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Peanut Butter Market to Reach US$ 5 Billion by 2024

The global peanut butter market has witnessed a speedy growth in the recent years. This can be accredited to a number of factors such as rising standard of living, innovation in the food industry, and most importantly the high nutritional value of peanut butter.

According to the IMARC Group peanut butter market report, the market grew by an average of 6% during 2011–2018, and sales reached more than $ 3 billion in 2018. Currently, sales of peanut butter are concentrated in the west, especially in the United States and Canada, since the market in these regions has a wider consumer base than in developing countries. However, due to improved living standards and changing tastes, peanut butter is gradually making its way to developing regions of the world. As a result of these transforming market trends, the peanut butter market is expected to reach nearly $ 5 billion by 2024. Highlights of the global peanut butter market: The food industry is the largest engine of market growth. Peanut butter dominates the market, representing the most popular type of peanut butter. North America is the largest region that accounts for most of the market.

Source: https: //www.imarcgroup.com/peanut-butter-manufactu ...

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