The Global Peanut Butter Market size is expected to reach $9.9 billion by 2031, rising at a market growth of 6.8% CAGR during the forecast period. In the year 2023, the market attained a volume of 7269.8 hundred Tonnes, experiencing a growth of 2.5% (2020-2023).
e-commerce offers unparalleled convenience for Canadians, allowing them to shop for groceries, including peanut butter, from the comfort of their homes or on the go. With busy lifestyles and hectic schedules, many consumers appreciate the convenience of having peanut butter delivered directly to their doorstep. Therefore, the North America market garnered USD 2693.2 million revenue in 2023. Also, Canada market consumed 205.9 hundred Tonnes of crunchy peanut butter in 2023. Hence, these factors will boost the demand in the segment.
Protein is necessary for many biological processes, including the development and repair of muscles, the immune system, and the synthesis of hormones. Peanut butter is lauded for its relatively high protein content, making it an appealing choice for individuals seeking to increase their protein intake, such as athletes, fitness enthusiasts, and those following high-protein diets. Hence, these factors will boost the demand for peanut butter in the upcoming years.
Additionally, the surge in plant-based diets and vegan lifestyles has fueled the demand for peanut butter as a versatile, protein-rich, and sustainable alternative to animal-derived spreads. Because of its plant-based composition, nutritional advantages, adaptability in the kitchen, and affordability, it's a great alternative for anyone adopting a plant-based diet and looking for cruelty-free and eco-friendly food options. Thus, these aspects can assist in the expansion of the market.
However, Peanut butter manufacturers face considerable vulnerability to the fluctuating prices of peanuts, influenced by many factors ranging from weather conditions to geopolitical tensions. These variables can significantly impact peanut yields and prices, introducing uncertainty in sourcing raw materials and consequently affecting production costs and profit margins. Thus, these factors can lead to decreased demand for peanut butter in the upcoming years.
By Type Analysis
Based on type, the market is divided into creamy, crunchy, and others. The creamy segment recorded a 39% revenue share in the market in 2023. Hence, Russia market consumed 103.11 hundred Tonnes of creamy peanut butter in 2022. Creamy peanut butter is a popular option for sandwiches, toast, and baked goods because of its creamy and smooth texture, making it adaptable and spreadable. Its spreadability and uniform consistency appeal to consumers seeking convenience and ease of use in their culinary creations.
By Distribution Channel Analysis
On the basis of distribution channel, the market is divided into offline and online. The offline segment recorded 75.5% revenue share in the market in 2023. Offline stores like supermarkets and hypermarkets typically boast a vast product assortment, including multiple brands, flavors, and packaging options of peanut butter. Customers with diverse interests and preferences are attracted to this extensive assortment, as it empowers them to conduct thorough product research and ultimately choose the one that most effectively fulfills their needs. Therefore, these aspects will fuel the demand in the segment.
By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific segment acquired a 21% revenue share in the market. The Asia Pacific region has seen a significant rise in health consciousness and awareness of the nutritional benefits of certain foods, including peanut butter. Growing consumer emphasis on health and wellbeing has led to a demand for healthful, high-protein, and high-fiber peanut butter products, as customers look for nutrient-dense, wholesome food options. Hence, the segment will grow rapidly in the coming years.
Recent Strategies Deployed in the Market
- Feb-2024: The Hershey Company entered a partnership with Performance Food Group, a food distribution company. Through this partnership, Performance Food Group will integrate a diverse range of popular Hershey products into its dessert offerings, providing their customers with access to high-quality dessert options.
- Feb-2024: The Hershey Company launched Reese's Peanut Butter Mini Eggs Unwrapped. The product is designed for easy snacking and is available in an 8 OZ pack. Additionally, it will join the lineup of Reese's and Cadbury items.
- Nov-2023: The J.M. Smucker Company completed the acquisition of Hostess Brands, Inc., a bakery and cake shop company. With this acquisition, the J.M. Smucker Company strengthened its position in the baking products market, and the acquisition includes the Hostess(R) sweet baked snack brands, including Hostess(R)Donettes(R), Twinkies(R), CupCakes, DingDongs(R), Zingers(R), CoffeeCakes, HoHos(R), Mini Muffins, and more.
