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Peanut is one of the major potential crops utilized for producing various products such as spreads, snacks, and also directly incorporated in many culinary preparations. Peanut ingredients such as flour, butter, and oil are widely used in various processed foods such as in bakery, confectionery, and also sometimes as a dairy-alternative. Peanuts are a rich source of polyunsaturated fatty acids and also have an abundance of nutrients such as zinc, iron, potassium, and others. Thus, they have a wide application in the food industry. Further, the by-products obtained from peanut also have industrial use such as an ingredient in animal feed, paint, lubricating oil, varnish, and others. These factors cumulatively fuel the peanut ingredients market growth.
The increase in demand of ready-to-eat snacks among the consumers have positively influenced the peanut ingredients market. Peanut flour is utilized in a wide array of cooking and baking as it is comparatively high in protein content than the other grain flours. The key manufacturers are also focusing on launching innovative products in order to draw consumer’s attention and strengthen their market presence. Thus, have positively impacted the peanut ingredients market growth.
The major factor that fuels the growth of the peanut ingredients market is the increase in consumers’ demand for plant-based ingredients. The rise in the vegan trend has nudged the consumers to shift towards plant-based ingredients such as peanut. The consumers are replacing conventional milk with peanut milk, almond milk, soymilk, and others owing to their wide awareness about the animal cruelty-free products. The high consumption of peanut ingredients-based snacks, chocolates, and cookies are also factors that fuels the market growth.
Key Market Driver -
Increase in Demand for Plant-based Food Ingredients
Key Market Restraint -
Negative Health Impact on Consumption of High Fat Containing Food
The negative health impact such as obesity and high blood pressure associated with consuming high calorie and high-fat food products such as peanut ingredients is a crucial factor that impedes its market growth. According to the World Health Organization (WHO), the obesity rate has increased by 18% since 1975. In 2016, about 13% of the adults were obese and in 2019, an estimated 38.2 million children under the age of 5 years were obese.
The key companies operating in the global peanut ingredients market are, Olam International Limited, The Kraft Heinz Company, Archer Daniels Midland Company, Cargill, Incorporated, Hampton Farms, Inc, Virginia Diner, Star Snacks Co., LLC, Noomi LLC, Ruparel Foods Pvt. Ltd, and Whitley's Peanut Factory.
The peanut ingredients market is segmented by type, application, and geography. The peanut oil and butter segment hold a major share due to their wide consumption as cooking oil and spread, respectively. The peanut oil is broadly used for cooking and baking purposes due to its neutral taste, as it does not hamper or change the taste of the food. Peanut butter is widely consumed as spread in toasts, bread, or crackers due to its nutty flavour, crunch and high protein content.
The food and beverage application sector is accounted for holding a major share, followed by animal feed. The bakery and confectionery segment are leading in the food and beverage segment owing to the increasing consumption of chocolate bars, cakes and pastries by the consumers. Many confectionery products manufacturers are introducing new products with peanuts to enhance its taste and texture. The savoury snacks segment is also witnessing traction due to the increase in consumption of snacks by consumers across the globe.
Asia Pacific region is the fastest-growing market for peanut ingredients due to the presence of countries such as China and India, who are the leading producers and consumers of peanuts in the world. The rise in working and millennial population in the region have boosted the consumption rate of peanut ingredients in the form of chocolate and cookies. The factors such as growing demand for plant-based food and changing lifestyles have fuelled the peanut ingredients regional market.
North America is observing significant growth in the peanut ingredients market due to rising between the meal snacking trend among the consumers. The increase in vegan population in the region has nudged them to shifted their preferences towards plant-based snacks. The consumption of peanut ingredients in the form of candies, cookies, and peanut butter in the U.S. and Canada are considered as comfort foods. The hectic lifestyles have shifted the consumers towards convenience foods, which has aided in regional market growth.
Europe is expected to witness substantial growth in the upcoming years owing to the rise in consumption of peanut and its derived products. Peanuts and peanut butter account for a large amount of nut consumption in Europe. Countries such as Germany, the U.K., and the Netherlands are the largest importers of peanut in the region, which serve as a raw material in various snacks, bakery, and dairy products. Thus, helps boost the market growth.
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