Peanut
oil is an edible vegetable oil that is derived from peanuts. Peanuts
are legumes and are native to Latin America and several others
tropical regions. Peanut or groundnut oil is a well-established
product with a historically high use in several Asian foods and
cuisines. It is used either as a base for cooking (cooking oil) or to
enhance the flavor of the underlying food.
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The
market for cooking oils is a crowded place with a high level of
competition and minimal unique functionality. This competition is due
to the high and consistent use of several other vegetable oils and
introduction of new and unique oils every year. The emergence of
soybean oil, for instance, is cited as an important reason for the
decline in the use of peanut and other vegetable oils. The impact of
new oils is particularly strong in developed regions as consumers
belonging to these regions have access and purchasing power to buy
these new products.
The
other important factor that governs the growth of peanut oil market
is the extent to which peanuts are used for direct consumption and
for processing. It is estimated that the share of peanuts used for
direct consumption will increase in the coming years.
The
functional properties offered by peanut oil are an important factor
driving the market. Peanut oil is particularly suited for deep-frying
purposes as it does not absorb the flavor of the underlying food
products. It is also a relatively healthy oil due to a low percentage
of saturated fats, trans-fats, and cholesterol. These factors are
important in the context of the increasing health awareness among
consumers. The nutty flavor offered by peanut oil is also an
important factor that influences peanut oils to be used as a dressing
and flavoring agent.
Allergy
to peanut is a serious concern for the market as peanut allergy is a
relatively high cause of food-related deaths. As per the National
Institute of Allergy and Infectious Diseases, over 0.6% of the
population in the U.S. is allergic to peanuts or peanut-derived
products. The use of refined and processed peanut oil mitigates this
risk to a certain extent.
The
peanut
oil market in North America, Latin America, Western Europe,
Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA is
covered in the report.
On
the basis of production of peanuts, China and India dominate the
market and account for over half of the global production. The United
States is also an important producer with over ten percent of the
global share. On the basis of consumption, the market presents a more
complex and region-specific trend. The overall observable trend being
that the increase in peanut oil consumption is closely related to its
increasing incorporation in food products.
Some
of the key players in the peanut oil market include Archer Daniels
Midland (Golden Peanut), Cargill, Incorporated, Olam International,
Adani Wilmar Limited (Fortune Foods), Ventura Foods (Lou Ana), etc.
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