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The peanut butter market share is expected to increase by USD 1.35 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.13%.
This peanut butter market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers peanut butter market segmentation by distribution channel (offline and online) and geography (North America, South America, Europe, APAC, and the Middle East and Africa). The peanut butter market report also offers information on several market vendors, including Algood Food Co., China Kunyu Industrial Co. Ltd., Dr. August Oetker KG, Galdisa USA Inc., Hormel Foods Corp., Kroger Co., ManiLife, Mars Inc., Nuts N More, NuttZo LLC, Peanut Butter and Co., Pip and Nut Ltd., Post Holdings Inc., Sonya Foods Pvt. Ltd., The Hain Celestial Group Inc., The J.M Smucker Co., The Kraft Heinz Co., The Leavitt Corp., Unilever PLC, and Windmill Organics Ltd. among others.
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Based on our research output, there has been a positive impact on the market growth during and post-COVID-19 era. The health benefits associated with peanut butter are notably driving the peanut butter market growth, although factors such as the risk of allergic reactions may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the peanut butter industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Peanut Butter Market Driver
The health benefits associated with peanut butter are one of the key drivers supporting the peanut butter market growth. The consumption of peanut butter is said to contribute to the healthy growth of bones and muscles. Peanut butter spread, when consumed daily, helps in weight loss as it is low in calories and reduces the risk of gallstones and the occurrence of Type II diabetes. The unsaturated fat in peanut butter helps reduce the level of low-density lipoproteins and increases the level of high-density lipoproteins. It also contains resveratrol, which helps in reducing the risk of hearing loss and prevents Alzheimer's disease. Such health benefits will drive market growth during the forecast period.
Key Peanut Butter Market Trend
Peanut butter as an ingredient in snacks is one of the key peanut butter market trends contributing to the market growth. Snack manufacturers are now using peanut butter as one of the ingredients in their products. With the rise in health-conscious people switching to more healthy choices, manufacturers are innovating their products. For instance, chocolates made with peanut butter have been widely accepted as a snacking option. Peanut butter is also being used as an ingredient in biscuits, cookies, snack bars, and cheesecakes. These factors will fuel the market growth during the forecast period.
Key Peanut Butter Market Challenge
The risk of allergic reactions is one of the factors hampering the peanut butter market growth. The higher presence of pesticides sprayed on peanut plantations was found to be one of the reasons that may be responsible for peanut allergies. The fungus that grows over peanuts releases aflatoxins that can also lead to dangerous health issues, such as liver cancer. In addition, there is no cure for such allergies except for a vaccine to treat mild or severe allergic reactions. Such reasons discourage consumers from consuming peanut butter and hinder market growth.
This peanut butter market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global peanut butter market as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the peanut butter market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the peanut butter market encompasses successful business strategies deployed by the key vendors. The peanut butter market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The peanut butter market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the leading companies' production, sustainability, and prospects.
Our In-house experts produce extensive information on the value chain and parent market of the peanut butter market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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51% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the peanut butter market in North America. Market growth in this region will be faster than the growth of the market in South America.
Peanut is the most common type of nut consumed by people, which will facilitate the peanut butter market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 adversely affected the regional market. However, in 2021, the initiation of large-scale COVID-19 vaccination drives led to the lifting of lockdowns and the resumption of manufacturing operations in peanut butter manufacturing units. This increased the availability of peanut butter in retail stores. This, in turn, will boost the market growth in the forecasted period.
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The peanut butter market share growth by the offline segment will be significant during the forecast period. Specialty stores offer a large variety of brands, many product portfolios, and similar types of products across all outlets. They can reach out to consumers on their own rather than depend on independent retailers to sell their products. Many consumers prefer specialty retailers for buying health products, such as peanut butter products. Therefore, the demand for peanut butter products through offline distribution channels will grow during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the peanut butter market size and actionable market insights on the post-COVID-19 impact on each segment.
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Peanut Butter Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.13% |
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Market growth 2022-2026 |
$1.35 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.9 |
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Regional analysis |
North America, South America, Europe, APAC, and the Middle East and Africa |
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Performing market contribution |
North America at 51% |
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Key consumer countries |
US, Canada, China, UK, and France |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Algood Food Co., China Kunyu Industrial Co. Ltd., Dr. August Oetker KG, Galdisa USA Inc., Hormel Foods Corp., Kroger Co., ManiLife, Mars Inc., Nuts N More, NuttZo LLC, Peanut Butter and Co., Pip and Nut Ltd., Post Holdings Inc., Sonya Foods Pvt. Ltd., The Hain Celestial Group Inc., The J.M Smucker Co., The Kraft Heinz Co., The Leavitt Corp., Unilever PLC, and Windmill Organics Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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