Peanut Oil Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The peanut oil market is projected to witness a CAGR of 3.96% during the forecast period (2022-2027).

The global COVID19 pandemic affected the peanut oil market significantly. Due to the imposed laws and regulations by several governments of different countries, there was a closure of several manufacturing units of peanut oil, which had an adverse effect on the production volume of the product. This also negatively affected the trading chambers of peanut oil across the world. With partial or full lockdown in most countries in the world, the demand for cooking peanut oil drastically reduced in the initial phases of the pandemic.

On the other hand, with a high nutritional profile and people looking for immune-boosting ingredients during the pandemic, there was an increase in retail demand for peanut oil. Later, in the third quarter, the government uplifted certain laws and regulations from the global market, which have promoted the growth of the peanut oil market as consumers became aware of the health benefits of consuming the product. Peanut oil is used externally for application on the skin to moisturize dry skin and for skin conditions like eczema, making it a part of many personal care products. It is also a good source of vitamin E and possesses antioxidant properties.

Peanut oil is high in mono-saturated fat and low in saturated fat, which is considered to assist in the prevention of heart diseases and lower cholesterol levels. The oil also helps in the prevention of cancer, due to which it is gaining preference among health-conscious consumers and driving the market in return.

Scope of the Report

Peanut oil, also referred to as groundnut oil or Arachis oil, is a vegetable-derived oil made from the edible seeds of the peanut plant. The peanut oil market is segmented by product type into refined and unrefined peanut oil. The market is segmented on the basis of the application of the oil into personal care products, food, pharmaceuticals, and other applications. The market has also been diversely classified on the basis of regions, including North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

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Key Market Trends

Increasing Awareness of Peanut Oil Benefits in Skincare Products

With the growing culture of modernization, the lifestyle of consumers is also changing on a daily basis. Consumers are trending toward the usage of natural products in their daily life. Moreover, with the development of science and technologies, consumers are also acknowledging the benefits of organic ingredient-based skin care cosmetic products, which is resulting in a rising demand for these natural ingredients such as peanut oil. For instance, consumers prefer peanut oil-based skincare products because they can help relieve the skin of minor irritations while reducing redness. Eventually, the antioxidant powers found in its vitamin E content help fight aging. As a rich emollient, peanut oil helps condition and moisturize skin that looks and feels softer, smoother, and more radiant. Hydrogenated peanut oil also acts as a viscosity-increasing agent, which makes it an important part of the skincare industry. Therefore, with the growing demand for peanut oil-based products in daily life, consumers are trending toward the peanut oil market, which is also driving the market significantly.

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