Make this easy vegan peanut butter caramel in minutes with 3 simple ingredients.  Use it as you would caramel sauce or turn it into a soft and creamy peanut butter dip perfect for dipping apples or other fruit.

A bowl of peanut butter dip with mini chocolate chips sprinkled on top and fruit around it.

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If you love sweet sticky caramel sauce but don’t want to fuss with the difficult candy-making process, you will love this super-easy way to make caramel.  Simply stir together peanut butter, agave nectar, and vanilla extract to create a caramel sauce perfect for drizzling over ice cream, filling homemade chocolates, or even using as a frosting. 

Add water or aquafaba to the mixture to create a delicious creamy peanut butter dip for fruit, graham crackers, or chocolate.

❤️ Why you’ll love this recipe

  • It’s super easy to make.
  • This dip is vegan, gluten-free, soy-free, and dairy-free.
  • It can easily be made into a creamy peanut butter dip for fruit!

🧾 Ingredients and substitutions

  • Peanut Butter – creamy peanut butter works best.  You can also use any other nut or seed butter that you want.
  • Agave Nectar – to make it sweet and sticky.  I like agave nectar, but you can also use maple syrup, corn syrup, or any other liquid sweetener.
  • Vanilla Extract – to give it a nice flavor, but it’s optional.
  • Water – to thin it out into a peanut butter dip.
A close up of peanut butter caramel.

🥄 How to make peanut butter caramel

For peanut butter caramel

Step 1 – Measure 1 cup of peanut butter, 1/2 cup agave nectar, and 2 tsp of vanilla into a bowl.

A bow with peanut butter and agave nectar with a fork in it.

Step 2 – Stir until you get a smooth sticky consistency.

Stirring a bowl of peanut butter and agave nectar to make peanut butter caramel.

For peanut butter dip

Step 1 – Make the peanut butter caramel.

Step 2 – Slowly add 1/3 cup of water to the caramel mixture stirring until it’s totally incorporated.

Step 3 – Sprinkle with some mini chocolate chips. (optional)

A top view of a bowl of peanut butter caramel.

For fluffy peanut butter dip

Step 1 – Make the peanut butter caramel.

Step 2 – Add 2 cups of aquafaba whipped cream folding it into the peanut butter caramel until you have a fluffy fruit dip.

👩🏻‍🍳 Pro Tips

  • You can adjust the consistency and stickiness of the caramel by adding small amounts of water at a time until the desired consistency is reached.
  • Note: you would think adding water would give you runny peanut butter, but it doesn’t.  The water makes the peanut butter soft and fluffy but maintains its structure.

🥣 Serving suggestions

For peanut butter caramel sauce

For peanut butter dip

  • Serve it as a dessert with fruit, graham crackers, or chocolate.
  • It works great as an oil-free frosting for cakes or cupcakes!
A bowl of peanut butter dip with chocolate chips on it with an apple slice being dipped into it.

More vegan dips and sauces

📌 Be sure to follow me on Pinterest for new vegan recipes!

📋 Peanutbutter caramel recipe

A close up of vegan peanut butter caramel dip swirled in a bowl.
5 from 5 rating

Peanut Butter Caramel Dip

Yield: 12
Prep: 5 minutes
Total: 5 minutes
Author: Monica Davis
An easy caramel alternative made from peanut butter. Use as you would caramel in most recipes or add water to turn into a creamy peanut butter fruit dip.
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Ingredients

  • 1 cup peanut butter
  • 1/2 cup agave nectar
  • 2 tsp vanilla extract

To make peanut butter dip

  • 1/3 cup water

Instructions
 

How to make peanut butter caramel

  • Measure 1 cup of peanut butter, 1/2 cup agave nectar, and 2 tsp of vanilla into a bowl.
  • Stir until you get a smooth sticky consistency.

How to make peanut butter dip

  • Make the peanut butter caramel.
  • Slowly add 1/3 cup of water to the caramel mixture stirring until it’s totally incorporated.
  • Sprinkle with some mini chocolate chips. (optional)

Notes

  • You can adjust the consistency and stickiness of the caramel by adding small amounts of water at a time until the desired consistency is reached.
  • Note: you would think that adding water would give you runny peanut butter, but it doesn’t.  The water makes the peanut butter soft and fluffy, but it maintains its structure.
Serving: 2tbsp, Calories: 157kcal, Carbohydrates: 11g, Protein: 5g, Fat: 11g, Saturated Fat: 2g, Sodium: 99mg, Potassium: 140mg, Fiber: 1g, Sugar: 8g, Calcium: 9mg, Iron: 1mg
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