Peanut Butter Market size USD5.80 Billion in 2021 is expected to grow at a 7.2% CAGR

NEW YORK - Sept. 29, 2022 - PRLog -- The global peanut butter market was valued at USD 5.80 Billion in 2021. It is expected to grow at a 7.2% compound annual growth rate (CAGR) between 2022 to 2028. The increasing awareness of health across the globe is a major driver of market growth. Peanut butter is seeing a rise in demand due to the rising health consciousness of youth and millennials and the increasing demand for high-protein food products. There will be new opportunities for peanut butter businesses as people become more concerned about their health due to rising chronic conditions like high blood pressure or heart disease. The global market is growing because of a lifestyle shift and a preference for quick food.

The market is expected to grow due to rising disposable incomes in developing countries and increasing awareness of the topic around the globe. Industry participants can expand their product ranges by expanding their key players and launching more products. The market's main obstacle is the low awareness of the product in the Asia Pacific, which hinders its penetration. Market growth is also affected by inconsistent peanut production and fluctuating peanut prices. The import and export tariffs imposed by key countries also affect market growth. In 2018, the European Union suggested that peanut butter imported from the U.S. would be subject to higher import duties.

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The market was positively affected by the COVID-19 pandemic. To stay safe and healthy, people turned to healthy and nutritious foods after the spread of the infection. Because of its high nutritional, low-calorie, and high protein content, peanut butter increased in popularity. Due to the pandemic, consumers' tendency toward stockpiling comfort foods such as peanut butter increased dramatically. The market will experience strong growth over the forecast period due to lifestyle changes and food consumption habits.

List of the Top Key Players of Peanut Butter Market:

Procter & Gamble
Unilever
The J.M. Smucker Company
Hormel Foods Corporation
Boulder Brands
Kraft Canada
Algood Food Company

Peanut Butter Market Segment by Type :

Regular Peanut Butter
Low Sodium Peanut Butter
Low Sugar Peanut Butter

Peanut Butter Market Segment by Application :

Supermarkets
Hypermarkets
Retailers