North America Peanut Butter Market

North America Peanut Butter Market Size (2024 to 2032)

North America Peanut Butter Market was valued at USD 2.05 billion in 2023, and the market size is expected to reach USD 2.18 billion in 2024 and is estimated to grow at a CAGR of 6.42%, reaching USD 3.59 billion by 2032.

MARKET OVERVIEW

Peanut Butter is a food paste or spread which is made from ground dry roasted peanuts. It often contains additional ingredients which 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 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, candy bars which are made from peanut butter-flavoured Snickers and peanut-flavoured granola bars. Comparable preparations are made by grinding other nuts. A variety of other nut butter are also sold, such as almond butter and cashew butter.

This Research Report on North America Peanut Butter Market is segmented and sub segmented into following categories

North America Peanut Butter Market By Product Type

• Plain

• Regular

• Low sodium

• Low sugar

Among the segments of this market, regular peanut butter holds the largest share which is followed by other segments. Low-sodium peanut butter is expected to have the fastest growth in the forecast period.

North America Peanut Butter Market By Distribution Channels

• Hypermarkets

• Supermarkets

• Retailers

In the above segment, the supermarket segment is expected to have the largest share which is followed by hypermarkets and retailers.

North America Peanut Butter Market By Country

• The United States 

• Canada 

• Mexico

• Rest of North America

Mexico, a Country in the North American Region, was expected to expand in the peanut butter market in the forecast period. According to some studies, daily peanut butter consumption decreases the death rate by 20% and reduces the occurrence of heart diseases by 30%. It also works for people with weight loss goals as it provides enough protein and is low in calories. Peanut butter is rich in vitamin E, folate, niacin, and pantothenic acid and rich in dietary fibers, which induced the market demand due to health advantages

United States, had the highest market share in the North American Region, and it was expected to hold nearly 70% of the market size in this region during the forecast period. People preferring a low-calorie diet and intake of high protein was boosting the market in the U.S. The people are aware of the health benefits produced by peanut butter consumption, which is influencing the market demand. Peanut butter helps lower blood sugar and cholesterol levels and is suitable for heart diseases.

Several factors are driving the North American peanut butter market. The North American Region had the dominant global peanut butter market share. Peanut butter was taken as the staple food used in households for breakfast and lunch. The increase in demand for peanut butter in households and bakeries for preparing cookies, biscuits, muffins, cakes, and others was driving the peanut butter market in this region. The availability of peanut butter in variant forms such as natural, crunchy, and creamy surged the market demand. Many people and kids are preferring colorful snacks with flavor and taste in consideration of health which influences the peanut butter market globally.

The driving factors of North America Peanut Butter market are growing demand for nutritious products coupled with the increasing disposable income of consumers particularly in developing countries. Other drivers that are driving growth of the peanut butter market are the emergence of hectic life schedule and the growing demand for low-calorie healthy food. Changing lifestyle and shift towards the intake of convenient food are also some factors which are expected to drive the 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. Peanut butter is a paste prepared from roasted peanuts used as a spread on the bread during breakfast. It has high protein and low calories compared to other spreads, so it was most widely used in this region. It was primarily used in sandwiches, bakery products, and smoothies. 

KEY MARKET PLAYERS

Key market players of north america peanut butter market Procter & Gamble,Unilever,The J.M. Smucker Company,Hormel Foods Corporation, Boulder Brands Inc.Kraft Canada Inc.,Algood Food Company Inc.