Global Peanuts Industry – Overview
The Peanuts Industry is gaining popularity among various industries owing to its increasing application. Market Research Future, a firm which specializes in market reports related to the Food and Beverage sector among others, recently forecasted in its report on Global Peanuts Industry Research Report- Forecast to 2023 that the market will demonstrate a remarkable growth during the forecast period.
Market Scenario:
Peanuts or groundnuts are edible seeds of plant Arachis hypogaea. Peanuts are one of the most widely grown and commercially essential crops of the tropics reflected by the world annual production of peanuts being more than 45 million tons in 2015
Additionally, there is a huge demand for the product for culinary purpose owing to increasing awareness of benefits of peanuts. It has also been observed that the customers are more inclined towards various forms of peanuts available. The most common ways of using peanuts in India is in the form of oil and as roasted snack. Apart from satisfying hunger pangs, consumption of peanuts also makes the skin smooth, supple and younger looking which is adding fuel to the growth of peanut consumption. However, huge investment is required for peanut processing which may hinder the market growth.
Regional Analysis
The Asia Pacific accounts for the most significant market share of the global Peanuts Industry, owing to a large population, traditional uses of peanuts in culinary and massive cultivation. China followed by India lead the world peanut production with a share of approximately 37 % and 15 % respectively. The exports have been dominated by India with about 550000 tons in 2015 accounting for about 32 % of total world exports of 1.8 million tons.
North America led by U.S. account for the second largest market and accounts for approximately 20 % of world exports, with Georgia followed by Texas and Alabama being the primary peanut-producing states. Europe led by Netherlands, Germany, France, U.K., Belgium, and Norway accounting for the significant share of the European market. The European Union accounts for approximately 52 % of the world peanut imports in 2015, with the Netherlands accounting for about 40 % of the European market. The Middle East and Africa market are dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar. Among the Middle East and Africa region, Nigeria and Sudan are the primary producers of peanuts.
Market Dynamics
Traditional Popularity Coupled With Growing Food Industry Is The Prime Determinant Of The Market
Traditional popularity coupled with growing food industry is the prime driver of the market. Peanuts owing to its oil content and nutrition has been used since time immemorial for culinary propose and direct consumption. Peanuts being a rich source of polyunsaturated fatty acids, nutrients, minerals, antioxidants, and vitamins find a broad application in food industries.
The Growing Application Expanse Owing To Industrial Use Is Accounting For The significant Market Growth
The by-products after peanut processing are of industrial and agricultural uses such as animal feed, as a stock for the manufacture of paint, varnish, plastics, lubricating oil, textile fibers, leather dressings, insecticides, and nitroglycerin.
Growing Snacks And Packaged Food Market And Rising Nutrition Awareness Is Expected To Result In A Significant Demand
Increasing awareness about supplementary nutrition, the influence of the media and availability of attractive packaging has resulted uin market expanse.
The growing popularity of convenience foods, portability, coupled with product development such as the inclusion of appealing ingredients such as chocolate, and specially designed flavors, sweeteners, and preservatives have added to the attractions of the market. Commercial drivers such as the development of global supply chains, booming retail sector, efficient supply chain, and creative marketing strategies, are driving the market.
Allergies and contamination by fungus represents the prime market hazard
A small proportion of population experience allergic reactions to peanuts. Almost 0.5 % of the United States population is allergic to peanuts. Contamination by the mold Aspergillus flavus is another firm restraint.
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Segments
To generate an accurate understanding of the global peanut market, the report has been segmented by form, application, distribution channels, and regions.
Based on form, the market has been segmented into raw, roasted, blanched, powder, others. Raw form accounts for the most significant market share.
Based on application, the market has been segmented into direct consumption/culinary purpose, bakery and confectionery, peanut butter and spreads, peanut bars, dairy products, oils, and others. Oil application accounts for the most significant share followed by bakery and confectionery. Peanut butter and spreads are projected to grow at the fastest rate during the forecast period.
Based on distribution channel, the market has been segmented into hypermarkets and supermarkets, convenience stores, specialty stores, e-commerce, and others. Hypermarkets and supermarkets segment is expected to be the fastest growing.
Based on regions, the market has been segmented into North America, Europe, Asia Pacific and the Middle East and Africa.
Global Peanuts Industry - Competitive Analysis
With the entry of industry players in the Peanuts segment, a trend of solid, volume- driven growth has been observed in the market. Key players in the Peanuts Industry are focusing on expansions, acquisitions, mergers and new product launches. New product launch is the main focus of the competitors in order to expand their business and increase their market base. RD and product innovations are driving the growth of the market. There is continuous efforts by the key players to innovate their product offerings in the market.
The key players profiled in Peanuts Industry are Olam International (Singapore), Kraft Foods Inc. (U.S.), Hampton Farms, Inc (U.S.), Star Snacks Co., LLC (U.S.), Virginia Diner (U.S.), Archer Daniels Midland (U.S.), Diamond Foods, Inc. (U.S.)
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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