- Sep-2023: M&M's, a brand of Mars, Inc., unveiled M&M's Peanut Butter Minis. This product combines the beloved flavor of M&M's Peanut Butter chocolate candies with the small, fun size of M&M's Minis, offering a deliciously rich peanut butter taste and a satisfyingly crunchy candy shell in every miniature bite.
- Mar-2023: The Hershey Company unveiled Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt and Reese's Plant-Based Peanut Butter Cups. With these products, the company aims to meet consumer expectations, and Reese's Plant-Based Peanut Butter Cups will be available in 1.4-ounce packaging and Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt will be available in 1.55-ounce packaging.
List of Key Companies Profiled
- The Procter & Gamble Company
- Unilever PLC
- Hormel Foods Corporation (MegaMex Foods, LLC)
- The Kraft Heinz Company
- Associated British Foods PLC (Wittington Investments Limited)
- The Hershey Company
- Mars, Inc.
- Dr. August Oetker KG
- The J.M Smucker Company
- Algood Food Company (Bowman Andros Products, LLC)
Global Peanut Butter Market Report Segmentation
By Type (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Distribution Channel (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Hundred Tonnes, USD Billion, 2020-2031)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Peanut Butter Market, by Type
- 1.4.2Global Peanut Butter Market, by Distribution Channel
- 1.4.3Global Peanut Butter Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Recent Strategies Deployed in Peanut Butter Market
Chapter 5.Global Peanut Butter Market by Type
- 5.1Global Crunchy Market by Region
- 5.2Global Creamy Market by Region
- 5.3Global Other Market by Region
Chapter 6.Global Peanut Butter Market by Distribution Channel
- 6.1Global Offline Market by Region
- 6.2Global Online Market by Region
Chapter 7.Global Peanut Butter Market by Region
- 7.1North America Peanut Butter Market
- 7.1.1North America Peanut Butter Market by Type
- 7.1.1.1North America Crunchy Market by Country
- 7.1.1.2North America Creamy Market by Country
- 7.1.1.3North America Other Market by Country
- 7.1.2North America Peanut Butter Market by Distribution Channel
- 7.1.2.1North America Offline Market by Country
- 7.1.2.2North America Online Market by Country
- 7.1.3North America Peanut Butter Market by Country
- 7.1.3.1US Peanut Butter Market
- 7.1.3.1.1US Peanut Butter Market by Type
- 7.1.3.1.2US Peanut Butter Market by Distribution Channel
- 7.1.3.2Canada Peanut Butter Market
- 7.1.3.2.1Canada Peanut Butter Market by Type
- 7.1.3.2.2Canada Peanut Butter Market by Distribution Channel
- 7.1.3.3Mexico Peanut Butter Market
- 7.1.3.3.1Mexico Peanut Butter Market by Type
- 7.1.3.3.2Mexico Peanut Butter Market by Distribution Channel
- 7.1.3.4Rest of North America Peanut Butter Market
- 7.1.3.4.1Rest of North America Peanut Butter Market by Type
- 7.1.3.4.2Rest of North America Peanut Butter Market by Distribution Channel
- 7.2Europe Peanut Butter Market
- 7.2.1Europe Peanut Butter Market by Type
- 7.2.1.1Europe Crunchy Market by Country
- 7.2.1.2Europe Creamy Market by Country
- 7.2.1.3Europe Other Market by Country
- 7.2.2Europe Peanut Butter Market by Distribution Channel
