Peanut Butter Market Share

Geographically, the peanut butter market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

North America industry is predicted to hold largest revenue share by 2036, as peanut butter is considered as a staple food for breakfast in the region.

Peanut butter is considered as a staple food in the U.S., Canada, and Western European Countries for breakfast. A major quantity of the peanuts harvested in the U.S. is used for the manufacturing of peanut butter which makes North America, the most dominant market share in the market followed by Europe.

Peanuts are the 12th most valued cash crop grown in the United States with a farm worth of over one billion U.S. dollars, as stated by The American Peanut Council. Peanut butter accounts for around half of the U.S. eatable use of peanuts. Numerous top-selling confectionery products in the U.S. contain peanut butter as it is very popular in combination with chocolate. Additionally, they are also used in a variety of cookies and baked goods.

Peanut butter has high infiltration in western countries' markets as compared to the Asia-Pacific region as the product is relatively new to the Asian region and consumers lack awareness regarding the benefits accompanying peanut butter. This attributes to the projection of Asia-pacific witnessing the fastest growth in the forecast period. Additionally, impelling demand for convenient and healthy lifestyle products coupled with rising disposable income of consumers is expected to be the main element driving the market in this region. India is estimated to observe significant progress in this category. Social media also plays a major role in spreading awareness about western culture and lifestyle products.

Latin America and Middle East & Africa are expected to witness substantial growth in the market, owing to the rising preference of healthy lifestyle and readiness to spend on the consumption of peanut butter.