New York, US, March 06, 2023 (GLOBE NEWSWIRE) -- Peanuts Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Peanuts Market Information By Form, Application, Distribution Channel, And Region - Forecast till 2030"; the market will reach USD 107.4 Billion by 2030 at a 2.45% CAGR.
Market Synopsis
Oval-shaped nuts, known as peanuts, are readily available on the market in the shape of pulses and seeds. The food and beverage business uses peanuts as oil, flour, appetizers, and nutty spread. Potentially harvested peanuts are used to make spreads and peanut oil and are commonly used in culinary applications. Due to its numerous health benefits, it serves as a rich source of dietary proteins and polyunsaturated fats and finds extensive use in the culinary industry. Many food products contain peanuts, which are a significant food crop. They are a valuable source of vital nutrients, including oil and protein. They aid in maintaining a balanced diet and consuming many protein-rich foods. Due to the increase in popularity of groundnut oil and nutty spread during the past few decades, the global peanut market has experienced a notable boom. The regular intake of peanuts can benefit well-being, according to studies in nutrition.
According to studies, eating peanuts in small amounts can reduce your risk of developing diabetes, heart disease, and cancer. Additionally, as people consume peanuts as a whole nut snack, a constituent of confections and sauces to go with other dishes, peanut butter, and peanut oil, the demand for peanuts is rising along with the need for ready meals like snacks. Polyunsaturated fatty acids and other nutrients like potassium, zinc, iron, and others are abundant in peanuts. They, therefore, have several uses in the food business. Additionally, the by-products made from peanuts are used in industry as an ingredient in things like paint, varnish, lubricating oil, and animal feed. The market for peanut ingredients grows due to these variables taken together.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 107.4 Billion |
| CAGR | 2.45% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Form, Application, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Adoption of a Healthy Lifestyle |
| High Nutrients Values and Consciousness Regarding Health Benefits |
Market Competitive Landscape:
The essential companies in the peanuts market are:
- Olam International (Singapore)
- Archer Daniels Midland (U.S.)
- Kraft Foods Inc. (U.S.)
- Hampton Farms Inc (U.S.)
- Star Snacks Co. LLC (U.S.)
- Virginia Diner (U.S.)
- Diamond Foods, Inc. (U.S.)
Browse In-depth Market Research Report (110 Pages) on Peanuts:
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Market U.S.P. Covered:
Market Drivers:
The market for peanut ingredients has benefited from customers' rising demand for ready-to-eat snacks. Since peanut flour has a higher protein level than other grain flour, it is used in a wide variety of cooking and baking. To grab consumers' attention and increase their market presence, the major manufacturers are likewise concentrating on releasing cutting-edge items. Consequently, this has contributed to the market expansion for peanut components. Over the projection period, the strong growth for peanuts is anticipated to drive worldwide food consumption of protein-rich foods and boost exports. The growing demand for peanut oil has also aided the market's expansion in the medicinal and personal care industries. The rise in consumer demand for plant-based components is the main driver of the market for peanut ingredients.
Consumers are gravitating toward components derived from plants, such as peanuts, due to the growing vegan trend. Due to their wide knowledge of products made without using any form of animal cruelty, customers are substituting regular milk with alternatives like peanut milk, soymilk, and almond milk. Another reason driving the market's expansion is the widespread consumption of snacks, candies, and cookies made with peanut components. As a result, the market is expected to develop due to the enhanced health advantages and widespread use of peanuts in numerous food products. Ingredients from peanuts, including flour, butter, and oil, are frequently used in various processed meals, including bakery goods, confections, and occasionally dairy substitutes.
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Market Restraints:
A significant barrier to the market's expansion is the adverse health effects of ingesting high-calorie, high-fat food products, such as peanut components, high blood pressure, and obesity.
COVID 19 Analysis
The cost of most agricultural products, including rice and oranges, has increased due to the COVID-19 pandemic. However, there has been a change in peanut pricing. In addition, thanks to the U.S.'s efforts to expand supply, China and other nations have seen a surge in demand for peanut exports.
Market Segmentation
By application, the market includes bakery and confectionery, peanut butter and spreads, peanut bars, dairy products, oil production, and direct consumption/culinary purpose. By form, the market includes raw, roasted, powder, and blanched. By distribution channel, the market includes hypermarkets and supermarkets, convenience stores, specialty stores, and e-commerce.
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Regional Insights
The most significant market share belongs to the Asia-Pacific area, with North America coming in second. Due to the acceptance of a healthy diet consisting of Mexican market burnt peanuts and an increase in changing lifestyles, these regions hold most of the market share. The consumption of peanut components in chocolate and cookies has increased due to the region's growing working and millennial populations. The regional market for peanut ingredients has been pushed by factors such as the rising demand for plant-based foods and changing lifestyles. The market for peanut ingredients is expanding significantly in North America due to the growing habit of consumers snacking between meals. Their preferences have changed to include more plant-based foods due to the region's growing vegan population.
Eating peanut components in the United States and Canada in candy, cookies, and peanut butter is considered comfort food. Convenience foods have become more popular among consumers due to their hectic lifestyles, helping the regional market to flourish. Due to the increased consumption of peanuts and products generated, Europe is predicted to experience significant growth in the future. The majority of nuts consumed in Europe are peanuts and peanut butter. Due to these factors, the market for peanuts is seeing an increase in customers, which leads to substantial revenue generation in Asia-Pacific regions throughout the specified forecast period. Given the shifting consumer preferences toward plant-based protein over meat-based protein, the European peanut market is anticipated to expand. As interest in healthy eating increases, peanuts are anticipated to contribute to unsaturated fats.
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