Peanut Oil Market 2024 - By Size, Share, Price, Growth, Analysis, Outlook And Forecast Report 2033

The Business Research Company recently released a comprehensive report on the Global Peanut Oil Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The peanut oil market size has grown strongly in recent years. It will grow from $9.74 billion in 2023 to $10.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to the growing demand for processed food, rising consumer awareness, the growing demand for peanut oil in the cosmetics and personal care sectors, and government support for agriculture.

The peanut oil market size is expected to see strong growth in the next few years. It will grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to a rising number of quick-service restaurants, rising disposable income levels, rising health awareness, rising food and beverage expenditures, and growing demand for processed food. Major trends in the forecast period include novel processing technologies, cold pressing technology, advancements in technology, advanced oil processing machines, and collaborations and partnerships.

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Market Drivers and Trends:

Growing consumer awareness and health concerns are expected to propel the growth of the peanut oil market going forward. Consumer awareness and health concerns are on the rise due to increased access to information, higher expectations for product transparency, and a growing emphasis on personal well-being. Peanut oil is a versatile cooking oil that supports heart, skin, and brain health and immunity, making it valuable for health-conscious individuals when consumed in moderation. For instance, in May 2022, according to an online survey conducted by the International Food Information Council of 1,005 Americans ages 18 to 80., a US-based non-profit organization, 52% of Food and Health Survey participants followed a specific diet or eating pattern, up from 39% in 2021. The increased dieting has come primarily from consumers under the age of 50. The most common diets or eating patterns this year include clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based eating (12%). Therefore, growing consumer awareness and health concerns will drive the peanut oil market.

Major companies operating in the peanut oil market are focused on developing innovative product offerings, such as cold-pressed groundnut oils, to enter the rapidly growing premium segment of cold-pressed oils. Cold-pressed groundnut oils refer to groundnut or peanut oils that are extracted using traditional cold-pressed methods without any heating or chemical processes. For instance, in August 2023, Tata Consumer Products, an India-based manufacturer and supplier of consumer food and beverages, launched a new range of 100% pure and unrefined cold-pressed oils to make premium-quality oils accessible and affordable for a wide range of consumers. The Tata Simply Better Cold Pressed Oils collection features four variants, including cold-pressed groundnut oil, virgin cold-pressed coconut oil, cold-pressed mustard oil, and cold-pressed sesame (gingelly) oil. The launch of this new range of cold-pressed oils is part of Tata's strategy to redefine the norms in this rapidly growing category and provide consumers with nourishing alternatives that promote overall well-being.

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Major Key Players of the Market:

Cargill Inc., Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, CHS Inc., Olam International, Yihai Kerry Investments Co. Ltd., Louis Dreyfus Company, Adani Wilmar, Ruchi Soya Industries Ltd., Hain Celestial Group, J-Oil Mills Inc., Lam Soon Group, Ventura Foods, Agarwal Industries Pvt. Ltd., Liberty Oil Mills Ltd., Golden Peanut and Tree Nuts, Catania Oils, Planters Peanut Co., Agro Indonesia, Manishankar Oils Pvt. Ltd., Shree Ram Proteins Ltd, Kothari Oils

Peanut Oil Market 2024 Key Insights:

• The peanut oil market size is expected to see strong growth in the next few years. It will grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Peanut Oil Market Growth Fuelled By Consumer Awareness And Health Concerns
• Cold-Pressed Oils Drives Innovation In The Peanut Oil Market
• Asia-Pacific was the largest region in the peanut oil market in 2023

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