Peanut Butter Market Expected to Reach nearly US$ 5 Billion by 2024

BROOKLYN, N.Y. - July 25, 2019 - PRLog -- ding to the global peanut butter market report by IMARC Group, the market has grown at a CAGR of 6% during 2011-2018, with sales reaching a value of more than US$ 3 Billion in 2018. Presently, the sales of peanut butter are concentrated in the west, especially in the United States and Canada, as the market in these regions has a wider consumer-base than in the developing countries. However, due to the rising standards of living and changing tastes,peanut butter is slowly paving its way into the developing regions around the world. As a result of these transforming market trends, the market of peanut butter is expected to reach a value of nearly US$ 5 Billion by 2024.

Peanut butter is used for wide ranging applications in the food and beverage industry, which forms the primary driving factor for its demand. As a consequence of growing health awareness, consumers seek out food options which are rich in nutritional value. As a result, the demand for peanut butter is gaining momentum due to its low caloric value and high nutrition content. Moreover, it can also be used as a substitute for milk butter. Peanut butter is used in combination with a variety of food products as spread and in breakfast foods, savoury sauces, smoothies and innumerable bakery products. Other factors which are contributing to the growth of the global peanut butter market are increasing disposable income, evolving tastes, innovation in the food and beverage industry, and introduction of new blends and flavours.

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Market Segmentation

Type:

• Creamy Peanut Butter
• Crunchy Peanut Butter
• Natural Peanut Butter
• Fat Reduced Peanut Butter
• Honey Fat Peanut Butter

Region:

• Asia
• North America
• Europe
• Others

Major Manufacturers:

• J.M. Smucker Co.
• ConAgra Foods Inc.
• Hormel Foods

Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/peanut-butter-manufacturing-plant

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