Adventurous cooking and health offerings of peanut butter are propelling the demand as well as profits: Changing lifestyle and inclination towards the consumption of convenient food is driving the demand of peanut butter across the world. Increasing disposable income mainly in developing countries is raising the demand of high nutritional value based foods. This is likely to fuel the peanut butter market in the near future.
The global peanut butter market is segmented based on product type and distribution channel. Distribution channel is further segment into online and offline sales. Among offline channel supermarkets and retail stores are expected to witness remarkable growth in the near future. Availability of large variety of products and freedom to choose among varieties is likely to drive the growth of offline distribution channel of peanut butter.
Based on product type peanut butter market is divided into natural/regular, creamy, crunchy/chunky and low-fat peanut butter. Rising popularity of regular peanut butter as bread spread is the major factor for the dominance of this segment. However, low-fat peanut butter is expected to show fastest growth in the forthcoming years. Moreover, Peanut butter is also used as snacks and drinks as it is available in powder form and used mainly in smoothies and breakfast items.
Geographically, Asia-Pacific region is the fastest growing region for peanut butter market over the forecast period of 2016-2024. Asia-Pacific peanut butter market valued USD 0.38 billion in 2016 and is anticipated to witness notable growth over the forecast period. Growing awareness about health benefits and increasing focus on production of peanuts in emerging economies such as China and India is expected to boost the demand of peanut butter in the region.
Shape your burger with peanut butter: Innovative Recipe
A burger topped with peanut butter sauce at McDonald’s is certainly an innovative interpretation of peanut butter in to food menu. Peanut butter as savory sauce is gaining popularity among consumers due to its unique taste. Nearly 35% people of US prefer new items in their food featuring unique taste. Moreover, peanut butter in burger is also attracting consumers in countries such as China and India. This unique innovation is expected to increase the demand of peanut butter in the near future.
“Global Peanut Butter Market Outlook 2024” contains detailed overview of the global peanut butter market in terms of market segmentation by product type and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Sacle) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the global peanut butter market which includes profiling of companies the J.M. Smucker Co., Hormel Foods Corporation, Kraft Canada Inc., Algood Food Company Inc. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global peanut butter market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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