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Peanut is one of the widely consumed nut and is utilized for producing various food products such as sauces, butter, and spreads, along with its direct incorporation in many culinary preparations. Peanut sauce also called as satay or bumbu kacang is made from ground roasted or fried peanuts. It is high in calories and contains fibre, protein, vitamins, and minerals which make it a healthy and nutritious. This has led to the wide utilization of peanut sauce in various food preparations such as in stir-fried vegetables, meat, noodles as they dairy-free and vegan. In addition, the rising demand for healthy convenience and ready-to-eat food products is fuelling its market growth.
Peanut sauce is a high-quality food product with several nutritional benefits and is an affordable source of plant-protein. The fast-paced lifestyle of the consumers has led them to shift towards convenient meals which can be prepared in a short time. Thus, these factors have cumulatively aided in driving its industry’s growth.
The growing inclination of consumers towards vegetarian and vegan products is boosting the growth of the market. The consumers are adopting vegan products owing to their wide awareness about animal cruelty-free products. Along with this, the nutritional benefits of peanut sauce and the prevalence of allergies and intolerance of animal-based products such as milk and eggs are the factors propelling the market growth.
The peanuts are high fat containing nuts and the consumption of high fatty peanut products may lead to health impacts such as obesity. Peanut sauce offers high fat and protein to diet which is expected to act as an impeding factor in the market. 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. Thus, rising consumer awareness to avoid fat-induced foods will hamper the growth.
Key Market Driver -
Growing Inclination towards Vegan Sauces
Key Market Restraint -
Negative Health Impact Associated with Consuming High Fat Containing Products
The key companies operating in the global peanut sauce market are, Thai Preeda Trading Co., Ltd., McCormick & Company, Inc., Desiamcuisine (Thailand) Co. Ltd., HS Foods Group BV, Empire Bespoke Foods Ltd., Hormel Foods Corporation, Thrive Market, The J.M. Smucker Company, Conagra Brands, Inc., and Ayam Brand.
The conventional peanut sauce segment is anticipated to account for the major share in the market as it is affordable and easily available in the stores in comparison to the organic variant. However, the organic segment is gaining traction in the developed economies such as the U.S., U.K., Japan, and others owing to the rising consumer interest toward organic diet.
Supermarkets and hypermarkets are expected to be the most preferred sales channel by the consumers due to the availability of a wide range of products under a single roof. The purchasing experience offered by these mass merchandisers due to the presence of product distinct aisles along with offering numerous bundling schemes and discounts.
Asia Pacific is likely to hold the major share in the market owing to the wide utilization of peanut sauce in Thai cuisine. Along with this, China and India are the largest producers of peanut which ensures abundant raw material availability for the production of peanut sauce. Further, the growing inclination of consumers towards convenience and plant-based foods is boosting the regional market growth.
North America is expected to observe a significant growth in the market due to the rise in cross-culture food consumption trends which has led to their growing likeability for Thai cuisine. The consumers have also started incorporating peanut sauce in their dressings and dips due to its unique taste and nutritional properties. Further, the soaring number of Thai food restaurants in the U.S. which has doubled in the last five years is anticipated to boost the regional peanut sauce market in the forecasted years.
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