Market Scope
Market Research Future (MRFR) suggests that the peanuts market will soar at a stunning rate from 2020 to 2027 (analysis period), given the extensive application scope within the food industry.
Growth Boosters and Impediments
Peanuts have a vast application range in the food industry and could be a major growth booster in the global market. Peanuts find use in the extraction of peanut flour and oils. Their escalating consumption among consumers as snacks should foster market growth in the following years. Peanuts’ significant nutrient value has bolstered its uptake among those that are extremely health conscious. Evolving eating habits along with the rising focus on maintaining a healthy lifestyle are also presumed to bolster the market size in the near future.
Cooking oils are emerging as a popular segment, and the market is witnessing intense level of competition. The demand is significantly high for peanut oil, as it is perceived as a healthy product with a number of health benefits by the consumers. Manufacturers are constantly launching new and different peanut oils in the market, which should raise the demand for peanuts in the ensuing period.
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Segmental Review
With the aim to present exhaustive details of the peanuts industry, the MRFR report has considered a few segments, such as form, application, and distribution channels.
Peanuts are available in the market in a variety of forms, such as Roasted, Raw, Powder, blanched, and others. However, the highest demand is witnessed for the raw form of peanuts since these are used extensively in further processing.
Peanuts’ key applications are Bakery and confectionery, Direct consumption/Culinary purpose, Peanut bars, Peanut butter and Spreads, Oils, Dairy Products, and more. Peanuts’ applications are significant in oil production while the second most extensive application is in bakery and confectionery. Its use is also growing in peanut butter and spreads, which are some of the most consumed food items in the world. The high consumption rate of peanut bar and spreads can be accredited to the fact that they are extremely energy-rich and are the perfect alternative for milk butter. These also offer protein, unsaturated fats and fiber, coupled with a host of micronutrients such as zinc, magnesium, Vitamin E and potassium. Given the solid nutritional profile, peanut butter and spreads are used for preparing several food products, such as brownies, salads, cakes, rolls, to name a few.
Peanuts are sold on various distribution channels, such as Convenience stores, Hypermarkets and Supermarkets, E-commerce and Specialty stores. Experts note that the sales are substantially high via hypermarkets and supermarkets since these outlets are generally located in busy areas and provide consumers with a convenient shopping experience.
Regional Insight
The peanuts market can be regionally segmented in terms of North America, Asia Pacific, Europe, coupled with RoW/rest of the world.
Asia Pacific forms the largest market for peanuts and might retain its leading position throughout the analysis timeline, thanks to the evolving consumer lifestyle that involves healthy eating habits and snacking on more nutritious food products. The region houses several prominent importers of peanuts such as Vietnam, China, India and Indonesia, which naturally works in favor of the market.
The European market stands to profit from the escalating consumption of nut butter, protein-rich foods, and nut-based snacks, given that the region has a vast population of health-conscious people focused on maintaining a healthy diet. These factors also encourage significant exports from the region. The Netherlands, the United Kingdom and Germany are the top markets in the region and present attractive opportunities when it comes to exporting peanuts to emerging countries. The European industry is touted to procure a higher position in the coming years, 0no on account of the improving eating habits of consumers, which has raised the demand for plant-based protein-rich food products.
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Top Companies
The top brands active in the global market for peanuts include Olam International (Singapore), Hampton Farms, Inc (U.S.), Star Snacks Co., LLC (U.S.), Archer Daniels Midland (U.S.), Diamond Foods, Inc. (U.S.), Virginia Diner (U.S.), Kraft Foods Inc. (U.S.), and many more.
In view of the intense competition within the global industry, manufacturers frequently adopt marketing strategies to widen their consumer base. Advertising campaigns, new launches and product innovation are some of the top strategies employed by the major brands to elevate their market rankings.
To illustrate, in April 2021, Hershey Co. expanded its brand Reese with the addition of a new bar that combines peanuts as well as peanut butter creme with the outer layer made of chocolate. This new Crunchy Peanut Bar is set to be a permanently added product in the Reese’s product range. The company has also introduced several other new items including Peanut Butter Lovers Cup, as well as peanut butter coated cup.
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