Peanut is an essential crop grown worldwide. It is used commercially for oil production, butter, flour, and confections. Moreover, they contain a lot of potassium, phosphoric, magnesium, and vitamins. Peanut paste is made by grinding and roasting dry-roasted peanuts and is one of the most popular foods. Peanuts paste is low in carbohydrates and rich in nutrients. Owing to its nutritional benefits, it is used for the preparation of various food products, such as cakes, frostings, cornbread, salads, brownies, rolls, and chocolates.
The rise in the prevalence of obesity rate leading to an increase in the adoption of healthy snack and breakfast options is majorly encouraging the growth of the global peanut paste market. Factors such as increasing population, the growing spending power of consumers, and changing eating habits are propelling the peanut paste market growth. Further, the availability of healthy nutrients in peanut paste such as protein, vitamin B6, vitamin E, and antioxidants helps in correcting vision & muscle orientation along with giving the ability to fight against diseases such as inflammation of the joints and others is enhancing the demand for peanut paste.
Rising preferences for a healthy alternative to junk food is expected to contribute to the growth of the peanut paste market. Furthermore, the increasing need for high-energy foods and rising demand for peanut paste from emerging markets are projected to increase the demand for peanut paste during the forecast period. However, overconsumption of peanut paste may lead to an increase in health issues which in turn is expected to restrain the market growth.
The global peanut paste market is divided based on product type, application, and region. Based on the product type, the global market is split into the sweet taste and saline taste. The application segment consists of cooking, be eaten together with rice or bread, and others.
Geographically, North American region is anticipated to dominate the global peanut paste market and is expected to continue its dominance during the forecast period. Factors such as an increase in consumer base, high disposable income of consumers, and easy availability of raw materials are driving the growth of this market in this region. The United States country is the largest contributor to the total income in this region. Further, growing preference for a healthy lifestyle and willingness to spend on the consumption of peanut butter is driving the growth of the market in this region. Asia Pacific region is predicted to hold the second position in the market and is anticipated to be the fastest-growing market over the forecast period. This is attributed to the rising consumption of low fat and conventional food in emerging countries like South Korea, the Philippines, China, and India.
Algood Food Company, STEEM Peanut Butter, The Leavitt Corporation, Hormel Foods, J.M. Smucker Company, ConAgra Foods, Saratoga Peanut Butter Company, Cape May Peanut Butter Co, Crazy Richard, Ruparel Foods, and Smithville Peanut Butter Company, are some of the major players that are operating in the global peanut paste market.
In August 2018, Skippy, a brand of Hormel Foods, had launched a new product line, a fruit-filled peanut butter snack that offers a definitive combination of peanut butter and jelly.
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