Global Groundnut Oil Market Size By Type (Refined, Unrefined), By Application (Personal Care Products, Food), By Region, And Segment Forecasts, 2023 to 2032

lobal Groundnut Oil Market Report Description

The Global Groundnut Oil Market was valued at USD 18.6 billion in 2023 and is projected to reach USD 29.4 billion by 2031, growing at a CAGR of 5.9% during the forecast period from 2023 to 2031. Groundnut oil, also known as peanut oil, is widely used for cooking and food processing, particularly in Asia-Pacific and Africa. The market is experiencing robust growth due to rising health awareness, the demand for natural and minimally processed oils, and expanding applications in the food and beverage, cosmetics, and pharmaceutical industries.

Drivers:

1. Rising Consumer Preference for Healthier Oils

Groundnut oil is rich in monounsaturated and polyunsaturated fats, which are associated with cardiovascular health. The increasing preference for natural and healthier cooking oils is driving market growth, particularly in urban populations.

2. Expanding Food Processing Industry

The global expansion of the food processing industry has fueled the demand for edible oils with stable shelf life and high smoke points. Groundnut oil’s versatility and flavor profile make it a preferred choice in packaged and fried food products.

3. Growth in Vegan and Plant-Based Diets

As plant-based eating becomes mainstream, demand for vegetable-based oils like groundnut oil is on the rise. Its use as a butter substitute in vegan recipes further contributes to market expansion.

Restraints:

1. Volatile Raw Material Prices

Fluctuations in groundnut cultivation due to seasonal changes, pests, and climate variability can significantly impact oil prices and supply, posing a challenge for market stability.

2. Competition from Substitute Oils

The market faces intense competition from other vegetable oils such as soybean, sunflower, and canola oil, which may be more affordable or widely available, limiting groundnut oil’s market share.

Opportunity:

1. Rising Demand in Emerging Economies

Urbanization, rising incomes, and changing dietary habits in regions like Asia-Pacific and Africa are creating new demand avenues. Groundnut oil is culturally and traditionally favored in these regions, offering significant untapped potential.

2. Growth in Organic and Cold-Pressed Oil Markets

Consumers are increasingly seeking organic and minimally processed oils. Cold-pressed and organic variants of groundnut oil are gaining popularity in health-conscious consumer segments, opening new premium product lines.

Market by System Type Insights:

By processing type, the Refined Groundnut Oil segment dominated in 2023 due to its longer shelf life and neutral taste, making it widely accepted in commercial cooking. However, the Cold-Pressed Groundnut Oil segment is anticipated to witness faster growth during the forecast period, owing to rising awareness about chemical-free, nutrient-rich alternatives.

Market by End-use Insights:

In terms of end-use, the Food & Beverage segment held the largest market share in 2023, driven by extensive use in cooking, baking, and frying applications. The Cosmetics & Personal Care segment is growing rapidly, as groundnut oil finds applications in skin and hair care products due to its moisturizing and antioxidant properties.

Market by Regional Insights:

Asia-Pacific led the global groundnut oil market in 2023, with countries like India, China, and Indonesia being major producers and consumers. The region is expected to maintain dominance throughout the forecast period. North America is anticipated to witness the fastest growth rate, attributed to increasing adoption of healthy cooking oils and demand for ethnic cuisines.

Competitive Scenario:

Key players in the Global Groundnut Oil Market include Cargill Inc., Archer Daniels Midland Company (ADM), Wilmar International Ltd., Marico Ltd., Adani Wilmar Limited, Ventura Foods, Olam International, Borges Agricultural & Industrial Nuts, Hain Celestial Group, and Bunge Limited. These companies focus on expanding production capacity, launching organic product variants, and establishing regional distribution networks.

Scope of Work – Global Groundnut Oil Market

Key Market Developments:

2023: Marico Ltd. launched an organic cold-pressed groundnut oil under its premium edible oil range targeting health-conscious consumers in India and Southeast Asia.

2024: ADM expanded its production capacity in Nigeria and Ghana to meet rising regional demand for groundnut oil.

2025: Wilmar International entered into a strategic partnership with local cooperatives in Vietnam to enhance groundnut sourcing and oil production capabilities.

FAQs:

What is the current market size of the Global Groundnut Oil Market?

The market was valued at USD 18.6 billion in 2023.

What is the major growth driver of the Global Groundnut Oil Market?

The growing consumer demand for healthier and natural cooking oils is the primary driver.

Which is the largest region during the forecast period in the Global Groundnut Oil Market?

Asia-Pacific is expected to remain the largest region during the forecast period.

Which segment accounted for the largest market share in the Global Groundnut Oil Market?

The Food & Beverage segment accounted for the largest market share in 2023.

Who are the key market players in the Global Groundnut Oil Market?

Key players include Cargill Inc., ADM, Wilmar International Ltd., Marico Ltd., and Adani Wilmar Limited.

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