Peanut Butter Market Overview in Eastern Asia
In value terms, peanut butter production expanded slightly to $ in estimated in export prices. The total output value increased at an average annual rate of +% over the period from 2007 to ; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2008 when the production volume increased by % year-to-year. Over the period under review, production reached the peak level in and is likely to see gradual growth in the near future.
The country with the largest volume of peanut butter production was China ( tonnes), accounting for % of total volume. Moreover, peanut butter production in China exceeded the figures recorded by the second-largest producer, Japan ( tonnes), eightfold. South Korea ( tonnes) ranked third in terms of total production with a % share.
From 2007 to , the average annual growth rate of volume in China amounted to +%. The remaining producing countries recorded the following average annual rates of production growth: Japan (+% per year) and South Korea (+% per year).
The size of the peanut butter market in Eastern Asia expanded notably to $ in , growing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +% from 2007 to ; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2008 with an increase of % y-o-y. The level of consumption peaked in and is expected to retain growth in the immediate term.
In China, peanut butter consumption increased at an average annual rate of +% over the period from 2007-. In the other countries, the average annual rates were as follows: Japan (+% per year) and South Korea (+% per year).
In value terms, the largest peanut butter markets in Eastern Asia were China ($), Japan ($) and South Korea ($), with a combined % share of the total market.
Among the main consuming countries, South Korea recorded the highest rates of growth with regard to market size, over the period under review, while peanut butter market for the other leaders experienced more modest paces of growth.
The countries with the highest levels of peanut butter per capita consumption in were Japan ( kg per person), South Korea ( kg per person) and Democratic People's Republic of Korea ( kg per person).
From 2007 to , the biggest increases were in China, while peanut butter per capita consumption for the other leaders experienced more modest paces of growth.