The Peanut Butter Market is Predict to reach USD 9.9 Billion by 2031, at a CAGR of 6.8%

Peanut Butter Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Peanut Butter Market size is expected to reach $9.9 billion by 2031, rising at a market growth of 6.8% CAGR during the forecast period. In the year 2023, the market attained a volume of 7269.8 hundred Tonnes, experiencing a growth of 2.5% (2020-2023).

Beyond traditional peanut butter, brands are introducing a variety of plant-based spreads and alternatives made from alternative nuts, seeds, and legumes. Almond butter, cashew butter, sunflower seed butter, and soy nut butter are popular plant-based alternatives gaining traction in the market, offering consumers diverse options for plant-powered spreads. Packaging innovation transforms how peanut butter products are presented and consumed, with brands introducing innovative packaging solutions to enhance convenience, freshness, and sustainability.

The Crunchy segment is leading the Global Peanut Butter Market by Type in 2023, thereby achieving a market value of $4.5 billion by 2031. Crunchy peanut butter is often perceived as a healthier alternative to creamy peanut butter due to its higher fiber content and potential for greater satiety. The presence of peanut pieces in crunchy peanut butter provides added texture and mouthfeel while contributing to a perception of greater wholesomeness and nutritional value.

The Online segment is anticipated to have a CAGR of 7.8% during (2024 - 2031). Online stores provide consumers access to a wider range of peanut butter products than traditional brick-and-mortar stores. Customers may browse various peanut butter brands, tastes, and variants with only a few clicks, allowing them to try new things and locate goods that fit their dietary needs and preferences.

Full Report: https://www.kbvresearch.com/peanut-butter-market/

The North America region dominated the Global Peanut Butter Market by Region in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $4.4 billion by 2031. The Europe region is experiencing a CAGR of 6.5% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 7.5% during (2024 - 2031).

List of Key Companies Profiled

• The Procter & Gamble Company
• Unilever PLC
• Hormel Foods Corporation (MegaMex Foods, LLC)
• The Kraft Heinz Company
• Associated British Foods PLC (Wittington Investments Limited)
• The Hershey Company
• Mars, Inc.
• Dr. August Oetker KG
• The J.M Smucker Company
• Algood Food Company (Bowman Andros Products, LLC)

Peanut Butter Market Report Segmentation

By Type (Volume, Hundred Tonnes, USD Billion, 2020-2031)

• Crunchy
• Creamy
• Other

By Distribution Channel (Volume, Hundred Tonnes, USD Billion, 2020-2031)

• Offline
• Online

By Geography (Volume, Hundred Tonnes, USD Billion, 2020-2031)

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Peanut Butter Market Size & Analysis to 2031

• April-2024
• 111 Pages

LAMEA Peanut Butter Market Size & Industry Trends to 2031

• April-2024
• 124 Pages

Europe Peanut Butter Market Size & Growth Forecast - 2031

• April-2024
• 122 Pages

Asia Pacific Peanut Butter Market Size & Forecast to 2031

• April-2024
• 125 Pages