Technavio analysts forecast the global peanut butter marketto grow at a CAGR of more than 13% over the forecast period, according to their latest report.
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Technavio has published a new report on the global peanut butter market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global peanut butter market for 2017-2021 provides a detailed industry analysis based on the product type (creamy/regular peanut butter, crunchy/chunky peanut butter, natural peanut butter, and low-fat peanut butter), distribution channel (supermarkets and hypermarkets, convenience stores, and independent retailers), and geography (the Americas, EMEA, and APAC).
|A major portion of the peanut butter sales takes place through supermarkets and hypermarkets. These stores offer various brands of peanut butter, which varies across price and type of products. Convenience stores, which are usually located in the residential neighborhoods, also play a major role in the sales of peanut butter. These stores also offer snacks, which use peanut butter as an ingredient.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global peanut butter market:
- Health benefits associated with peanut butter
- Rise in consumption of gluten-free products
- Private label peanut butter to gain popularity
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Health benefits associated with peanut butter
"Peanut butter contains a good number of essential nutrients like vitamins and dietary fiber. It is also rich in minerals, like potassium and magnesium. Peanuts have a higher protein content than other nuts, such as hazelnuts, almonds, and cashew nutssays Atul Kumar, a lead analyst at Technavio for food research.
Peanut butter has disease-prevention properties that improve health, and antioxidant properties, which help control fatal diseases like cancer and degenerative conditions. Consumption of peanut butter is also said to contribute to the healthy growth of bones and muscles. The spread, when consumed daily, helps in weight loss as it is low in calories and reduces the risk of gallstones and occurrence of Type II diabetes.
Rise in consumption of gluten-free products
There is an increasing demand for gluten-free food products due to the rise in the number of individuals affected with the Celiac disease. People in the western countries, like the US, are becoming increasingly aware of this autoimmune disease, which usually goes undiagnosed.
The consumption of gluten foods, even by a person not affected by Celiac disease, can cause adverse reactions like digestives issues and occurrence of irritable bowel syndrome. Therefore, consumption of peanut-based products, such as gluten-free peanut butter, is on the rise and has substituted gluten-based spread.
Private label peanut butter to gain popularity
Modern and organized retail network has witnessed impressive global expansion in the past few years. Organized retail network not only provides the convenience and the liberty to choose from a variety of product offerings under one roof but also offers in-store brands. In-store brands, also known as private label products, are economical when compared with the branded products.
"Currently, retailers are giving special emphasis on the quality of their private label offerings as they might impinge upon their reputation and consumer loyalty. In the peanut butter segment, leading retailers worldwide have introduced private label products that are not only economical but equivalent to their competitors in terms of qualitysays Atul.
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