United Kingdom: Peanut Butter Market 2024

Peanut Butter Market Size in the UK

In 2022, the UK peanut butter market increased by 13% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Peanut Butter Production in the UK

In value terms, peanut butter production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 18% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Peanut Butter Exports

Exports from the UK

In 2022, the amount of peanut butter and prepared or preserved groundnuts exported from the UK expanded notably to X tons, picking up by 6.3% against 2021. Overall, total exports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -33.1% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 31%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, peanut butter exports totaled $X in 2022. In general, total exports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -26.8% against 2020 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 23% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ireland (X tons) was the main destination for peanut butter exports from the UK, accounting for a 44% share of total exports. Moreover, peanut butter exports to Ireland exceeded the volume sent to the second major destination, Poland (X tons), fivefold. Germany (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ireland stood at +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+10.5% per year) and Germany (-1.0% per year).

In value terms, Ireland ($X) remains the key foreign market for peanut butter and prepared or preserved groundnuts exports from the UK, comprising 41% of total exports. The second position in the ranking was held by Germany ($X), with a 10% share of total exports. It was followed by Poland, with an 8.4% share.

From 2012 to 2022, the average annual growth rate of value to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+1.6% per year) and Poland (+15.8% per year).

Export Prices by Country

The average peanut butter export price stood at $X per ton in 2022, dropping by -5% against the previous year. In general, the export price saw a slight downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 15%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Peanut Butter Imports

Imports into the UK

In 2022, supplies from abroad of peanut butter and prepared or preserved groundnuts was finally on the rise to reach X tons after two years of decline. Overall, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, peanut butter imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced curtailment. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest peanut butter supplier to the UK, accounting for a 63% share of total imports. Moreover, peanut butter imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Argentina (X tons), fourfold. The United States (X tons) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+81.0% per year) and the United States (-0.9% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of peanut butter and prepared or preserved groundnuts to the UK, comprising 67% of total imports. The second position in the ranking was taken by Argentina ($X), with a 9.4% share of total imports. It was followed by the United States, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands stood at -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+77.2% per year) and the United States (-0.2% per year).

Import Prices by Country

In 2022, the average peanut butter import price amounted to $X per ton, picking up by 5.1% against the previous year. Overall, the import price, however, saw a perceptible downturn. The pace of growth appeared the most rapid in 2021 an increase of 16% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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