Peanuts Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 90.42 Billion |
| Market Size (2029) | USD 102.81 Billion |
| CAGR (2024 - 2029) | 2.60 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Peanuts Market Analysis
The Peanuts Market size is estimated at USD 90.42 billion in 2024, and is expected to reach USD 102.81 billion by 2029, growing at a CAGR of 2.60% during the forecast period (2024-2029).
Peanuts are an important food crop and are used in various food products. They are an important source of nutrients, including protein and oil. They are also helpful in maintaining a healthy body and having plenty of dietary proteins. Additionally, an increase in the demand for convenience foods like snacks is increasing the demand for peanuts, as peanuts are consumed as a whole nut snack, a component of confections and sauces to accompany other foods, such as peanut butter and peanut oil. Therefore, increased health benefits and the wide usage of peanuts in many food products drive the market's growth during the forecast period.
In recent years, the growing consumption has inclined toward using peanuts in daily diets and healthy ready-to-eat snacks. The increasing number of peanut-infused product manufacturers has taken young and geriatric consumers by stride with the launch of innovative products. For instance, in 2022, GOOD GOOD Brand launched a new peanut butter spread in the United States, Canada, the United Kingdom, and Europe. The peanut butter is also 99% sugar-free and free from added sugar. Moreover, peanuts produced globally are utilized to make peanut butter, peanut oil, and candies and to be eaten directly. Approximately 60% of the peanuts are specifically used for making peanut butter. Around 15% of the harvest is processed for oil, resulting in cake and meal as additional products.
The leading peanut producer countries are China, India, Nigeria, the United States, Indonesia, Argentina, Senegal, and Brazil. According to the National Bureau of Statistics of China, Henan is the largest peanut-producing province in China, with a production volume of almost 6 million metric tons in 2022. Along with this, FAO stated that China and India are the largest consumers and exporters of peanuts in the world, accounting for more than 36.0% of global consumption during 2022-2023. The market for peanuts is projected to increase during the forecast period as exporters are experiencing demand from Southeast Asian countries and Europe. Increasing demand for nut-based snacks, nut butter, and protein-rich foods is likely to drive the peanut market's growth.
Although there is a strong demand for peanuts, production is hindered by factors such as poor crops and abnormal weather conditions, affecting the prices. Risks in producing peanut kernels arise from potential crop failures caused by weather conditions and pest infestations, leading to price fluctuations and hindering the market's growth.
Peanuts Market Trends
The Rising Production of Peanuts
The increasing demand for protein-rich foods is driving the high demand for peanuts during the forecast period, encouraging higher exports. Furthermore, the increasing demand for peanut oil in the pharmaceuticals and personal care sectors has further boosted the market's growth. According to the FAO, world peanut production totals about 45 million metric tons annually. The United States is the world's fourth largest producer, after China, India, and Nigeria, and exports about 25-30% of production. For instance, according to the FAOSTAT, in 2021, 2,885,450 metric tons of peanuts were produced in the United States, up from about 2,479,560 metric tons of peanuts in 2019.
Runner, Virginia, Spanish, and Valencia are grown commercially in the United States. The most common type is the runner peanut, primarily used for making peanut butter, accounting for 80% of the country's peanut production. Runner peanuts are predominantly grown in the Southeast of the United States. The Virginia peanut, grown in Virginia and North Carolina, is popular for gourmet snacks and makes up 15% of the US peanut crop. Spanish peanuts, known for their strong nutty flavor due to a higher oil content, are typically cultivated in Oklahoma and Texas and contribute about 4% to the national crop. Valencia peanuts, primarily grown in New Mexico, comprise around 1% of the crop and are often roasted and sold in their shells or used for natural peanut butter.
The market for peanuts is projected to grow in the future due to changes in customer consumption patterns, as plant-based protein is gaining popularity instead of meat-based protein. With people becoming more interested in healthy eating, peanuts are anticipated to become an important source of unsaturated fats, fiber, proteins, vitamins, and minerals. Additionally, consumers' busy lives are pushing them toward more protein-rich healthy snacks that require less time to serve, such as peanut butter and nut bars, which is boosting the market during the forecast period.
Asia-Pacific is the Largest Market
China is the world's leading producer of peanuts. The five provinces where 70% of the crop is grown are Shandong, Henan, Hebei, Guangdong, and Jiangsu. The tropical climatic conditions favor the production of peanuts in this region. In 2020, according to the FAO, China was the biggest peanut producer, producing 18.0 million metric tons. India, Nigeria, and the United States followed with about 9.9,4.4, and 2.7 million metric tons, respectively. In 2019, the production of peanuts decreased in India, the United States, and Senegal due to adverse weather conditions like delayed and irregular rainfall. Later, in 2020, production rose.
China and India are the largest consumers and exporters of peanuts globally. With people becoming increasingly interested in healthy eating, peanuts are projected to become an important source of unsaturated fats, fiber, protein, vitamins, and minerals. The wide usage of by-products and end products of peanuts, such as peanut oil, is used for cooking, and the leftovers after oil extraction are used as animal feed in these countries. Additionally, about half of China's peanuts are directly consumed by humans, and the other half is crushed into meals or oil. India is another key market in the region, with per capita consumption reaching 4.26 kg in 2020, as per the International Nut & Dried Fruit Council.
