-2 Market Trends
Growth Drivers
Growing health awareness and health benefits attached to the peanut butter
Consumers are shifting towards healthy food products owing to rising awareness about wellbeing, and increasing incidences of obesity and other lifestyle diseases. Peanut butter holds a high quantity of essential nutrients and dietary fiber and is rich in minerals such as potassium and magnesium, which help in averting diseases and improves health. Consumption of peanut butter helps in reducing extra weight and it pulls down the risk of type II diabetes and gallstones. These are some of the key contributing factors which are responsible for boosting the growth of the global peanut butter market.
Additionally, an increase in per capita consumption in evolving nations, growing influence of U.S. culture using peanut butter, and an increase of supermarkets and hypermarkets have led to the increased popularity of the peanut butter offered in the market. Further, companies are implementing novel promotional strategies such as TV campaigns to spread awareness about their healthy products.
Challenges
Low awareness among people in developing nations might hamper the market growth in the forecast period.
The overall market pause due to COVID-19 is also disturbing the movement of the market owing to the shutting down of factories, interruption in the supply chain, and a fall in the global economy.
Peanut Butter Market: Key Insights
The peanut butter market is expected to observe an attainable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by type, distribution channel, and region. Among product types, the regular peanut butter segment is the dominating segment and is expected to hold the largest market share during the forecast period. The segment growth is predominantly attributed to the ease of spreading and its compatibility leading to a variety of smoothies and desserts. Among the distribution channel, supermarkets/hypermarkets segment held the prevalent share on account of greater accessibility, a wide variation in products allows the customers to compare and decide for the best, and physical display of products allows the consumers to study product details. The online segment is expected to grow at a fast pace on account of ease it provides to the customers while shopping especially in the current scenario of a global pandemic.
Growth Drivers
Growing health awareness and health benefits attached to the peanut butter
Consumers are shifting towards healthy food products owing to rising awareness about wellbeing, and increasing incidences of obesity and other lifestyle diseases. Peanut butter holds a high quantity of essential nutrients and dietary fiber and is rich in minerals such as potassium and magnesium, which help in averting diseases and improves health. Consumption of peanut butter helps in reducing extra weight and it pulls down the risk of type II diabetes and gallstones. These are some of the key contributing factors which are responsible for boosting the growth of the global peanut butter market. CLICK TO DOWNLOAD SAMPLE REPORT
Additionally, an increase in per capita consumption in evolving nations, growing influence of U.S. culture using peanut butter, and an increase of supermarkets and hypermarkets have led to the increased popularity of the peanut butter offered in the market. Further, companies are implementing novel promotional strategies such as TV campaigns to spread awareness about their healthy products.
Restraints
Low awareness among people in developing nations might hamper the peanut butter market growth in the forecast period.
The overall market pause due to COVID-19 is also disturbing the movement of the peanut butter market owing to the shutting down of factories, interruption in the supply chain, and a fall in the global economy.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.6% |
|
Base Year Market Size (2024) |
USD 6.74 billion |
|
Forecast Year Market Size (2037) |
USD 15.47 billion |
|
Regional Scope |
|
