Peanut Oil Market Report 2024

The peanut oil market size has grown strongly in recent years. It will grow from $9.74 billion in 2023 to $10.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth during the historic period can be attributed to several factors, the increasing demand for processed food, rising consumer awareness, growing demand for peanut oil in the cosmetics and personal care sectors, and government support for agriculture.

The peanut oil market size is expected to see strong growth in the next few years. It will grow to $12.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to several factors, an increasing number of quick-service restaurants, rising disposable income levels, growing health awareness, higher food and beverage expenditures, and increasing demand for processed food. Major trends expected during this period include the adoption of novel processing technologies, the use of cold pressing technology, advancements in technology, the development of advanced oil processing machines, and strategic collaborations and partnerships.

The rising consumer awareness and health concerns are anticipated to drive the growth of the peanut oil market. With increased access to information, higher expectations for product transparency, and a growing emphasis on personal well-being, consumers are more informed about their dietary choices. Peanut oil is a versatile cooking oil known for supporting heart, skin, and brain health, as well as boosting immunity, making it an appealing option for health-conscious individuals when used in moderation. For example, a survey conducted by the International Food Information Council in May 2022 found that 52% of participants followed a specific diet or eating pattern, up from 39% in 2021, with younger consumers under 50 leading this trend. Popular diets include clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based eating (12%). This growing consumer awareness and focus on health are expected to drive the peanut oil market's growth.

Key companies in the peanut oil market are developing innovative products, such as cold-pressed groundnut oils, to enter the rapidly growing premium segment. Cold-pressed groundnut oils are extracted using traditional methods without heating or chemicals, preserving their natural nutrients. For instance, Tata Consumer Products, an India-based manufacturer and supplier of food and beverages, launched a new range of 100% pure and unrefined cold-pressed oils in August 2023. The Tata Simply Better Cold Pressed Oils collection includes four variants, cold-pressed groundnut oil, virgin cold-pressed coconut oil, cold-pressed mustard oil, and cold-pressed sesame (gingelly) oil. This launch is part of Tata's strategy to redefine norms in the growing category of cold-pressed oils and provide nourishing alternatives that promote overall well-being.

In February 2023, MK Agrotech, an India-based food production company, acquired Riso, a premium edible oil brand offering peanut oil, for an undisclosed amount. This acquisition aims to help Sunpure, a brand under MK Agrotech, expand its product portfolio, strengthen its market presence in the peanut oil market, and reach a broader customer base.

Major companies operating in the peanut oil market are Cargill Inc., Archer Daniels Midland Company, Wilmar International Limited, Bunge Limited, CHS Inc., Olam International, Yihai Kerry Investments Co. Ltd., Louis Dreyfus Company, Adani Wilmar, Ruchi Soya Industries Ltd., Hain Celestial Group, J-Oil Mills Inc., Lam Soon Group, Ventura Foods, Agarwal Industries Pvt. Ltd., Liberty Oil Mills Ltd., Golden Peanut and Tree Nuts, Catania Oils, Planters Peanut Co., Agro Indonesia, Manishankar Oils Pvt. Ltd., Shree Ram Proteins Ltd, Kothari Oils.

Asia-Pacific was the largest region in the peanut oil market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the peanut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the peanut oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Peanut oil, also known as groundnut oil, is a versatile vegetable oil derived from peanuts, known for its mild flavor and high smoke point, making it ideal for cooking methods such as frying and stir-frying. It is also valued for its health benefits, including its high content of monounsaturated fats and vitamin E.

The main types of peanut oil are refined and unrefined. Refined peanut oil has undergone a refining process to remove impurities and enhance its quality. These oils are available in various packaging types, including glass containers, plastic containers, cartons, plastic pouches, and others, and are distributed through multiple sales channels such as business-to-business, hypermarkets or supermarkets, online sales channels, and independent retail stores. Peanut oil serves various applications, including personal care products, food, pharmaceuticals, and more. The primary end users include homes, restaurants, food manufacturing, and other sectors.

The peanut oil market research report is one of a series of new reports that provides peanut oil market statistics, including peanut oil industry global market size, regional shares, competitors with a peanut oil market share, detailed peanut oil market segments, market trends and opportunities, and any further data you may need to thrive in the peanut oil industry. This peanut oil market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The peanut oil market consists of sales of cooking oil and roasted peanut oil. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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