Global Peanut Ingredients Market - 2022-2029

Global Peanut Ingredients Market - 2022-2029

Market Overview

Peanut Ingredients Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Peanut is a legume crop mainly for its edible seeds. Peanuts are a rich source of healthful fats, protein and fiber. It also contains plenty of potassium, phosphorus, magnesium and vitamin B. Peanut ingredients such as flour, oil and butter are widely used in various processed food such as bakery, confectionery and dairy alternatives. Furthermore, byproducts obtained from peanuts also have industrial use, such as animal feed, paints, lubricating oil, varnish and others. These factors increase the demand for peanut ingredients in the market.

Market Dynamics: Increasing demand of peanut ingredients from the food and beverage industry

Peanut ingredients are popular in the food and beverages industry. Peanut flour, oil and peanut powder are mostly used in snacks. Peanuts are beneficial for the heath, causing a surge in demand for peanuts worldwide. The growing awareness regarding the health benefit of peanut consumption is the primary aspect causing an upsurge in the market growth. Furthermore, the high nutrient values of peanut ingredients and the increasing consumption of peanuts are other crucial parameters supporting the market's growth worldwide. In addition, adopting a healthy lifestyle and changing consumption patterns across the globe is also anticipated to increase the market's growth over the coming years.

Moreover, the demand for ready-to-eat snacks among the consumer has positively influenced the market. Peanut flour is widely used in cooking and baking as it contains more protein than other grain flour. The key manufacturers are focusing on launching new products to draw consumers' attention and strengthen their market presence. Also, increasing the consumer's demand for plant-based products drives the market growth. The rise vegan trend in the market is to replace regular conventional milk with peanut, almond, or cashew milk. The high consumption of peanut ingredient-based snacks, chocolates, and cookies also fuel the market growth.

Market Segmentation: Peanut butter segment accounted for the highest share in global peanut ingredients market

In 2021, the peanut butter segment had the highest revenue share of more than XX percent. Peanut butter is a food paste or spread made from dry roasted peanuts. There are some commonly added ingredients like sweeteners, salt and emulsifiers. Peanut butter is a nutrient-rich food containing high protein, vitamins and dietary minerals. It is typically served as a spread on bread and toast or used in sandwiches. It is also used in a number of breakfast dishes and desserts. The United States is the largest consumer of peanut butter and also a leading exporter of peanut butter. It is similar to other nut butter like cashew butter and almond butter.

Peanut oil segment held a significant share of XX% in the year 2021. Peanut oil is the oil from the seeds of the peanut plant. Peanut oil is used in cooking and preparing medicines. Peanut oil is a rich source of unsaturated fat and is low in saturated fat. Peanut oil is helpful for reducing fatty buildup in a blood vessel. It is effective for heart disease, joint pain and dry skin. Peanut oil is mostly used in Indian kitchens for frying and baking dishes. It is also used for soap preparation. This oil is popular for its mild flavor.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period

In 2021, Asia Pacific had the highest share revenue of almost XX percent. The Asia Pacific is the fastest-growing region for peanut ingredients due to the countries like India and China. India is the largest producer of peanuts. India occupies the first position in terms of area and second position in terms of production of peanuts. China ranked first in peanut production with 17.39 million tonnes, followed by India with 6.70 million tonnes. Also, India contributed the highest share in the export of peanuts. In 2021, India exported peanut oil value of USD 266 million. The rise in working positioning in the region has boosted the consumption rate of the peanut ingredients.

North America contributed to a significant market share of peanut ingredients. Increase in the trend of between the meal snacks in the form of sandwiches, chocolates and biscuits is expected to drive the market growth. Also, the vegan population in the US is increased, so demand for vegan foods like peanut ingredients increased. The hectic lifestyle diverts the trend of eating healthy ingredients. Those factors are responsible for the growth of peanut ingredients in the market.

Competitive Landscape

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are Olam International Limited, The Kraft Heinz Company, ADM, Cargill, Incorporated, Hampton Farms, Inc., Virginia Diner, Star snacks Company, and Noomi LLC, among others. Some key players launched new brands to increase their portfolio. For instance, in October 2021, Olam Food Ingredients launched its new brand Ofi. This brand focuses on ingredients that help food and beverage companies meet consumer demand for natural, healthy and sustainably sourced cocoa, coffee, dairy, nuts and spices products. In November 2019, PB2 foods launched functional peanut powder. This new product is available at Walmart nationwide and expanded to other retail locations and Amazon. In October 2018, Hampton Farms invested $5.7M in bulk peanut butter line. Products including honey roasts, nut butter, and all in-shell peanuts are sold in Major League Baseball stadiums.

COVID-19 Impact Negative impact on the global peanut ingredients market

The coronavirus pandemic has negatively affected businesses with varying intensity across different regions and stages of the value chain. The COVID-19 pandemic has resulted in the closure of various supermarkets, hypermarkets, and restaurants. The pandemic has negatively impacted the global peanut ingredients market. The raw materials and labor shortage have negatively affected the peanut ingredients market. Transportation restrictions also negatively affected the market. Import and export of the peanut products were completely closed during a pandemic; this adversely effected on global peanut ingredient market.

The global peanut ingredients market report would provide an access to approximately 55 market data tables, 61 figures and 170 pages