Peanut butter refers to a food paste which is essentially prepared from ground dry roasted peanuts. Being a low-calorie product with high protein content, it is used as a healthy substitute for milk butter. Peanut butter is chock-full of heart-healthy monounsaturated fat, the type of fat which is emphasized in the heart-healthy Mediterranean diet. Currently, peanut butter finds innumerable applications in the food and beverage industry. It is mainly used as a sandwich spread and also in combination with other spreads such as cheese, chocolate, jam or vegetables. It is widely used in cookies, frosting, cakes, salads, salad dressing, corn bread, pies, brownies, cupcakes, biscuits, stuffed celery, muffins, apples, soup, sweet potatoes, peanut butter rolls, vegetable sauces, meat loaf, boiled custard, etc.
Driven by health benefits and numerous applications, the global peanut butter market has been growing continuously over the past decade and according to research analysts at IMARC Group, this market was worth US$ 3 Billion in 2015. It is further anticipated to grow at a CAGR of 4.1% during 2015-2021, reaching US$ 3.8 Billion by 2021.
Health benefits and demand for low-calorie products driving the growth
Major factors fostering the global demand for peanut butter are rising health consciousness and growing awareness about the health benefits of peanut butter among the consumers. It has been found that a serving of peanut butter contains 2 g of fibre, 8 g of protein, 3 mg of the powerful antioxidant vitamin E, 208 mg of muscle-friendly potassium, 49 mg of bone-building magnesium, 0.17 mg of immunity-boosting vitamin B6 and up to 180-210 calories. Besides its nutritional value, peanut butter also provides a number of health benefits. According to a study, it has been found that people who include nuts or peanut butter in their diets are less likely to suffer from heart disease or type 2 diabetes as compared to those who rarely eat nuts. It also helps to lower the risks of colon cancer, fight against Alzheimer’s disease and memory impairment, manage weight and prevent gallstones.
Other major driving factors include a shift towards convenience foods, growing demand for low-calorie and healthy products, population growth, increasing disposable incomes, changing lifestyles, product innovations as well as increasing demand from emerging markets.
Creamy peanut butter dominates the market
The global peanut butter market can be segmented on the basis of product type. The different types of peanut butter available in the market include – crunchy/chunky, creamy, reduced fat, old fashioned/natural and honey roasted. Among all these, creamy peanut butter was the most preferred type followed by crunchy/chunky, old fashioned/natural, reduced fat and honey roasted.
The global peanut butter market is quite concentrated in nature with the top three players accounting for more than 60% of the total global market. Currently, J.M.Smucker Co. represents the largest player accounting for more than one-third of the total global sales. J.M.Smucker Co. was followed by Hormel and ConAgra Foods.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the peanut butter industry, which has enabled the clients to successfully setup and expand their businesses. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development
For more information on the peanut butter industry, please visit: http://www.imarcgroup.com/peanut-butter-manufacturing-plant