Peanut Oil Market to Grow with a CAGR of 4.5% through 2029F

Global Peanut Oil Market is propelled by shifting consumer preferences towards healthier options, changes in cooking oil preferences, and challenges related to supply chain sustainability.

According to TechSci Research report, “Peanut Oil Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Peanut Oil Market stood at USD 2.55 billion in 2023 and is anticipated to grow with a CAGR of 4.5% in the forecast period through 2029. The global peanut oil market is influenced by various factors such as production trends, consumption patterns, key players, market dynamics, and regional variations. China, India, and the United States are among the largest producers and consumers of peanut oil.

The market is driven by the growing demand for healthy edible oils, increasing consumer awareness about the health benefits of peanut oil, and its diverse applications in food preparation and the food industry. Peanut oil, derived from peanuts, is known for its high smoke point, making it suitable for various cooking methods like frying, roasting, and sautéing. It contains monounsaturated fats and other beneficial nutrients, making it a preferred choice for health-conscious consumers. Additionally, its wide availability and relatively lower cost contribute to its popularity in the culinary world.

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One of the primary drivers contributing to the growth of the groundnut oil market is its nutritional profile. Groundnut oil is rich in monounsaturated fats, essential fatty acids, antioxidants, and vitamin E, making it a healthier alternative to many other cooking oils. Health-conscious consumers have increasingly chosen groundnut oil for its perceived health benefits, including its ability to lower bad cholesterol levels and reduce the risk of heart disease. The food industry is a significant consumer of groundnut oil. Its high smoke point makes it suitable for various cooking methods, including frying, roasting, and sautéing, which has led to its widespread use in households and restaurants globally. Additionally, groundnut oil’s distinctive nutty flavor adds a unique taste to dishes, further driving its demand in culinary applications.

Companies are focusing on product innovation, quality enhancement, and sustainable production practices to gain a competitive edge. Moreover, technological advancements in oil extraction methods and packaging techniques have positively impacted market growth. Challenges, including price fluctuations of raw materials and the emergence of alternative oils, could potentially affect market dynamics. However, the overall trajectory of the global groundnut oil market remains optimistic, driven by the continuous demand for healthier cooking oils and the versatile applications of groundnut oil in various cuisines worldwide.

Factors like changing dietary preferences, lifestyle alterations, health consciousness, and the rising trend of natural and organic products impact the demand for peanut oil. However, market growth can be hindered by fluctuations in peanut production due to weather conditions, disease outbreaks affecting peanut crops, and market price volatility affected by supply and demand dynamics. The peanut oil market operates through various distribution channels including supermarkets/hypermarkets, convenience stores, online retail, and specialty stores. Manufacturers often focus on product innovation, packaging strategies, and marketing campaigns to attract consumers and gain a competitive edge in the market. Furthermore, the global peanut oil market faces challenges regarding regulatory norms, quality standards, and environmental concerns associated with production and processing methods. Sustainability practices, organic certifications, and efforts to ensure ethical sourcing of raw materials are becoming increasingly important for market players to maintain consumer trust and meet regulatory requirements.

The global peanut oil market is segmented into type, application, distribution channel, and region.

Based on application, Pharmaceuticals have become the fastest-growing segment within the peanut oil market, driven by increasing research into its health benefits and therapeutic applications. Peanut oil's high content of monounsaturated fats, vitamin E, and antioxidants make it a valuable ingredient in pharmaceutical formulations. It is utilized in various medical products such as topical treatments, oral supplements, and as a carrier oil for active pharmaceutical ingredients (APIs). The market growth is further fueled by rising consumer awareness of peanut oil's potential in promoting heart health, skin care, and overall well-being, positioning it as a versatile and sought-after ingredient in pharmaceutical innovations.

Major companies operating in global peanut oil market are:

• Ventura Foods, LLC
• Cargill, Incorporated
• Archer Daniels Midland Company
• Olam Group Limited
• Wilmar International Limited
• General Mills Inc. 
• The Hain Celestial Group, Inc.
• Associated British Foods plc
• Parrish and Heimbecker, Limited
• Bonneterre Foods Pvt Ltd (FreshMill Oils)

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“The global peanut oil market has witnessed steady growth owing to its versatile applications in the food industry and its nutritional value. Peanut oil, derived from groundnuts, serves as a prominent cooking medium due to its high smoke point and distinct flavor profile. Its popularity extends beyond culinary use, finding applications in cosmetics, pharmaceuticals, and as a biodiesel feedstock. Asia-Pacific leads in consumption and production, with China and India being major contributors. The rising demand for natural and healthy cooking oils, coupled with the expanding food industry, propels market growth. However, fluctuating peanut crop yields due to weather conditions, allergen concerns, and the emergence of alternative oils pose challenges. Consumer awareness regarding health benefits, coupled with technological advancements in oil extraction processes, is expected to fuel market expansion. Moreover, increasing disposable income and changing dietary preferences across regions contribute to the market's upward trajectory, presenting opportunities for innovation and market penetration”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Peanut Oil Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Refined, Unrefined), By Application (Pharmaceuticals, Food items, Skincare products, and Others), By Distribution Channel (Online and Offline), By Region & Competition, 2019-2029F, has evaluated the future growth potential of global peanut oil market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global peanut oil market.

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