- 7.2.2.1Europe Offline Market by Country
- 7.2.2.2Europe Online Market by Country
- 7.2.3Europe Peanut Butter Market by Country
- 7.2.3.1Germany Peanut Butter Market
- 7.2.3.1.1Germany Peanut Butter Market by Type
- 7.2.3.1.2Germany Peanut Butter Market by Distribution Channel
- 7.2.3.2UK Peanut Butter Market
- 7.2.3.2.1UK Peanut Butter Market by Type
- 7.2.3.2.2UK Peanut Butter Market by Distribution Channel
- 7.2.3.3France Peanut Butter Market
- 7.2.3.3.1France Peanut Butter Market by Type
- 7.2.3.3.2France Peanut Butter Market by Distribution Channel
- 7.2.3.4Russia Peanut Butter Market
- 7.2.3.4.1Russia Peanut Butter Market by Type
- 7.2.3.4.2Russia Peanut Butter Market by Distribution Channel
- 7.2.3.5Spain Peanut Butter Market
- 7.2.3.5.1Spain Peanut Butter Market by Type
- 7.2.3.5.2Spain Peanut Butter Market by Distribution Channel
- 7.2.3.6Italy Peanut Butter Market
- 7.2.3.6.1Italy Peanut Butter Market by Type
- 7.2.3.6.2Italy Peanut Butter Market by Distribution Channel
- 7.2.3.7Rest of Europe Peanut Butter Market
- 7.2.3.7.1Rest of Europe Peanut Butter Market by Type
- 7.2.3.7.2Rest of Europe Peanut Butter Market by Distribution Channel
- 7.3Asia Pacific Peanut Butter Market
- 7.3.1Asia Pacific Peanut Butter Market by Type
- 7.3.1.1Asia Pacific Crunchy Market by Country
- 7.3.1.2Asia Pacific Creamy Market by Country
- 7.3.1.3Asia Pacific Other Market by Country
- 7.3.2Asia Pacific Peanut Butter Market by Distribution Channel
- 7.3.2.1Asia Pacific Offline Market by Country
- 7.3.2.2Asia Pacific Online Market by Country
- 7.3.3Asia Pacific Peanut Butter Market by Country
- 7.3.3.1China Peanut Butter Market
- 7.3.3.1.1China Peanut Butter Market by Type
- 7.3.3.1.2China Peanut Butter Market by Distribution Channel
- 7.3.3.2Japan Peanut Butter Market
- 7.3.3.2.1Japan Peanut Butter Market by Type
- 7.3.3.2.2Japan Peanut Butter Market by Distribution Channel
- 7.3.3.3India Peanut Butter Market
- 7.3.3.3.1India Peanut Butter Market by Type
- 7.3.3.3.2India Peanut Butter Market by Distribution Channel
- 7.3.3.4South Korea Peanut Butter Market
- 7.3.3.4.1South Korea Peanut Butter Market by Type
- 7.3.3.4.2South Korea Peanut Butter Market by Distribution Channel
- 7.3.3.5Australia Peanut Butter Market
- 7.3.3.5.1Australia Peanut Butter Market by Type
- 7.3.3.5.2Australia Peanut Butter Market by Distribution Channel
- 7.3.3.6Malaysia Peanut Butter Market
- 7.3.3.6.1Malaysia Peanut Butter Market by Type
- 7.3.3.6.2Malaysia Peanut Butter Market by Distribution Channel
- 7.3.3.7Rest of Asia Pacific Peanut Butter Market
- 7.3.3.7.1Rest of Asia Pacific Peanut Butter Market by Type
- 7.3.3.7.2Rest of Asia Pacific Peanut Butter Market by Distribution Channel
- 7.4LAMEA Peanut Butter Market
- 7.4.1LAMEA Peanut Butter Market by Type
- 7.4.1.1LAMEA Crunchy Market by Country
- 7.4.1.2LAMEA Creamy Market by Country
- 7.4.1.3LAMEA Other Market by Country
- 7.4.2LAMEA Peanut Butter Market by Distribution Channel
- 7.4.2.1LAMEA Offline Market by Country
- 7.4.2.2LAMEA Online Market by Country
- 7.4.3LAMEA Peanut Butter Market by Country
- 7.4.3.1Brazil Peanut Butter Market
- 7.4.3.1.1Brazil Peanut Butter Market by Type
- 7.4.3.1.2Brazil Peanut Butter Market by Distribution Channel
