Peanut Oil Market Outlook
According to the report by Expert Market Research (EMR), the global peanut oil market size is projected to grow at a CAGR of 5% between 2024 and 2032. Aided by the rising consumption of health-friendly cooking oils and the versatile application of peanut oil in culinary delights across the globe, the market is expected to grow significantly by 20232.
Peanut oil, derived from peanuts, also known as groundnuts, is a popular vegetable oil used in a myriad of culinary applications. It’s revered for its mild and pleasant flavour, which accentuates the taste of dishes. Besides its culinary prominence, peanut oil is rich in monounsaturated fats, making it a healthier option for heart-conscious consumers. Alongside its dietary advantages, peanut oil is also recognised for its stability at high temperatures, which makes it an ideal choice for deep-frying and sautéing.
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A surge in health consciousness among consumers has been pivotal in driving the global peanut oil market growth. As knowledge about the detrimental effects of saturated fats on heart health becomes mainstream, there has been a marked pivot towards oils rich in monounsaturated and polyunsaturated fats. Peanut oil, with its heart-friendly fat composition, has naturally become a preferred choice for many households.
Moreover, the global culinary landscape’s evolution, characterised by an increasing embrace of diverse cuisines, has further catalysed peanut oil market demand. With Asian cuisines gaining widespread acclaim and acceptance, where peanut oil is a staple, its demand has surged in regions beyond its traditional bastions. From stir-fries to salads, the distinct flavour profile of peanut oil has found takers across the globe.
The versatility of peanut oil goes beyond just culinary applications. The cosmetic industry, always on the lookout for natural ingredients, has begun incorporating peanut oil for its moisturising properties. Its vitamin E content makes it an ideal candidate for skin nourishment solutions, further impacting the peanut oil market outlook. Moreover, some traditional medicines tout peanut oil for its potential therapeutic benefits, thus opening another avenue of demand.
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Emerging trends in the food and beverage sector also offer a promising outlook for the peanut oil market. The rise of gourmet cooking and a growing trend of home chefs exploring various culinary styles have led to an emphasis on authentic ingredients, propelling peanut oil to the fore. Furthermore, with veganism and plant-based diets on the rise, there is a conscious move towards plant-derived oils, with peanut oil standing as a formidable contender.
Peanut Oil Market Segmentation
The market can be divided based on product type, application, packaging, and region.
Market Breakup by Product Type
- Refined
- Unrefined
Market Breakup by Application
- Food
- Personal Care Product
- Pharmaceutical
- Others
Market Breakup by Packaging
- Plastic Bottles
- Plastic Containers
- Glass Containers
- Plastic Pouches
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global peanut oil market. Some of the major players explored in the report by Expert Market Research are as follows:
- Archer Daniels Midland Company
- Cargill Inc.
- Olam International Limited.
- Adani Wilmar Ltd.
- Ventura Foods LLC
- Others
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