The global peanut butter market size was US$ 6.1 billion in 2021. The global peanut butter market is forecast to grow to US$ 9.4 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The rising demand for nutritional products is driving the growth of the global peanut butter market. In addition, growing awareness regarding the health benefits of peanut butter is forecast to surge the growth of the global peanut butter market.

The growing urban population and rising disposable income are likely to offer ample growth opportunities for the global peanut butter market during the forecast period.

The increasing working population and their hectic schedules are likely to benefit the global peanut butter market. On the contrary, the high cost of peanut butter may restrict the market growth during the study period.

The rising number of bariatric patients focusing on increasing weight will benefit the global peanut butter market. Furthermore, the growing demand for hotel food and ready-to-eat dinners will propel the peanut butter market forward.

COVID-19 Impact Analysis

The COVID-19 pandemic has increased the demand for peanut butter. Due to the pandemic, the governments of various nations imposed strict lockdown. Furthermore, gyms and other centers also closed their doors. As a result, it increased the demand for peanut butter.

Regional Analysis

North America is forecast to hold the highest market share, owing to the growing consumer demand for healthy food items. In addition, a significant range of the population prefers ready-to-cook food. As a result, it will surge the growth of the global peanut butter market.

On the other hand, the Asia Pacific region is forecast to register the fastest growth, owing to the contribution of emerging economies like China and India. With the rising per capita consumption of peanut butter in the Asia Pacific, the peanut butter market is expected to grow significantly in the coming years.

Competitors in the Market

Agro Tech Foods Limited
Algood Food Company Inc.
Archer Daniels Midland
Boulder Brands Inc.
Britannia Dairy Private Limited
Conagra Foodservice
Diamond Foods, Inc.
Dr. Oetker India Pvt Ltd
Hampton Farms, Inc
Hormel Foods Corporation
Hunts
Kraft Canada Inc.
Kraft Heinz
Mayvers
Mother Dairy Fruit & Vegetable Private Limited
Olam International
Parag Milk Foods Limited
Peanut Butter & Co
Pinnacle Foods
Procter & Gamble
Skippy
Star Snacks Co., LLC
The Hain Celestial Group
The Hershey Company
The J.M. Smucker Company
Trader Joe's
Unilever Group
Virginia Diner
Other Prominent Players
Market Segmentation

The global peanut butter market segmentation focuses on Type, Distribution Channel, and Region.

The peanut butter market has been segmented based on type

Smooth Peanut Butter
Crunchy Peanut Butter
Low-Fat Peanut Butter
Others
The peanut butter market has been segmented based on distribution channel

Online
Offline
The peanut butter market has been segmented based on region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America