The global peanut ingredients market is expected to gain impetus from their increasing need in various industrial applications, such as varnish, lubricating oil, paint, and animal feed. Fortune Business Insights™ presented this information in an upcoming report, titled, “Peanut Ingredients Market Size, Share and Industry Analysis, By Type (Oil, Flour, Butter, Powder), By Application (Food and Beverage [Bakery, Savory Snacks, Confectionery, Dairy] Animal Feed) and Regional Forecast, 2020-2027.” The report further mentions that peanut ingredients possess numerous nutrients, such as potassium, iron, and zinc. They are also sometimes used as dairy-alternatives in the forms of oil, butter, and flour.
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How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Drivers and Restraints-
Increasing Demand for Ready-to-eat Snacks to Bolster Growth
The high demand for ready-to-eat snacks among people across the globe is set to be a vital peanut ingredients market growth driver. Peanut flour plays an important role in baking and cooking because of its comparatively high in protein content, unlike other grain flours. Besides, peanut ingredients are considered to be plant-based products.
The increasing adoption of vegan diets is causing people to shift rapidly towards peanuts. Some of them are also replacing conventional milk with soymilk, almond milk, and peanut milk. Also, the rising awareness of the benefits of using animal cruelty-free products is likely to aid growth. However, various ailments, such as high blood pressure and obesity associated with the consumption of peanut ingredients may hinder growth.
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Asia Pacific to Dominate Stoked by Rising Working and Millennial Population
Asia Pacific is anticipated to hold the largest peanut ingredients market share in the coming years on account of the increasing millennials and working population in the region. India and China are considered to be the major producers and consumers of peanuts globally. Peanut ingredients are also being used in making cookies and chocolates in the region.
North America, on the other hand, is likely to grow significantly because of the high demand for convenience foods. At the same time, the increasing consumption of these products in the forms of peanut butter, candies, and cookies in the U.S. would propel growth. Lastly, Europe is estimated to grow substantially backed by the rising consumption of peanut butter in the region.
Key Players Focus on Introducing New Peanut Ingredients-infused Products
The market for peanut ingredients contains numerous manufacturers that are striving persistently to gain a competitive edge by launching unique products. Some of the others are engaging in the merger and acquisition strategy to strengthen their positions. Below are the two latest industry developments:
- November 2020: Yoga Bar introduced its new range of Nut Butters in India. The company aims to replace the regular sugar-filled bread spreads with healthy alternatives. They are made with premium and non-GMO nuts that are low ground and slow-roasted.
- November 2020: Huel launched a new flavor called Peanut Butter in its bestselling powder range. One serving of Huel powder contains 27 essential minerals and vitamins. These are meant for those looking for nutritious and affordable food items that are easy to make.
A list of all the renowned peanut ingredients manufacturing companies in the global market:
- Olam International Limited
- The Kraft Heinz Company
- Archer Daniels Midland Company
- Cargill, Incorporated
- Hampton Farms, Inc.
- Virginia Diner
- Star Snacks Co., LLC
- Noomi LLC
- Ruparel Foods Pvt. Ltd.
- Whitley’s Peanut Factory
- Other key market players
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