Peanuts Market Size

Peanut Market Analysis

The Peanuts Market size is estimated at USD 90.42 billion in 2024, and is expected to reach USD 102.81 billion by 2029, growing at a CAGR of 2.60% during the forecast period (2024-2029).

• Peanuts are an important food crop and are used in various food products. They are an important source of nutrients, including protein and oil. They are also helpful in maintaining a healthy body and having plenty of dietary proteins. Additionally, the increase in the demand for convenience foods like snacks is increasing the demand for peanuts as peanuts are consumed as a whole nut snack, a component of confections and sauces to accompany other foods, peanut butter, and peanut oil. Therefore, the increased health benefits and the wide usage of peanuts in many food products are the factors driving the market's growth in the forecast period.
• The leading peanut producer countries are China, India, Nigeria, the United States, Indonesia, Argentina, Senegal, and Brazil. China is the world's largest producer of peanuts, accounting for about two-fifths of the world's production. According to the National Bureau of Statistics of China, Henan is the largest peanut-producing province in China, with a production volume of almost 6 million metric tons.
• Along with this, China and India are the largest consumers and exporters of peanuts in the world, accounting for more than 36.0% of global consumption. The market for peanuts is expected to increase during the forecast period as exporters are experiencing demand from Southeast Asian countries and the European region. Increasing demand for nut-based snacks, nut butter, and protein-rich foods is likely to drive the peanut market's growth.