Peanut butter is a high protein, low calorie product that possess high nutritional value. It is healthy alternative to dairy butter and used as bread spread. Major market presence of peanut butter is in western countries in comparison to Asian countries such as India as product is relatively new to the Asian region. Peanut butter is used in various applications in the form of spread and is used as the substitute for milk butter. However, in comparison to other spreads peanut butter is a low calorie product with high protein content. Consumption of peanut butter includes various benefits associated with it such as it helps to reduce the weight and also possess optimum nutrition value. Peanut butter are also available in powder form and used in various applications such as breakfast food, savory sauces and smoothies.
Peanut Butter Market Segmentation
Peanut butter market is segmented on the basis of product type, distribution channel and region. On the basis of product type peanut butter market is divided into regular, low sodium, low sugar and plain. Among all the segments of the peanut butter, regular peanut butter is the dominating segment, followed by other segments. However, low sodium peanut butter is expected to show fastest growth in the forthcoming years. Peanut butter market is segmented on the basis of distribution channel into supermarkets, hypermarkets, retailers and others. Among all the segments of peanut butter market supermarket segment is expected to contribute maximum revenue to the overall revenue of the peanut butter market, followed by hypermarkets and retailers. Peanut butter market are segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East and Africa and Japan.
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Peanut Butter Market: Region-wise Outlook
The global peanut butter market is expected to witness robust growth over the forecasted period due to the rising needs of the consumers for low calorie nutritious products. Globally, among all regions, North America is expected to contribute highest market share, followed by Europe over the forecasted period. In North America, U.S. is expected to contribute maximum market share due the high disposable income of the consumers. However, in emerging economies such as Asia Pacific peanut butter market is anticipated to witness highest growth owing to the rising disposable income of consumers in these regions.
Peanut Butter Market: Drivers
Various drivers for peanut butter market includes rising demand for nutritious products coupled with increasing disposable income of consumers especially in developing countries. Other drivers that fuel the growth of peanut butter market are increasing demand for low calorie healthy food and emergence of hectic life schedule. Changing lifestyle coupled with shift towards the intake of convenient food are also factors that are expected to drive the peanut butter market in the coming four to five years. Major restraint that is expected to hamper the growth of the overall peanut butter market is the availability of peanut at relatively competitive prices coupled with fluctuating production of peanuts especially in India.
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Peanut Butter Market: Key Players
Major players operating in peanut butter market are Procter & Gamble, Unilever, The J.M. Smucker Company, Hormel Foods Corporation, Boulder Brands Inc., Kraft Canada Inc., Algood Food Company Inc. Various companies operating in peanut butter market are mainly adopting strategy to launch new varieties of peanut butter in order to grab the changing needs and preferences of the consumers.