Peanuts are crops used in the manufacture of peanut oils and spreads for use in hotels, restaurants, and home use. The insolubility of peanuts has restricted its use in the food & beverage industry. However, health benefits and presence of isoflavones has increased its need. The global peanuts market report by Market Research Future (MRFR) touches on the production and supply chain, impact on farmers, and the sudden outbreak of the COVID-19 pandemic for the period of 2018 to 2023 (forecast period).
The global peanuts market is majorly driven by the use of the crop in manufacture of peanut flour and peanut oils. Its consumption as accompaniment snacks during drinking hours in certain countries can fuel market demand. The shift in the mood of consumers towards healthy eating habits is likely to increase the demand for peanuts. This can be credited to its high nutritional value and its popularity. Large demand for mono unsaturated fatty acids in oils can fuel the import and export of peanuts leading to a steady trickle of revenue for the market.
Health benefits of the consumption of peanuts such as protecting the heart at high altitudes. The high level of antioxidants and isoflavones as well as their relations to low probabilities of cardiovascular sickness can bode well for sales in the global peanuts market.
But the number of allergic cases caused by consumption of peanuts can hamper global market growth.
The global groundnut market is segmented by form, application, and distribution channel.
By form, it comprises powder, raw, roasted, blanched, and others. The raw form is found to hold a major share due to its application in further processing of oil and flour. However, the powder segment is slated to capture a large share in the coming years owing to its convenience and usage.
Major market applications include direct consumption/culinary purpose, peanut butter and spreads, oils, bakery and confectionery, peanut bars, dairy products, and others. Peanuts application in oil production is holding a large share followed by application in bakery and confectionery. Peanut butter and spreads is estimated to display a huge growth rate during the forecast period.
By distribution channel, the market comprises specialty stores, hypermarkets and supermarkets, convenience stores, e-commerce, and others. The hypermarkets and supermarkets segment is reported to possess a large share of the market.
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The global peanuts market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (ROW).
APAC is anticipated to be the leader of the market over the forecast period. Changes brought upon by urban lifestyles and healthy diets followed by consumers in the region are prime drivers of the global peanuts market. China and India are expected to contribute to the region greatly due to being the biggest producers and exporters.
North America follows APAC owing to the large consumption of peanuts and peanut-based foods. The evidence by health experts and the emphasis on plant-based diets can drive the regional market growth exponentially. In addition, the introduction of peanuts to children had the probability of low cases of peanut allergens according to new studies. The high requirement for boiled peanuts owing to their high moisture content can bode well for the global peanuts market. Consumption of peanuts during the COVID-19 pandemic is expected to be lucrative globally.
Archer Daniels Midland, Diamond Foods, Inc., Hampton Farms, Inc, Star Snacks Co., LLC, Kraft Foods Inc., Olam International, and Virginia Diner are key players of the global peanuts market.
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