Mohammad Patel is the Founder and CEO at MYFITNESS -India’s highest-rated peanut butter brand. In his role at the company, Mohammad spearheads Strategy, Product development, Business Development and Supply Chain Management. Mohammad is an All-India CA Rank holder. He is a Bachelor in Commerce along with being a chartered accountant. Throughout his professional career spanning over 4 years Mohammad gained a pool of knowledge in the Business and Consulting industries. He was also the brain behind successful product development and business strategy at MYFITNESS.
The lockdown was divided into two intervals for many. The initial period was a time for wallowing in a slothful spree of glutton-inspired junk-eating, binge-watching, and abysmal sleep cycles. It was a long-cherished dream for many working professionals and students. Working from home as a result of the ever-increasing lockdowns was a completely different beast for many employers and the workforce working remotely. Supervision is the key to efficiency. The lack of it during the initial period meant a stress-free working environment for many, aided by the comfort of their home.
The indulgence in this unhealthy, carefree lifestyle was struck by an interregnum. As the lockdown-induced weight gain kept hitting new scales in magnitude, what looked like the dream life for many came to an abrupt halt. Decisions made earlier were being re-evaluated, with a sense of regret. The start of this period, that is the second interval of the lockdown, indicated that the unhealthy routine which was congenial initially had detrimental effects on the health of those who were religiously accustomed to such practices. As a result, health took the forefront in many households. Nutrition-infused dietary habits have received a lot of attention after this realization, as many experts believe that diet is far more important than exercise.
Peanut butter: A synonym for healthy-choice
Many people were designing a strict nutritional regime in response to an increase in health and wellness concerns. Many comestibles and ingredients were substituted for healthier choices. This is where peanut butter came into the picture. Traditionally, butter has been a very vital ingredient in most Indian homes, but over the years, the demand for peanut butter has increased owing to the conspicuous health benefits that the product is affixed with. The global health and wellness food market is expected to touch a CAGR of 6% during 2020-2024. A lot of food scientists also claim that peanut butter is a nutrition powerhouse, equating it to a superfood. It is a very flexible comestible that can be used with a variety of everyday foods. Using it as a spread for one’s breakfast can enrich it with nutrients that can help in maintaining heart health and keep a check on blood sugar levels.
The peanut butter market and the reason for its demand
The global scenario
Peanut butter as a condiment has become a new household staple. The nutritional value that it comes with makes it a perfect substitute for milk butter. Over the years, the demand for nut butter has swelled and reached new heights. A staggering $3.4 billion is where the global market value of peanut butter stands. Reports indicate that it will grow at a CAGR of 5.4% during 2021-2026 globally.
The scenario in India
The growth of the peanut butter market in India has not reached a point of saturation and a whole expanse remains to be conquered. The numbers present a very encouraging sign. According to a recently published report, the market for nut butter will see an aggressive expansion. With a double digit stellar CAGR expected for 2019-2025, the growth rate of peanut butter in India outdoes the global market. There are various channels of distribution, but the most common ones are supermarkets, hypermarkets, and retailers. Usually, regular, low-sodium and low-sugar variants of the condiment are popular in the Indian market.
The peanut butter story in India: The drivers for its demand
Today, peanut butter is one of the most popular condiment items on the racks at the supermarket. It does not take a detective to rally for the product, and its growing popularity. It fits into everyday lives quite conveniently. From being a staple breakfast item or a filling snack between meals, butter’s biggest foe has become the best friend for a fitness enthusiast.
Embedded in its DNA are healthy fats, high protein, and vital vitamins like magnesium, zinc, phosphorus, niacin, and vitamin B-6. As a popular substitute for milk butter, peanut butter trumps its competitors by enriching one’s body with the goodness of dietary fiber, alongside having fewer calories and zero cholesterol. This is basically a weight-proof formula that keeps you from gaining those extra kilos and also keeps your hunger pangs at bay.
The other marketing proposition which is catalyzing the expansion of peanut butter in India is it being a ‘protein powerhouse’. Protein intake in India has always been an issue in a country that has a substantial number of people, about 39% of whom take vegetarian diets. Whether a myth or truth, non-vegetarian food has etched itself as the primary provider of protein. Therefore, in a country where there are so many people who abstain from meat and other non-vegetarian products, they often think they are overlooking their protein requirements. This makes protein-infused vegetarian supplements a go-to commodity for millions of vegetarians.
Though the intake of protein is not only limited to vegetarians, even non-vegetarians who are into gymming and weight management programmes try to have a protein-rich diet. The market for whey protein in India is expected to grow at an 11% CAGR from 2019-2024. It is crystal clear that protein-rich commodities sell like hot cakes off supermarket shelves. Peanut butter’s protein-rich feature makes it hit the nail on the head in regards to what the Indian market wants.
Being fit mentally and physically has become paramount to us over the years. For a long time, people have struggled to find a condiment that does not increase their weight, boost their health, provide them with vital nutrients, and after all is said and done, taste decent. Peanut butter helps in systematic weight management, boosts health, provides vital nutrients, and well, it does not taste just decent, but it tastes really good. As a product, it ticks all the boxes, and therefore, it is rocking the market and has become a friend for fitness enthusiasts.