Peanuts have deeply penetrated the food & beverage industry, and its growth is likely to reflect on the peanuts market in the upcoming years. It is also widely used in other industries such as dairy, and bakery & confectionary which is forecasted to have a favorable influence on the market growth over the next couple of years. Market Research Future (MRFR)’s analysis highlights the fact that the global peanuts market is anticipated to expand at a steady CAGR during the review period 2018 to 2023.
The use of peanuts for the extraction of oil and peanut flour in one of the key ongoing trends expected to favor the expansion of the market in the nearby future. It is also gaining popularity as a part of the flavor innovation in the food industry. Industry leaders are leveraging peanut owing to its nutritional content for capitalizing on the rising health-conscious population.
The peanuts market has been forecasted to observe a drastic rise in the co9nsumption levels over the next couple of years. It is expected to gain traction as a source of protein and is likely to emerge as a chief constituent for protein bars. The growing demand for healthy snacks is poised to aid the proliferation of the peanuts market in the years to come.
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The important players of the peanuts market expected to contribute significantly towards the development of the market are Olam International (Singapore), Hampton Farms, Inc (U.S.), Kraft Foods Inc. (U.S.), Star Snacks Co., LLC (U.S.), Archer Daniels Midland (U.S.), Virginia Diner (U.S.), and Diamond Foods, Inc. (U.S.).
In April 2019, Bega Cheese, an Australian dairy company, has launched a peanut butter brand as an outcome of its acquisition of Peanut Company of Australia (PCA) in 2017.
In April 2019, a snack bar brand, Eat Natural, has announced the launch of a vegan snack bar for the U.K. market with peanut, coconut, and chocolate as the key ingredients.
In Aril 2019, Henry Bell and Co., a leading animal feed producer, has inaugurated its brand Henry Bell Wild Bird Care which includes over 100 varieties of products for all types of garden birds. Its product portfolio includes peanuts, sunflower seeds, suet, and fat balls, etc.
In October 2018, a TechCrunch Battlefield alum, Nima, has developed a peanut sensor for the people allergic to peanuts in food.
By form, the global Peanuts Market has been segmented into raw, roasted, blanched, powder, others. Among these, the raw segment is expected to maintain a dominant position through the forecast period.
By application, the peanuts market has been segmented into direct consumption/culinary purpose, bakery and confectionery, peanut butter and spreads, peanut bars, dairy products, oils, others. The oils segment is poised to lead the market growth trailed by the bakery and confectionery segment over the assessment period.
By Distribution Channel, the global peanuts market has been segmented into hypermarkets and supermarkets, convenience stores, specialty stores, e-commerce, others. The penetration of market through the hypermarkets and supermarkets segment is relatively higher which is anticipated to have a favorable impacton the growth pace of the market.
The global peanuts market is segmented, on the basis of region, into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is the largest market for peanuts. The exponential population of the region is expected to enable the market players to attract a larger customer base in the forthcoming years. This, in turn, is expected to aid the expansion of the peanuts market in the region. North America is anticipated to hold its second spot through the assessment period. The shift towards a healthy food pattern is expected to fuel demand for peanuts in the region over the next few years.