Global Peanuts Market Size By Type (Ordinary, Waspish type), By Application (Food, Oil), By Region, And Segment Forecasts, 2023 to 2032

The Global Peanuts Market was valued at USD 65 billion in 2023 and is projected to reach USD 102 billion by 2031, growing at a CAGR of 5.8% during the forecast period from 2023 to 2031. Peanuts are a versatile crop widely consumed globally, either as a snack, an ingredient in food products, or as a source of oil and protein. The market growth is driven by increasing consumer demand for plant-based proteins, the rising popularity of peanut-based products, and advancements in agricultural practices that boost yield and quality.

Drivers

Rising Demand for Plant-Based Proteins

The global shift towards plant-based diets has bolstered the demand for peanuts, given their rich protein content and health benefits.

Expanding Use in Food and Beverage Industry

Peanut-based products, such as peanut butter, snacks, and confectioneries, continue to gain popularity due to their taste and nutritional value.

Advancements in Agricultural Practices

Innovations in farming techniques, such as precision agriculture and the development of disease-resistant peanut varieties, are enhancing productivity and driving market growth.

Restraints

Climate-Sensitive Cultivation

Peanuts are highly sensitive to climatic conditions, and unpredictable weather patterns can significantly affect crop yield, posing a challenge to market stability.

Allergen Concerns

Peanut allergies, particularly prevalent in Western markets, may hinder market growth and require manufacturers to implement strict labeling and allergen management practices.

Opportunity

Emerging Markets in Asia-Pacific and Africa

With increasing urbanization, rising disposable incomes, and growing awareness of health and nutrition, these regions offer significant growth potential for peanut cultivation and consumption.

Innovative Product Development

The development of value-added peanut-based products, such as high-protein bars, peanut milk, and peanut oil-based cosmetics, is expected to create new opportunities in the market.

Market by Type Insights

The Raw Peanuts segment dominated the market in 2023, attributed to their diverse applications, including direct consumption, processing into peanut oil, and as an ingredient in food products. The Processed Peanuts segment is also witnessing rapid growth, fueled by the rising demand for ready-to-eat snacks and convenience food.

Market by End-Use Insights

The Food and Beverage sector emerged as the largest end-user in 2023, holding over 60% of the market share. This dominance is driven by the extensive use of peanuts in snacks, confectioneries, and culinary applications. The Industrial segment, including peanut oil production and use in non-food products, is also experiencing steady growth.

Market by Regional Insights

Asia-Pacific accounted for the largest market share in 2023, driven by significant peanut production in countries like China and India, along with increasing consumption in snacks and cooking oil.

North America is projected to witness substantial growth, fueled by the rising demand for peanut-based snacks and health-conscious consumer trends.

Africa is emerging as a key player in peanut production, with countries like Nigeria and Sudan contributing significantly to global supply.

Competitive Scenario

Key players in the Global Peanuts Market include Olam International, Cargill, Archer Daniels Midland (ADM), Kraft Heinz Company, and Mars, Inc. These companies focus on strategic partnerships, innovations in peanut-based product offerings, and sustainable agricultural practices to maintain a competitive edge.

Scope of Work – Global Peanuts Market

Key Market Developments

2023: Olam International announced investments in sustainable peanut farming practices across Africa, enhancing production efficiency and reducing environmental impact.

2024: Kraft Heinz launched a new line of organic peanut butter targeting health-conscious consumers in North America.

2025: Mars, Inc. expanded its portfolio with premium peanut-based snacks aimed at the European market.

FAQs

What is the current market size of the Global Peanuts Market?

The Global Peanuts Market was valued at USD 65 billion in 2023.

What is the major growth driver of the Global Peanuts Market?

Rising demand for plant-based proteins and the growing use of peanuts in food and beverage applications are key growth drivers.

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

Asia-Pacific is the largest region, driven by significant production and consumption in key countries.

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

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

Who are the key market players in the Global Peanuts Market?

Major players include Olam International, Cargill, ADM, Kraft Heinz Company, and Mars, Inc.

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