Global Peanut Oil Market: Rising Awareness about Functional Properties of Peanut Oil to Aid Growth, says TMR

The market for cooking oil is crowded, exhibiting a high degree of competition, and negligible unique functionalities. The consistently rising use of vegetable oils and launch of newer variants within the market have created an environment conducive to the growth of the global peanut oil market. In a report, titled “Peanut Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2027,” Transparency Market Research provides a comprehensive overview of the market and covers various factors supporting the market’s trajectory between 2017 and 2027. Besides this, the report also sheds light on the various challenges that the market players may witness during the course of the forecast period.

Considering the increasing health consciousness among consumers around the world, the demand for peanut oil has picked up in the last few years. People around the world have become increasingly health conscious. Hence a paradigm shift in their eating habits is noticed, wherein they are slowly moving toward healthier food. This has considerably aided the global peanut oil market’s growth. On the downside, the rising popularity of soybean oil is hindering the peanut oil market’s growth to an extent. Nonetheless, the demand for these new variants of oil is considerably high in developed nations, as consumers belonging to these countries have greater access and higher disposable income to spend on new products. Also with forecasts regarding the increasing use of peanuts for direct consumption and processing, the future of the global peanut oil market seems much promising.

Other than this, the growing awareness about the functional properties of peanuts is aiding in the market’s expansion. Also peanut oil is preferred for deep frying as it does not absorb the underlying flavor of food products. This is one of the key reasons behind its increasing use across fast food chains. Moreover, peanut oil is considered relatively healthier as it has relatively low percentage of trans-fat, cholesterol, and saturated fat. Besides this, many consumers opt for peanut oil because of its nutty flavor. Against this backdrop, the demand for peanut oil is expected to rise in the coming years.

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However, peanut allergy, which could prove fatal in severe cases is a major factor restraining the use of peanut oil more commonly. The rising incidence of peanut allergy worldwide has restricted the widespread use of peanut oil especially across food chains, thus restricting the market’s expansion. The report provides an in-depth study of the various factors supporting the market’s growth and those creating hindrances. It also gauges the impact of recent regulatory policies on the overall market.

For the purpose of the study, the global peanut oil market can be segmented on the basis of type, packaging, and application. On the basis of type, the market can be bifurcated into refined and unrefined peanut oil. In terms of application, the market can be categorized as personal care products, food, pharmaceuticals, and others. Regionally, Western Europe, Eastern Europe, Latin America, North America, Asia Pacific (excluding Japan), Japan, and the Middle East & Africa constitute the key segments within the global peanut oil market. The report studies in detail the various factors supporting the market’s growth across these segments.

To provide a holistic outlook, some of the leading enterprises operating within the global peanut oil market are profiled. These companies are studied on the basis of their product portfolio, recent strategies, strategic collaborations, and financial overview. Cargill Incorporated, Archer Daniels Midland (Golden Peanut), Ventura Foods (Lou Ana), Adani Wilmar Limited (Fortune Foods), and Olam International are some of the prominent enterprises operating in the global peanut oil market.

Acclaimed Health Benefits of Peanut Augur Well for Peanut Oil Market

Transparency Market Research’s new market study on the global peanut oil market looks into market indicators and demand trends that are expected to have a bearing on the growth of this market for the forecast period between 2017 and 2027. The report is titled “Peanut Oil Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2027.”

The functional properties of peanut is the key factor driving the peanut oil market. Peanut oil is largely used for deep-frying purposes as it keep the flavor intact of underlying food products. It is also relatively healthy due to low percentage of trans-fats, saturated fats, and cholesterol. The nutty flavor imparted by peanut oil is also influencing the use of peanut oil as a dressing and as a flavoring agent.

However, the growth of the peanut oil market is largely impeded due to the availability of several other vegetable oils and consistent introduction of new oils. For instance, the emergence of soybean oil is one of the key reasons for the decline in consumption of peanut and other vegetable oils. In particular, developed regions have an influential market for new oils due to the purchasing power of consumers and a fancy for new products.

Peanut allergy is a serious concern and a relatively important cause for food-related deaths, which is impeding the growth of the peanut oil market. According to statistics of the National Institute of Allergy and Infectious Diseases, more than 0.6% of the population in the U.S. have peanut allergies.

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In terms of application, the market can be segmented into personal care products, food, pharmaceuticals and others. Food is the dominant application segment and is anticipated to continue so in the future. The increasing trend of incorporating plant-based ingredients in daily use products is primarily driving the personal care products segment. Peanut oil is largely used in skin and baby care products in the personal care products range. In pharmaceutical products, peanut oil is widely used in weight loss, constipation, and cholesterol-lowering drugs.

By packaging, the peanut oil market can be segmented into glass containers, plastic bottles and containers, plastic pouches, and cartons. Plastic bottles and containers and plastic pouches are dominant packaging segments due to their ease of use in domestic settings.

The regional segments into which the peanut oil market can be segmented are North America, Western Europe, Asia Pacific excluding Japan, Latin America, Eastern Europe, Japan, and the Middle East and Africa.

Some of the top players in the peanut oil market include Archer Daniels Midland, Olam International, Ventura Foods, Cargill Incorporated, and Adani Wilmar Limited among others.

Strategies Major Players are Adopting in Peanut Oil Market

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.

Market Dynamics of Peanut Oil Market

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.

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Market Segmentation of Peanut Oil Market

The peanut oil is segmented on the basis of type, application, and packaging.

On the basis of type, the market is segmented into refined and unrefined peanut oil. The refined oil is refined through bleaching and deodorization. This process essentially removes the components that might cause peanut-based allergies thereby making refined peanut oil, non-allergic. The high smoke point offered by refined peanut oil makes it an attractive frying oil for hotels and restaurants. Unrefined peanut oil offers the nutty taste of peanuts and is, therefore, an ideal choice for salad dressings.

On the basis of application, the market is segmented into food, personal care products, pharmaceutical and others. Food is the dominant segment and is expected to remain so due to the nature of the market. The increasing interest in incorporating plant-based or natural solutions into daily products is an important driving factor for the personal care products segment. In the personal care products segment, peanut oil finds application in several categories such as skin and baby care products. Peanut oil is also used in a wide range of pharmaceutical products such as weight loss, cholesterol-lowering, cardiac and constipation drugs.

On the basis of packaging, the market is segmented into plastic bottles and containers, glass containers, plastic pouches, and cartons. Convenience, cost and shelf life are important parameters to gauge the performance of any kind of packaging method. The plastic bottles and containers and plastic pouches are important and dominant segments due to their particular applicability in preparing food products.

Regional Outlook of Peanut Oil Market

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.

Key Market Players in Peanut Oil Market

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.