|Study Period:||2016 -2027|
|Fastest Growing Market:||Europe|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
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).
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.
To understand key trends, Download Sample Report
Asia-Pacific Holds the Largest Market Share
Asia-Pacific is the largest market. This is due to the fact that this region has the largest populated countries in the world. Moreover, countries such as China and India contribute a large share of peanut oil consumption globally. According to the Department of Agriculture of the United States, the consumption of peanut oil in India was 1,170 thousand metric ton in fiscal 2021, whereas, in China, the consumption was around 3.28 million metric ton in the same fiscal year. Further, peanut oil is mostly used for cooking in Asian countries because it provides a different color and neutral taste and imparts a pleasant aroma to the cuisines served. It helps to multiply the taste of the food served. As the peanut oil is high in heart-healthy monounsaturated fat, it can also help lower consumers' low-density lipoprotein ( LDL), which is also known as bad cholesterol. Due to its various health benefits, consumers in this region prefer peanut oil in their daily routines, which is enabling the Asia-Pacific region to maintain dominancy over other regions worldwide.
To understand geography trends, Download Sample Report
The market studied is highly competitive in nature due to the presence of domestic and international players in this sector. Some of the top players in this segment are Archer Daniels Midland, Cargill Incorporated, CHS Inc., Adani Group, and Olam International. Key players are majorly focusing on product development and product innovation to meet consumers' needs by offering a variety in taste and in product quality to maintain premiumization. Some of the major players use mergers and acquisitions as their key strategy. The strategy to follow mergers and acquisitions by these top players is to sustain and secure a leading position in the industry. This will enable the companies to maintain dominance over other players, and they can remain a strong competition for other players in the market.
In 2022, Shree Ram Proteins Ltd diversified its business and announced its plan to set up a new oil refinery. The company ordered a state-of-the-art refining plant for the new business segment. The company will be launching rapeseed oil, groundnut oil, and cottonseed oil by the end of January 2023. It comes under the category of refined edible oil and shall cater to the company's domestic market. Thus, by adopting diversification, the company is expanding its business and expanding its product offerings for consumers.
In 2021, Cargill acquired an edible oil refinery in Nellore in Andhra Pradesh to expand its footprint in Southern India and strengthen its existing supply chain in the country.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.2.1 Personal Care
5.2.4 Other Applications
5.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Archer Daniels Midland Co.
6.4.2 Cargill Incorporated
6.4.3 Olam International
6.4.4 Adani Group
6.4.5 CHS Inc.
6.4.6 Hain Celestial Group Inc.
6.4.7 Lorenzati Group
6.4.8 Shandong Xingquan Oil Co. Ltd
6.4.9 Bunge Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Peanut Oil Market market is studied from 2016 - 2027.
What is the growth rate of Peanut Oil Market?
The Peanut Oil Market is growing at a CAGR of 3.96% over the next 5 years.
Which region has highest growth rate in Peanut Oil Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Peanut Oil Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Peanut Oil Market?
Olam International, Adani Group, CHS Inc., Archer-Daniels-Midland Company, Cargill, Inc. are the major companies operating in Peanut Oil Market.