Wiseguyreports.Com Adds “Peanut Butter – Market Demand, Growth, Opportunities, Manufacturers and Analysis of Top Key Players to 2023” To Its Research Database.
One of the essential crops grown worldwide is peanuts. It is commercially used for production of oil, butter, flour, confections and snack products. Out of these peanut butter is preferred amongst the most consumed spreads. It is prepared by grinding and dry roasting peanuts. It often contains extra nutrients that modify the taste or texture such as salt, sweeteners or emulsifiers. It is rich in energy and is mostly marketed as an alternative for milk butter. Besides energy it also gives fibers, proteins, and unsaturated fats. Not only this it provides micronutrients that include magnesium, zinc, and vitamin E.It is a low-calorie product with high nutritional value. Peanut butter is thus used in preparing various food products like salads, brownies, rolls, cakes, cornbreads, and chocolates. Peanut butter helps to reduce weight. It is also available in powder form.
Consumers throughout the world have shifted their preferences towards healthier breakfast because of a significant rise in obesity. The increase in demand for low-calorie healthy food boosts the growth of peanut butter market. The change of lifestyle along with the intake of easy availability of readymade food also gives rise to the growth of the market. Its demand is gaining momentum owing to its low-calorie count and high nutritional value. Some other factors that contribute to the growth of peanut butter market are increase of disposable income, evolving taste, innovation in food and beverage and introduction of fresh blends and flavors.Growth of peanut butter market may be hampered because of availability of peanuts at a competitive price along with production fluctuation, especially in India.
The peanut butter market can be segmented on the basis of product type and application type.
By product type the peanut butter market is segmented into creamy and smooth peanut butter, crunchy/chunky peanut butter, honey-roasted peanut butter, and reduced-fat peanut butter. Currently, creamy peanut butter can be expected to hold the largest market share.
By end user/application the peanut butter market is segmented into Supermarkets and Hypermarkets, Convenience Stores, Online Stores, and others.
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Peanut butter is taken as a staple food in US, Canada, and Western European Countries for breakfast. North America has the chance to provide substantial share in the market as the regional population are creating much expansion scope. Almost 90% of United States households consume peanut butter as bread spread.
U.S and Canada hold a large part of the market as peanut butter is quite popular in the region and can trigger further growth in the region. In Asia Pacific, peanut butter market is anticipated to witness highest growth owing to the increase in disposable income of consumers. The global market for peanut butter is also expected to gain benefits from the wide-scale percolation of it in the Asia Pacific region.
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In November 2019, Pip & Nut announced that they are entering the nut butter cups category with three new products that would include dark chocolate peanut butter cup, milk chocolate peanut butter cup, and dark chocolate almond butter cup.
Well-established players that are operating in the market are mentioned in the report. The history and current status of these eminent players are mentioned in the report, which aids investors in understanding the transforming competitive landscape of the Peanut Butter market. It also offers insights on inorganic and organic and growth of the market that are bought by the market players.
Peanut Butter & Co.
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