Global Peanut Oil Market Size Forecast 2024-2033
12 Dec, 2024
What Is The Definition Of The Global Peanut Oil Market?
Peanut oil, also known as groundnut oil, is a versatile vegetable oil derived from peanuts known for its mild flavor and high smoke point, making it ideal for cooking methods such as frying and stir-frying. It is also prized for its health benefits, including its high content of monounsaturated fats and vitamin E.
Peanut Oil Global Market Report 2024 provides data on the global peanut oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The peanut oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Peanut Oil Market Projected?
The peanut oil market has grown strongly, expanding from $9.74 billion in 2023 to $10.25 billion in 2024 at a CAGR of 5.2%. Growth was fueled by demand for processed food, rising health awareness, and peanut oil's applications in cosmetics. The market is expected to grow to $12.66 billion in 2028, with a CAGR of 5.4%, driven by quick-service restaurant growth, disposable incomes, and food and beverage expenditures. Trends include cold-pressing technology, advanced oil processing, and strategic collaborations.
What Are The Primary Growth Drivers In The Peanut Oil Market?
Growing consumer awareness and health concerns are likely to drive the peanut oil market. The rise in health-consciousness is fueled by greater access to information, heightened expectations for product transparency, and an increased focus on personal well-being. Peanut oil is a healthy cooking option, promoting heart, skin, brain health, and immunity. For example, a May 2022 survey by the International Food Information Council revealed that 52% of Americans followed specific diets or eating patterns, up from 39% in 2021, with popular choices like clean eating, mindful eating, calorie counting, and plant-based diets. This surge in health-conscious eating habits will drive the peanut oil market.
Get Your Free Sample of the Global Peanut Oil Market ReportWhat Is The Segmentation Of The Global Peanut Oil Market?
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
What Emerging Trends Are Shaping The Template Peanut Oil Market Landscape?
Prominent players in the peanut oil market are focusing on cold-pressed groundnut oils to penetrate the premium segment of cold-pressed oils. These oils are extracted through traditional methods without heat or chemicals, preserving their natural nutrients. In August 2023, Tata Consumer Products, an India-based consumer goods company, introduced a range of 100% pure and unrefined cold-pressed oils under the Tata Simply Better brand. This collection includes variants like groundnut, coconut, mustard, and sesame oil, offering high-quality, nourishing options as part of Tata's strategy to redefine the category and promote consumer well-being.
Which Region Has The Fastest Expansion In The Peanut Oil Market?
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 regions covered in the peanut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.