidly gained prominence worldwide and is widely used in frostings, cakes, salads, brownies, ice-creams, corn breads, peanut butter rolls, chocolates, etc. On account of this, the global peanut butter market has witnessed a sustained growth with the market value reaching US$ 3.3 Billion in 2017. Looking forward, the market is anticipated to grow at a CAGR of 3.8% during 2018-2023, reaching a value of US$ 4.1 Billion by 2023.

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Rising Health Awareness Amongst the Consumers Providing Impetus to Market Growth The major driver fostering the demand for peanut butter is the growing awareness among the consumers regarding the health benefits associated with its consumption. Peanut butter helps in combating degenerative nerve diseases; reducing the risk of diabetes, heart diseases and cancer; preventing gallstone; and decreasing the risk of hypertension, and viral and fungal infections. Apart from this, it also contributes to the healthy growth of bones and muscles.

Further, peanut butter is considered as a substitute to milk butter since it is low in fats and calories. Other major factors driving the growth of the market include growing preference for high-protein products, shift towards the intake of convenience foods, rising population, expanding disposable incomes, changing lifestyles, development of innovative products as well as escalating demand from the emerging markets.

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Creamy Peanut Butter Represents the Largest Segment The global peanut butter market can be segmented on the basis of product type. The popular types of peanut butter available in the market include crunchy and smooth. Currently, smooth peanut butter is the most preferred product type, accounting for nearly two-thirds of the total market share. Smooth peanut butter is used in sandwiches and in the preparation of snacks, confections and packaged foods. Moreover, most recipes utilise smooth peanut butter since it is easier to use as compared to crunchy peanut butter.

North America: Leading Peanut Butter Consumer Region-wise, North America accounts for nearly a half of the total peanut butter consumption worldwide.

Within the region, the United States holds the majority of the peanut butter market share. Peanut butter is considered as a staple food in North America and is extensively used in households as a spread for breakfast, lunch, and snacks. Other major regions in the global peanut butter market include Europe and Asia.

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The peanut butter market is concentrated in nature with the top three players accounting for more than 60% of the total global market. Currently, the J. M. Smucker Company represents the largest player accounting for more than one-third of the total global sales. The J. M. Smucker Company is followed by Hormel and ConAgra Foods.

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Browse Related Report Table Butter Market: https://www.imarcgroup.com/table-butter-market Mayonnaise Market: https://www.imarcgroup.com/prefeasibility-report-mayonnaisemanufacturing-plant

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