Peanut butter is a product with low calorie but high protein content made from crushing of dry roasted peanuts. It functions as an alternative for the dairy butter. Peanut butter is a rich source of fat, protein, mineral, vitamins, and fiber. It can be utilized as toppings for food items such as crackers, bread, and several others. It finds application in numerous end-user sectors like smoothies, savory & sauces, bakery, and many more.
The escalating population base of customers with weight diseases and elevating disposable income in developing and developed nations are the key factors projected to drive the expansion of the global peanut butter market in the forecast period. In addition, the intensifying competition within the worldwide market, producers have been implementing innovative marketing strategies in order to attain a bigger customer base. Conversely, customers are getting worried about their health owing to growing incidences of chronic diseases like heart problems and blood pressure, thereby generating new avenues for the growth of global peanut butter market during the near future.
The global peanut butter market can be diversified based on distribution channel, product type, and region. the market, based on product type, can be segregated into crunchy peanut butter, smooth peanut butter, and others. the market, on the basis of distribution channel, can be categorized into online stores, convenience stores, supermarkets & hypermarkets, and others.
Geographically, the global peanut butter market is slated to be governed by North America region during the forecast period with the highest revenue share. This regional expansion can be credited to the increase in disposable income of the customers along with the growth in requirement for nutritional products. Likewise, Asia Pacific market is also projected to witness the quickest growth in coming period with budding economies such as India and China serving as drivers in this region. Further, with growing per capita intake of peanut butter among people in the Asia Pacific, the market is projected to display considerable growth.
The key players actively competing within the global peanut butter market consist of Unilever, Procter & Gamble, Hormel Foods Corporation, The J.M. Smucker Company, Kraft Foods, Boulder Brands, Conagra Brands, Algood Food Co., Britannia Dairy Private Limited, and Dr. Oetker India Pvt. Ltd. among others. To cite, to magnify the production of peanut butter, Golden Boy will transform its prevailing Alabama manufacturing unit and subjugate a 170,000-square-foot structure being built by the Industrial Development Board of City of Troy and rented on a long-term basis to the firm.