The peanut oil market has experienced robust growth, rising from $9.74 billion in 2023 to $10.25 billion in 2024, achieving a CAGR of 5.2%. This growth can be attributed to an increase in demand for processed foods, heightened consumer awareness, and the growing use of peanut oil in cosmetics. Looking forward, the market is projected to reach $12.66 billion by 2028, with a CAGR of 5.4%. Factors such as the rising number of quick-service restaurants and increased disposable incomes are driving this trend.
Major Driver In The Peanut Oil Market
The peanut oil market is expected to grow due to increasing consumer awareness and health concerns. Rising access to information, higher expectations for product transparency, and a focus on personal well-being are driving this trend. Peanut oil, known for supporting heart, skin, brain health, and immunity, is valued by health-conscious consumers when used in moderation. For instance, in May 2022, the International Food Information Council conducted an online survey of 1,005 Americans ages 18 to 80, revealing that 52% followed a specific diet or eating pattern, up from 39% in 2021, with significant dieting trends among those under 50. The most popular diets included clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based eating (12%). Therefore, growing consumer awareness and health concerns will drive the peanut oil market.
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Peanut Oil Market Competitive Landscape
Cargill Inc., Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, CHS Inc., Olam International, Yihai Kerry Investments Co. Ltd., Louis Dreyfus Company, Adani Wilmar, Ruchi Soya Industries Ltd., Hain Celestial Group, J-Oil Mills Inc., Lam Soon Group, Ventura Foods, Agarwal Industries Pvt. Ltd., Liberty Oil Mills Ltd., Golden Peanut and Tree Nuts, Catania Oils, Planters Peanut Co., Agro Indonesia, Manishankar Oils Pvt. Ltd., Shree Ram Proteins Ltd, Kothari Oils
Key Peanut Oil Market Trend
In the peanut oil market, companies are focusing on innovative product offerings, such as cold-pressed groundnut oils, to tap into the growing premium segment. Cold-pressed oils, extracted without heating or chemicals, are gaining popularity among health-conscious consumers. In August 2023, Tata Consumer Products launched its Tata Simply Better Cold Pressed Oils collection, which features 100% pure and unrefined options including cold-pressed groundnut oil, virgin coconut oil, mustard oil, and sesame oil. This initiative reflects Tata's commitment to redefining standards in this rapidly growing category while promoting overall well-being.
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Peanut Oil Market Segmentation
The peanut oil market covered in this report is segmented –
1) By Type: Refined, Un-Refined
2) By Packaging: Glass Containers, Plastic Containers, Cartons, Plastic Pouches, Other Packaging Types
3) By Distribution Channel: Business To Business, Hypermarket Or Supermarket, Online Sales Channels, Independent Retail Stores
4) By Application: Personal Care Products, Food, Pharmaceutical, Other Application
5) By End Users: Home, Restaurant, Food Manufacture, Other End Users
By Geography:The regions covered in the peanut oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the peanut oil market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The Peanut Oil Global Market Report 2024 furnishes information about the global peanut oil market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
