Global Peanut Butter Market Overview:
The global peanut butter market is presently worth US$ 3.3 Billion with its demand growing at a CAGR of around 13% over the forecast period, 2018 to 2023. Peanut butter is a food paste essentially prepared from ground dry roasted peanuts. In comparison to other spreads, it is a low-calorie product with a high protein content and serves as an ideal substitute for milk butter. Largely used as a sandwich spread, it can either be used with other kind of spreads or in savory sauces, bakery products and smoothies.
A major portion of peanut butter sales takes place through supermarkets and hypermarkets. These stores offer various brands of peanut butter, which varies across price and type of products. Convenience stores which are usually located near the neighbourhood, also plays a major role in peanut butter sales. These stores also offer snacks, which use peanut butter as an ingredient. Peanut butter contains a good number of essential nutrients like vitamins and dietary fiber. It is also rich in minerals, like potassium and magnesium. Peanuts have a higher protein content than other nuts, such as hazelnuts, almonds, and cashew nuts.
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Global Peanut Butter Market – Drivers and Restraints:
Peanut butter has disease-prevention properties that improve health, and antioxidant properties, which help control fatal diseases like cancer and degenerative conditions. Consumption of peanut butter is also said to contribute to the healthy growth of bones and muscles. The spread, when consumed daily, helps in weight loss as it is low in calories and reduces the risk of gallstones and occurrence of Type II diabetes. These health benefits are primarily driving the growth of the market. A variety of flavours, new blends, rising disposable income of consumers and growing preferences for nutritious products are the major factors driving the growth of the global peanut butter market.
Currently, retailers are giving special emphasis on the quality of their private label offerings as they might impinge upon their reputation and consumer loyalty. In the peanut butter segment, leading retailers worldwide have introduced private label products that are not only economical but equivalent to their competitors in terms of quality.
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Global Peanut Butter Market – Geographical Segment:
The Peanut butter market is geographically segmented into North America, Europe, South America, and Middle East & Africa. Latin America and Middle East & Africa are estimated to witness considerable growth in peanut butter market, owing to the growing preference of healthy lifestyle and willingness to spend on consumption of peanut butter. Europe and North America expected to register robust growth in peanut butter market. North America is the dominating region for peanut butter market and is expected to dominate over the forecast period. Growing consumption of peanut butter as breakfast food in Spain, France, Germany and the UK is predicted to increase the peanut butter market in Europe.
Top Players in Global Peanut Butter Market:
The top players of the world market include Procter & Gamble, Unilever, The J.M. Smucker Company, Hormel Foods Corporation, Boulder Brands, Kraft Canada, Algood Food Company, among others.
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