Moreover, the increased demand from major importers such as Vietnam, Thailand, and Japan led China to increase its production, which grew in 2020. The market's growth is anticipated to be bolstered during the forecast period globally, owing to the demand from processed foods industries for products such as peanut snacks, a widely consumed snack in Asia-Pacific.
Peanuts Market News
- June 2024: The Indian Government raised the minimum support prices (MSPs) for peanuts to encourage cultivation as the country continues to depend on imports to fulfill domestic demand. The MSP for peanuts has been raised to INR 6,783 (USD 82.14) per quintal from INR 6,377 (USD 77.22), reflecting a 6% increase.
- June 2024: The Hershey Company, under its brand Reese, launched the jumbo peanut butter cups. The cups contain iconic Reese's peanut butter with a good amount of chocolate. This innovation provides sweet, filling satisfaction to those looking for a no-sharing option.
- September 2023: The Gujarat Government launched online registration of farmers to procure groundnuts at INR 6,377 (USD 77.22) per quintal. This initiative helps farmers as the state procures large quantities of crops to benefit nearly 3.5 lakh farmers from across Gujarat.
Peanut Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Healthy Peanuts Snacks
4.2.2 Changes in Consumption Habits and the Adoption of a Healthy Lifestyle
4.2.3 Growing Trends for Vegan Diets
4.3 Market Restraints
4.3.1 Weather Uncertainties Impending the Peanuts Production
4.3.2 Stringent Regulations Related to Food Quality Standards
4.4 Value Chain Analysis
5. MARKET SEGMENTATION
5.1 Geography (Production Analysis, Consumption Analysis by Value and Volume, Import Analysis by Value and Volume, Export Analysis by Value and Volume, and Price Trend Analysis)
5.1.1 North America
5.1.1.1 United States
5.1.1.2 Canada
5.1.2 Europe
5.1.2.1 Germany
5.1.2.2 United Kingdom
5.1.2.3 France
5.1.2.4 Russia
5.1.2.5 Ukraine
5.1.3 Asia-Pacific
5.1.3.1 China
5.1.3.2 India
5.1.3.3 Indonesia
5.1.4 South America
5.1.4.1 Brazil
5.1.4.2 Argentina
5.1.5 Africa
5.1.5.1 Nigeria
5.1.5.2 Tanzania
6. MARKET OPPORTUNITIES AND FUTURE TRENDS
Peanuts Industry Segmentation
Peanuts are oval-shaped nuts commercially distributed as pulses and oilseeds. They are widely used in the food and beverage industry as oil, flour, snacks, and peanut butter. The peanuts market includes a Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis. The market is also segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the market sizes and forecasts in terms of Volume (metric tons) and Value (USD) for all the above segments.
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Peanut Market Research FAQs
How big is the Peanuts Market?
The Peanuts Market size is expected to reach USD 90.42 billion in 2024 and grow at a CAGR of 2.60% to reach USD 102.81 billion by 2029.
What is the current Peanuts Market size?
In 2024, the Peanuts Market size is expected to reach USD 90.42 billion.
Which is the fastest growing region in Peanuts Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Peanuts Market?
In 2024, the Asia-Pacific accounts for the largest market share in Peanuts Market.
What years does this Peanuts Market cover, and what was the market size in 2023?
In 2023, the Peanuts Market size was estimated at USD 88.07 billion. The report covers the Peanuts Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Peanuts Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key challenges faced by peanut producers in emerging markets?
The key challenges faced by peanut producers in emerging markets are a) Infrastructure limitations b) Access to technology c) Competition from established players
Peanut Industry Report
The global peanuts market is experiencing steady growth, driven by increasing health consciousness and the versatile use of peanuts in various food products. Peanuts, rich in protein and oil, are consumed in forms such as raw, roasted, and as key ingredients in snack bars, peanut butter, and confectioneries. The market analysis reveals that raw peanuts dominate the segment due to their extensive use in culinary purposes and direct consumption, while roasted peanuts are popular in bakery products and snacks.
The industry value is significantly influenced by applications in direct consumption, culinary preparations, oil production, and bakery products, highlighting the health benefits that fuel consumer demand. The market size and market segmentation show a diverse distribution channel, including hypermarkets, supermarkets, and e-commerce platforms, with larger stores having an edge due to their broad product ranges and the ability for consumers to physically inspect quality.
Geographically, the Asia-Pacific region is experiencing robust growth, driven by a growing consumer base and the rising popularity of peanut-based products. North America and Europe also hold significant market positions. The market forecast and market outlook suggest continued expansion in these regions.
Industry reports and industry research indicate that the industry's growth rate is on an upward trajectory. The market leaders are capitalizing on the increasing demand for healthier snack options. The industry size and industry trends underscore the importance of peanuts in the global food market.
The market value and price trend analysis are essential components of the market review, providing insights into the economic aspects of the peanut industry. The report example and report pdf offer a comprehensive view of the market data and market predictions, making it a valuable resource for research companies and stakeholders.
Overall, the market overview and market growth highlight the positive industry outlook, supported by detailed industry information and industry statistics. The industry analysis provides a thorough understanding of the market dynamics, ensuring that stakeholders are well-informed about the current and future trends in the peanuts market.
