Peanut Oil Market to Reach $15,684.70 Million, Globally, by 2032 at 4.6% CAGR: Allied Market Research

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Feb 07, 2024, 10:01 ET

The peanut oil market is expected to witness notable growth owing to an increase in consumer awareness of its health benefits, including heart health and antioxidant properties. Additionally, the rising popularity of peanut oil in culinary applications, driven by its mild flavor and high smoke point, is contributing to the market expansion. The demand is further fueled by the growing trend of natural and minimally processed cooking oils, where peanut oil finds favor as a versatile and healthier alternative in various cuisines.

PORTLAND, Ore., Feb. 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Peanut Oil Market by Type (Refined and Unrefined), by Application (Cosmetics, Food, Pharmaceuticals, and Others), and by Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, Convenience Stores, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2023–2032 ". According to the report, the global peanut oil market was valued at $10,099.80 million in 2022 and is projected to reach $15,684.70 million by 2032, registering a CAGR of 4.6% from 2023 to 2032.

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Prime determinants of growth

People's lifestyles are changing due to higher living expenses, and one noticeable shift is the rise in events at home. Nowadays, it's cool to entertain and eat at home rather than go out, and this shift is boosting the demand for peanut oil. However, the nutritional profile of peanut oil, featuring monounsaturated and polyunsaturated fats, positions it as a healthier option in comparison to some other cooking oils. Secondly, its mild flavor and high smoke point make peanut oil a versatile choice for various culinary applications, including frying and sautéing. As consumers increasingly prioritize natural and minimally processed food products, peanut oil aligns with these preferences, contributing to its growing popularity in the market. Its adaptability in different cuisines and its role as a healthier cooking oil option collectively contribute to the notable growth observed in the peanut oil market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$ 10,099.80 Million
Market Size in 2032	$ 15,684.70 Million
CAGR	4.6 %
No. of Pages in Report	190
Segments covered	Product Type, Application, Distribution Channel, and Region.
Drivers	• Global Influence in Asian Cuisines • Neutral Flavor Profile • Crisp Results in Frying
Opportunities	• Rise in demand for Plant-Based Oils • Innovation in Specialty and Infused Varieties
Restraints	• Competition from Alternative Oils • Price Volatility of Peanuts

The refined segment to maintain its leadership status throughout the forecast period

By product type, the refined segment held the highest market share in 2022, accounting for more than four-fifths of the global peanut oil market revenue and is estimated to maintain its leadership status throughout the forecast period. The demand for peanut oil is rising due to growing consumer awareness and health concerns. Consumers are increasingly aware of the health benefits of peanut oil, which is driving the demand for these oil and oil products. Hence, these factors are fuelling the refined segment in the peanut oil market. While unrefined peanut oil still maintained their market share, the momentum leaned toward organic options as consumers increasingly sought transparency in sourcing and a commitment to cleaner, more environment-friendly products.

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The food segment to maintain its leadership status throughout the forecast period

Based on application, the food segment held the highest market share in 2022, accounting for nearly around two-fifths of the global peanut oial market revenue, and is estimated to maintain its leadership status throughout the forecast period. The market is driven by a rise in consumer preferences for healthier, more nutritious, and functional food. Consumers are seeking food products with added health benefits, such as fortified food, functional beverages, and those containing natural ingredients. Moreover, the snacking culture has gained momentum, contributing to the growth of the food segment.

The business-to-business segment to maintain its leadership status throughout the forecast period

Based on the distribution channel, the business-to-business segment held the highest market share in 2022, accounting for around half of the global peanut oil market revenue and is estimated to maintain its leadership status throughout the forecast period. The business-to-business segment caters to hospitality and food service sectors, including restaurants, hotels, and catering services, relies on bulk quantities of cooking oils like peanut oil. Thus, the business-to-business segment is expected to be the fastest growing segment throughout the anticipated period.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. The demand for peanut oil in Asia-Pacific is rising with the increase in the preference for a healthy lifestyle along with the growth in health concerns, production, e-commerce, and online grocery shopping, which has made it easier for consumers to access a wider range of peanut oil.

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Leading Market Players: -

Olam International
CHS Inc.
Cargill, Inc
Wilmar International Limited
Archer Daniels Midland
Patanjali Ayurvedic Limited Incorporated
Mother Dairy
Hain Celestial
Bettcher Industries, Inc.
poration
COFCO Corporation

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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