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