Market Overview
Peanuts are one of the most used crops required as a food variant. They are consumed in all forms, including snacks and spreads. The healthy and processed food variant is often used in bakeries as confectionery and, at times, as dairy alternatives. They are one of the healthiest sources of unsaturated fatty acids, including a rich quantity of potassium, zinc, and iron. Therefore, their application in the food industry has increased over the years. Apart from the food industry, peanuts in their processed forms are also used in paints, lubricants, animal feeds, and varnishes. The different variants in which the product appears in the market have also increased its demand in the field by replacing the plant-based variants with the peanut variant. The replacement of milk with all the conventional peanut products drives the market.
The Peanuts Market size was estimated to show a global share of $3.8 billion in 2021 and is further estimated to showcase a growth of 107.4 billion dollars. This is due to the ever-increasing growth and demand for peanut butter in developed countries. The growth was seen with a CAGR constant of 2.45%.
The major factor driving the Peanuts Market is the heavy consumption of food products in different forms over the years. Beginning with cooking and baking, they are used in innovative manners that have helped grab the consumer's attention. This has further led to strengthening the market in all sorts of innovative ways. The increasing awareness about the consumption of cruelty-free products has also driven people into using products available at conventional and at considerable prices. The largest peanut consumption is observed in the chocolates, snacks, and cookies departments. The pandemic had a devastating effect on the Peanuts Market, like any other department, due to a stoppage in the transportation and production of the raw materials. But post the pandemic, substantial growth is predicted for the market.
Key Players:
Olam International (Singapore), Kraft Foods Inc. (U.S.), Hampton Farms, Inc. (U.S.), Star Snacks Co., LLC (U.S.), Virginia Diner (U.S.), Archer Daniels Midland (U.S.), and Diamond Foods, Inc. are the major companies profiled in the peanuts market.
Market Segmentation
The Peanuts Market outlook report is segmented into the product type, the distribution channel, and the application.
Depending on the product type, the Peanuts Market is divided into the smooth peanut, crunchy peanuts, and others.
The Peanuts Market is again divided into supermarkets, convenience stores, and hypermarkets depending upon the distribution channels that help production.
By application, the market is again divided into food and beverage departments, where the consumption is done in chocolate bars, pastries, and cakes.
Regional Analysis
The Peanuts Market is spread over areas due to its significant global growth. An increase in consumption in countries like the UK, the US, and developing countries like India has increased food product requirements. This means that the market is globally spread over the North America parts of Asia-Pacific like China, Japan, and Europe. This assures a smooth global passage of the same.
Industry News
The Peanuts Market was estimated to show a global share of $3.8 billion in 2021 and is further estimated to showcase a growth of 107.4 billion dollars. The growth was seen with a CAGR constant of 2.45%.
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