Processed Peanut Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Processed Peanut Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The processed Peanut Market is projected to register a CAGR of 3.25% during the forecast period, 2022-2027.

The market is majorly driven by the growing awareness of the health benefits of peanuts as they are rich sources of fiber, protein, vitamins, antioxidants, and other essential minerals, and increasingly getting their popularity in the paleo diet. Additionally, the growing vegan population across the world is also supporting the growth of the market as peanuts are broadly considered a good alternative for fish and eggs for fulfilling protein, calcium, and vitamin B12 daily requirement. In recent decades, peanuts have gained an excellent reputation for being a health nut, as most of the fats they contain are known as “good fats.” These kinds of fats help lower cholesterol levels in the body. Peanuts help prevent heart disease by lowering cholesterol levels. They can also prevent the formation of small blood clots and reduce the risk of having a heart attack or stroke.

Moreover, another advantage of peanuts is that they are more reasonably priced than many other types of nuts. Due to cost-benefit considerations and concerns of running out of things, the majority of consumers opt for bulk purchasing peanuts. Thus, large basket sizes remained a significant reason for the substantial sales of peanuts across all regions. In the medium term, the market is anticipated to witness the expansion of flavored peanut offerings by leading brands. For example, in June 2022, Planters, a Hormel Foods Corp. brand, launched Sweet & Spicy Dry Roasted Peanuts, which are now available at convenience stores.

Key Market TrendsRising Demand For Convenient And Healthy Snacking

The demand for convenient and healthy on-the-go snacks is driving the consumption of peanuts globally. Peanuts have become a popular and healthy snacking option for consumers owing to the numerous health benefits associated with nut-based snacks. Additionally, manufacturers are also offering portable, and versatile packing styles to enhance convenience. For instance, PLANTERS offers sweet & spicy peanuts in a 16-ounce bottle at grocery stores and a 1.75-ounce size bottle for on-the-go snackers in convenience stores across India. Due to their busy lifestyles, working people, teenagers, people who live in dorms, and bachelors especially prefer on-the-go healthy snacking. Additionally, the idea of on-the-go eating is directly linked to items that are simple to use and handle while still providing useful nutrition. Hence, the demand for processed peanuts is rising as a result of the convenience of consumption and the availability of disposable packaging, which allows easy and contamination-proof storage under different circumstances.

Asia-Pacific Holds The Largest Share

Peanuts have traditionally been a core ingredient in various popular Indian dishes owing to their wide availability and reputation as an affordable source of nutrition. The demand for processed peanuts is increasing due to the rising interest in healthy snacking, convenience food, and flavored nuts. Further, changes in the food consumption patterns to include plant-based protein instead of meat-based protein are accelerating the expansion of the market under study. The availability of peanut mixes, seasoned peanuts, and various flavors with clean label claims like organic, additive-free, non-GMO, etc. is anticipated to drive the market demand during the forecast period. Moreover, with the high production of peanuts in the region, manufacturers have easy and cost-effective availability of raw peanuts to produce processed peanut snacks. For instance, China is the world's leading producer of peanuts, accounting for nearly 17.99 million metric tons of production in 2020 according to the statistics disclosed by the INC (International Nut and Dried fruit) organization. India, Nigeria, and the United States followed with about 9.95, 4.49, and 2.78 million metric tons, respectively. All these factors collectively are boosting the growth of the market and are expected to continue the same during the forecast period.

Competitive Landscape

The global processed peanut market is highly fragmented and very competitive, especially in developed economies where a significant number of snack food manufacturing businesses are in operation to provide innovative peanut snack varieties. Some of the major players studied are Hormel Foods, LLC, John B. Sanfilippo & Son, Inc., Whitley's Peanut Factory., Frito-Lay North America, Inc. (PepsiCo), and The Peanut Shop of Williamsburg., among others. The prominent players are focusing on new product developments, attractive packaging formats, and omnichannel distribution strategies to cater to the increasing demand from consumers, thereby gaining a competitive advantage in the market. In order to strengthen their hold in the market, these companies are innovating their flavors and partnering with hypermarket chains and online grocery platforms.

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