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Peanuts Market Dynamics: Key Trends, Segmentation, and Regional Analysis for 2024

May 20, 2024 3:03 PM ET

Peanuts Market Dynamics: Key Trends, Segmentation, and Regional Analysis for 2024

Peanuts Market Overview:

The global peanuts market has experienced significant growth over the past decade, driven by increasing demand for nutritious and versatile food products. Peanuts, also known as groundnuts, are a rich source of protein, healthy fats, and various essential nutrients, making them a popular choice among consumers worldwide. The market’s expansion can be attributed to rising health consciousness, the growing popularity of plant-based diets, and the versatile applications of peanuts in various industries.

In 2023, the global peanuts market was valued at approximately USD 90.05 billion and is expected to grow at a compound annual growth rate (CAGR) of around 2.14% over the next five years. This growth is supported by increased consumption in emerging economies, technological advancements in peanut processing, and innovations in peanut-based products.

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Key Players:

Major players in the Peanuts market, including Olam International (Singapore), Kraft Foods Inc. (U.S.), Hampton Farms Inc (U.S.), Star Snacks Co. LLC (U.S.), Virginia Diner (U.S.), and others, are attempting to increase market demand by investing in research and development operations.

Market Segmentations:

The peanuts market is segmented by form, application, and distribution channel, each contributing to the market’s diverse landscape.

By Form

Raw: Raw peanuts are a fundamental segment, primarily used for direct consumption and as an ingredient in various culinary dishes. They are favored for their natural taste and nutritional benefits.

Roasted: Roasted peanuts are popular as snacks due to their enhanced flavor and crunchy texture. This segment includes both salted and unsalted variants, catering to different consumer preferences.

Blanched: Blanched peanuts, which have their skins removed, are often used in the confectionery and baking industries. Their clean appearance and smooth texture make them ideal for various processed foods.

Powder: Peanut powder is increasingly used in health and fitness products, offering a high-protein, low-fat alternative to traditional flour. It is also used in smoothies and protein shakes.

Others: This category includes peanut splits, granules, and other specialized forms used in specific culinary and industrial applications.

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By Application

Direct Consumption/Culinary Purpose: Peanuts are consumed directly as snacks or used in cooking, offering a nutritious addition to various dishes. Their versatility makes them a staple in many cuisines.

Bakery and Confectionery: Peanuts are a common ingredient in baked goods, chocolates, and other confectionery items. Their inclusion enhances the flavor, texture, and nutritional profile of these products.

 Peanut Butter and Spreads: Peanut butter is a major product in the peanuts market, known for its creamy texture and rich taste. It is widely used as a spread and in various recipes.

Peanut Bars: Peanut bars, including energy bars and granola bars, are gaining popularity due to their convenience and nutritional benefits. They are favored by health-conscious consumers.

Dairy Products: Peanuts are used in the production of non-dairy milk alternatives, such as peanut milk, which cater to the growing vegan and lactose-intolerant population.

Oil Production: Peanut oil is a valuable cooking oil known for its mild flavor and high smoke point. It is used in both household cooking and food processing industries.

Others: This category includes the use of peanuts in animal feed, cosmetics, and pharmaceuticals, highlighting their diverse applications beyond food products.

By Distribution Channel

Supermarket/Hypermarket: Supermarkets and hypermarkets are the primary retail channels for peanut products, offering a wide range of options to consumers. These stores provide the advantage of immediate availability and variety.

Regional Analysis:

The global peanuts market is segmented into several key regions, each contributing uniquely to the market dynamics.

North America: North America, particularly the United States, is a major consumer and producer of peanuts. The region’s market is driven by the high demand for peanut butter, snacks, and confectionery products. Innovations in peanut-based products and a strong focus on health and wellness further fuel market growth.

Europe: Europe has seen a steady increase in peanut consumption, driven by the growing popularity of plant-based diets and healthy snacking trends. The region also imports a significant amount of peanuts to meet its demand for various processed foods and confectionery items.

Asia-Pacific: The Asia-Pacific region is the largest producer and consumer of peanuts, with China and India being the leading countries. The market here is driven by traditional culinary uses, oil production, and the increasing adoption of Western snack foods. Rapid urbanization and rising disposable incomes also contribute to market growth.

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