Peanut Oil Market is Set to Reach US$ 15.77 billion by 2034, Fact.MR

May 27, 2024 - 18:05
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Peanut Oil Market is Set to Reach US$ 15.77 billion by 2034, Fact.MR

According to an analysis by Fact.MR, the global peanut oil market is projected to reach US$ 10.55 billion in 2024. Sales of peanut oil are expected to grow at a CAGR of 4.1%, reaching US$ 15.77 billion by 2034.

Shifting dietary habits and consumer preferences are anticipated to drive the demand for peanut oil. Increasing health consciousness and a preference for organic and natural products are expected to boost the demand for peanut oil as a key ingredient in various food products. Additionally, growing consumer awareness of the health benefits of peanut oil, such as its high vitamin E content, antioxidants, and monounsaturated fats, is projected to contribute to its increased consumption.

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The food industry, encompassing food manufacturers, fast-food chains, and restaurants, plays a crucial role in driving the demand for peanut oil. The increasing use of peanut oil in various processed foods, snack foods, and cuisines is expected to positively influence market dynamics. Cooking traditions and cultural preferences in many regions significantly contribute to the rising sales of peanut oil. For instance, peanut oil is widely used in African and Asian cuisines, and its demand is anticipated to grow over the next decade.

Top Key Companies Include Cargill, Incorporated, CHS Inc., AAK Kamani Pvt. Ltd., Golden Peanut and Tree Nuts, Archer Daniels Midland Company, Patanjali Ayurved Limited Incorporated, Saraswathi Mills, Liberty Oil Mills Ltd., Bunge Limited, Mother Dairy Fruits & Vegetable Pvt. Ltd., Adani Wilmar International, Archer Daniels Midland Company, Hain Celestial Group, Inc.

“Rising Global Appetite for Processed Food”

The food industry stands as one of the globe’s most rapidly expanding sectors. It is anticipated to penetrate emerging markets while solidifying its foothold in established ones. The growing preference for functional and health-oriented food is expected to drive innovation and the adoption of advanced processing techniques. Moreover, the surge in disposable income, particularly in emerging economies, is poised to boost the sales of processed and convenient food items.

Accelerating lifestyles and a burgeoning working-class populace are primed to fuel the growth of the processed food market, directly influencing the demand for edible oils. Consequently, an upsurge in the demand for peanut oil is evident due to its beneficial properties.

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Regional Insight

By 2034, East Asia is expected to hold a 25.7% share of the global market. The growing consumption of peanut oil in this region is attributed to its ability to impart a pleasant aroma and a neutral taste, enhancing the flavor of prepared dishes.

In North America, the United States is projected to contribute 73.5% of the market share by 2034. Peanut oil, derived from peanuts, is plant-based, making it a fitting choice for vegan and vegetarian diets. With a notable rise in the vegan population in recent years, there’s a growing inclination towards plant-based food products. The natural origin of peanut oil is anticipated to further elevate its popularity among the vegan demographic in the country.

Segmentation of Peanut Oil Market Research
By Nature :
Organic
Conventional
By End Use :
Food Processing Industry
Foodservice Industry
Retail/Household
By Distribution Channel :
Business to Business
Business to Consumer
Hypermarkets/Supermarkets
Convenience Stores
Online Retail
Others

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