According to IMARC Group’s recently published report titled “Peanut Butter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market reached a value of US$ 3.5 Billion in 2019, exhibiting a CAGR of 4.6% during 2014-2019.
Peanut butter is a widely consumed food spread obtained from ground dry-roasted peanuts. It is widely used to prepare breakfast, savory sauces, smoothies, and other food products like brownies, rolls, cakes, frosting, and chocolates. It is a source of essential dietary fibers, consisting of high protein content and low calories. The consumption of peanut butter helps reduce weight, lower the risk of type II diabetes and gallstones, and maintain a balanced diet.
Peanut Butter Market Trends:
The global peanut butter market is driven by the growing prevalence of obesity that has encouraged consumers to shift toward healthier breakfast and snack alternatives, such as peanut butter. Along with this, the increasing health-consciousness among consumers has prompted manufacturers to launch peanut butter variants with reduced calories and fat content. Moreover, market players are introducing innovative marketing strategies and new advertising campaigns to reach a broader consumer base. These factors are expected to bolster the market growth in the coming years.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Peanut Butter Market Segmentation:
Market by Product Type
1. Crunchy Peanut Butter
2. Smooth Peanut Butter
3. Others
Market by Distribution Channel
1. Supermarkets and Hypermarkets
2. Convenience Stores
3. Online Stores
4. Others
Performance of Key Regions
1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America
Some of the major players operating in the industry include Hersheys (NYSE: HSY), J M Smucker Co (NYSE: SJM), ConAgra Foods Inc. (CAG) and Hormel Foods (NYSE:HRL).
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/peanut-butter-manufacturing-plant
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