The no-fat peanut butter market is estimated to secure a valuation of USD 3.7 Billion in 2023 and is estimated to rise to USD 5.5 Billion by 2033. The market is anticipated to grow at a CAGR of 4.1% during the forecast period. The factors accelerating the demand for no-fat peanut butter are as follows-
The increasing concern regarding the reduction of fat from food products is boosting the no-fat peanut butter market. The no-fat peanut butter is a great source of fiber, protein, vitamins, and minerals. Due to the nutritional benefits no-fat peanut butter is used in bakeries, smoothies, and sauces.
The increasing health-conscious population and associated weight management issues and increased demand for protein-rich food like peanut butter are likely to drive the no-fat peanut butter market.
The rising disposable income in developing countries along with increased awareness around the world is anticipated to drive the no-fat peanut butter market.
North America accounts for the highest share in the no-fat peanut butter market owing to the high demand for low-fat food products in the region due to increased awareness among the consumer. The market players in the region are investing in new product development with no fat content and high nutritious value.
Europe emerged as the dominant region owing to the increased consumer inclination towards non-GMO and gluten-free products and well developed retail sector in the region. Asia Pacific is expected to exhibit positive prospects for no-fat peanut butter due to increased disposable income and rising awareness among consumers are expected to drive the market in the region.
Some of the manufacturers operating in the no-fat peanut butter market include Kraft Canada Inc, ConAgra Brands, J.M. Smucker Company, Del Monte Foods Inc, Formel Foods Corporation, and Unilever, Along with this Skippy, Jif, Great Value, PBfit, Once Again Nut Butter, Left Coast Performance, Better’n Peanut Butter, Smart Balance, Legendary Foods among others.
The key no-fat peanut butter manufacturers are looking for strengthening their market presence with joint ventures, partnerships, mergers, and acquisitions. They are also investing in research for innovative product lines, and top peanut butter brands are focusing on upgraded and modified products to gain a competitive advantage.
The no-fat peanut butter market is expected to flourish in the coming year with increasing consumption of zero-fat and nutritional products. Also, the easy availability of no-fat peanut butter food products in numerous malls, convenience stores, and departmental stores is likely to drive the sales of the market.
The start-ups operating in the no-fat peanut butter market are coming up with very innovative product launches which are dairy-free, Non- GMO, Pam Oil Free, and Gluten free.
For Instance, Wild Butter Co. founded in 2016 is an online retailer of peanut butter. Offer products in three varieties like Crunchy Kokoa Peanut Butter, Cookies and Cream Peanut Butter, and Cinnamon Maple Almond Butter. All these products do not contain trans/ saturated fat, artificial preservatives, excessive sugar, and flavorings.
| Data Point | Key statistics |
|---|---|
| Expected Market value in 2023 | USD 3.7 Billion |
| Projected Market Value in 2033 | USD 5.5 Billion |
| Growth Rate (2023 to 2033) | CAGR of 4.1% |
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According to Future Market Insights' latest report, the No-fat peanut butter market is expected to expand steadily between 2021 and 2031. No-fat peanut butter provides a rich flavor and enhances the taste in a variety of dishes.
Peanut butter is beneficial to health because it is high in protein, unsaturated fats, and essential amino acids. They also have a fantastic flavor and a good nutty scent. It is common throughout the world and can be used as a spread on toast, bread, or in smoothies, and many more ways.
Customers are looking for round-the-clock snacking options more often rather than wholesome meals. High-protein snacks, such as No-fat peanut butter, have become increasingly popular as customers seek healthier, more convenient alternatives or meal replacers, especially millennials. As the demand for healthy and nutritious, more efficient options grows, so will the trend for more protein- and nutrient-rich snacks.
Consumers are also careful about the ingredients that have been used in the product that they are consuming, hence transparency of product plays key role in this sector as there is an increase in sales for products which has various certifications and labeling such as fat-free, soy-free, vegan, and dairy-free.
Resulting in manufacturers offering products that have such certifications and labeling which is likely to expand demand for No-fat peanut butter.
The USA is one of the prime markets for No-fat peanut butter globally. The USA no-fat peanut butter market is set to expect a remarkable CAGR during the assessment period 2021 to 2031.
Protein-rich and No-fat food is in high demand due to the growing health-conscious population and gym enthusiasts. In a fast-paced lifestyle, there is continuously propelling demand for food products that can be consumed immediately or take less cooking time and also provide necessary nutrients to the body, No-fat peanut butter fits perfectly those requirements.
No-fat peanut butter is widely sold in European countries, with the Germany and the United Kingdom having the dominant market share. This is owing to the high consumption of ready-to-eat and processed food products in the region. Furthermore, the flavors No-fat peanut butter industry has seen a lot of innovation over the years to meet the needs of European consumers.
As a result, it has taken the lead in raising the demand for low-fat peanut butter in these countries.
Some key manufacturers functioning the business in the No-fat peanut butter market globally include
are some prominent brands operating in the No-fat peanut butter market
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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No-fat Peanut Butter Market
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