The size of the European peanut butter market was worth USD 933.4 million in 2023. The European market is expected to grow at a CAGR of 10.41% from 2024 to 2029 and the regional market size is predicted to be worth USD 1690 million by 2029 from USD 103.5 million in 2024.
Peanut butter is a food paste or spread made from ground, dry, roasted peanuts. It often contains additional ingredients that modify the texture or taste, such as sweeteners, salt, or emulsifiers. Peanut butter is popular in many countries around the world. Peanut butter is served as a spread on toast, bread, or crackers and is used in making sandwiches, notably the peanut butter and jelly sandwich. It is also used in numerous confections and packaged foods, such as Reese's Peanut Butter Cups, which is made of chocolate-coated peanut butter, and candy bars, which are made from peanut butter-flavored Snickers and peanut-flavored granola bars. Comparable preparations are made by grinding other nuts. A variety of other nut butter, such as almond butter and cashew butter, are also sold.
The driving factors of the Europe Peanut Butter market are the growing demand for nutritious products coupled with the increasing disposable income of consumers, particularly in developing countries. Other drivers that are driving the growth of the peanut butter market are the emergence of hectic life schedules and the growing demand for low-calorie healthy food. Changing lifestyles and shifting towards the intake of convenient food are also some factors that are expected to drive the Europe peanut butter market in the forecast period.
A major constraint that is expected to hinder the growth of the peanut butter market is the availability of peanuts at competitive prices coupled with fluctuating peanut production.
Among the segments of this market, regular peanut butter holds the largest share, followed by other segments. Low-sodium peanut butter is expected to have the fastest growth in the forecast period.
Based on distribution channels, the supermarket segment is expected to have the largest share, followed by hypermarkets and retailers.
Europe region has the second largest market for peanut butter in the world by share. Factors such as growing demand for healthy foods and changing lifestyles are expected to drive market growth in the region.
Some of the major players in the market are Procter & Gamble, Unilever, The J.M. Smucker Company, Hormel Foods Corporation, Boulder Brands Inc., Kraft Canada Inc., and Algood Food Company Inc.
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