health benefits associated with peanut butter is driving the Peanut Butter Market
Technavio analyzes that the Peanut Butter Market is expected to grow at a CAGR of 6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1309.9 million.There are various factors that contribute to the growth of the market. Peanut butter, derived from roasted peanuts, offers numerous health benefits. Rich in protein, healthy fats, and fiber, it aids in muscle growth and maintenance. Its monounsaturated and polyunsaturated fats promote heart health, while its vitamin E content supports healthy skin and eyes. Additionally, peanut butter provides essential minerals like magnesium, zinc, and iron, contributing to overall well-being. Regular consumption can help manage hunger, improve brain function, and even reduce the risk of chronic diseases.
The peanut butter market caters to various consumer trends, including plant-based diets, clean label, non-GMO, and gluten-free preferences. Major retailers, such as Tesco Plc (Tesco), Walmart Inc. (Walmart), and Target Corp. (Target), dominate the organized retail sector with dedicated sections for peanut butter products. Vendors employ strategic marketing techniques, like branding through signages and price discounts, to increase sales. Retail giants, including Walmart and Walgreens, have long offered peanut butter products on their shelves. The organized retail sector's growth is influenced by factors such as geographical presence, streamlined production and inventory management, and efficient goods transportation. Supermarkets and hypermarkets prioritize peanut butter products with separate aisles, enhancing their visibility and appeal to consumers.
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Peanut Butter Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Peanut Butter market caters to health-conscious consumers seeking low-calorie, high-protein options for quick meals. With nutritional benefits combating obesity and chronic diseases, nutrient spreads have gained popularity as high-protein dietary items. Natural, plant-based, and clean-label products, free from preservatives and labeled as Non-GMO, gluten-free, and organic, are preferred by the natural crowd. E-commerce platforms offer single-serve packaging of chocolate-flavored, honey-flavored, and natural peanut butters, making it a convenient, healthy food option for those following plant-based diets and adhering to Western food trends.
The peanut butter market falls under the broader category of nutritional spreads within the global packaged foods and meats industry. This sector encompasses vendors engaged in food processing to ensure food safety and prolong product shelf life. According to Technavio, the market's size is determined by the consolidated revenue of participating companies. It excludes equipment manufacturers and producers of packaged beverages, including alcoholic and non-alcoholic varieties. The market's expansion will be fueled by the health benefits linked to the consumption of minimally processed foods, such as peanut butter, which offer essential nutrients like potassium, dietary fiber, folate, vitamin A, and vitamin C. Moreover, the increasing health consciousness among consumers, coupled with the rising prevalence of obesity and chronic diseases, will further bolster market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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