- 7.4.3.2Argentina Peanut Butter Market
- 7.4.3.2.1Argentina Peanut Butter Market by Type
- 7.4.3.2.2Argentina Peanut Butter Market by Distribution Channel
- 7.4.3.3UAE Peanut Butter Market
- 7.4.3.3.1UAE Peanut Butter Market by Type
- 7.4.3.3.2UAE Peanut Butter Market by Distribution Channel
- 7.4.3.4Saudi Arabia Peanut Butter Market
- 7.4.3.4.1Saudi Arabia Peanut Butter Market by Type
- 7.4.3.4.2Saudi Arabia Peanut Butter Market by Distribution Channel
- 7.4.3.5South Africa Peanut Butter Market
- 7.4.3.5.1South Africa Peanut Butter Market by Type
- 7.4.3.5.2South Africa Peanut Butter Market by Distribution Channel
- 7.4.3.6Nigeria Peanut Butter Market
- 7.4.3.6.1Nigeria Peanut Butter Market by Type
- 7.4.3.6.2Nigeria Peanut Butter Market by Distribution Channel
- 7.4.3.7Rest of LAMEA Peanut Butter Market
- 7.4.3.7.1Rest of LAMEA Peanut Butter Market by Type
- 7.4.3.7.2Rest of LAMEA Peanut Butter Market by Distribution Channel
Chapter 8.Company Profiles
- 8.1The Procter & Gamble Company
- 8.1.1Company Overview
- 8.1.2Financial Analysis
- 8.1.3Segmental and Regional Analysis
- 8.1.4Research & Development Expense
- 8.1.5SWOT Analysis
- 8.2Unilever PLC
- 8.2.1Company Overview
- 8.2.2Financial Analysis
- 8.2.3Segmental and Regional Analysis
- 8.2.4Research & Development Expense
- 8.2.5Recent strategies and developments:
- 8.2.5.1Product Launches and Product Expansions:
- 8.2.6SWOT Analysis
- 8.3Hormel Foods Corporation (MegaMex Foods, LLC)
- 8.3.1Company Overview
- 8.3.2Financial Analysis
- 8.3.3Segmental and Regional Analysis
- 8.3.4Research & Development Expenses
- 8.3.5Recent strategies and developments:
- 8.3.5.1Partnerships, Collaborations, and Agreements:
- 8.3.5.2Acquisition and Mergers:
- 8.3.6SWOT Analysis
- 8.4The Kraft Heinz Company
- 8.4.1Company Overview
- 8.4.2Financial Analysis
- 8.4.3Regional Analysis
- 8.4.4Research & Development Expense
- 8.4.5SWOT Analysis
- 8.5Associated British Foods PLC (Wittington Investments Limited)
- 8.5.1Company Overview
- 8.5.2Financial Analysis
- 8.5.3Segmental and Regional Analysis
- 8.5.4Research & Development Expense
- 8.5.5SWOT Analysis
- 8.6The Hershey Company
- 8.6.1Company overview
- 8.6.2Financial Analysis
- 8.6.3Segmental and Regional Analysis
- 8.6.4Recent strategies and developments:
- 8.6.4.1Partnerships, Collaborations, and Agreements:
- 8.6.4.2Product Launches and Product Expansions:
- 8.6.4.3Acquisition and Mergers:
- 8.6.4.4Geographical Expansions:
- 8.6.5SWOT Analysis
- 8.7Mars, Inc.
- 8.7.1Company Overview
- 8.7.2Recent strategies and developments:
- 8.7.2.1Product Launches and Product Expansions:
- 8.7.3SWOT Analysis
- 8.8Dr. August Oetker KG
- 8.8.1Company Overview
- 8.8.2Financial Analysis
- 8.8.3Segmental and Regional Analysis
- 8.8.4SWOT Analysis
- 8.9The J.M Smucker Company
- 8.9.1Company Overview
- 8.9.2Financial Analysis
- 8.9.3Segmental and Regional Analysis
- 8.9.4Research & Development Expenses
- 8.9.5Recent strategies and developments:
- 8.9.5.1Product Launches and Product Expansions:
- 8.9.5.2Acquisition and Mergers:
- 8.9.6SWOT Analysis
- 8.10.Algood Food Company (Bowman Andros Products, LLC)
- 8.10.1Company Overview
- 8.10.2SWOT Analysis
Chapter 9.Winning Imperatives of Peanut Butter Market