According to the revised report by Persistence Market Research, the global peanut oil market is predicted to progress at a CAGR of 3.8% and reach a valuation of US$ 13.75 Bn by 2031. Peanuts are a rich source of fiber, protein, and oil. Depending on the climate, maturity, variety, and agronomic practices, peanuts can contain 40% to 50% oil. Due to the moderate level presence of monounsaturated and polyunsaturated fat in peanut oil, it is considered as the best alternative to any other oil that constitutes saturated fat. Peanut oil offers an inherently stable longer shelf life with a unique flavor experience.
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Increasing number of quick-service restaurants, cafes, and hotels all over the world is a major factor in the growing demand for peanut oil from the foodservice industry. Peanut oil has a high relatively saturated fatty acid content; it is more stable than any other vegetable oil, such as soybean oil. Thus, groundnut oil is the best alternative to extended high heat exposure while reducing the production of harmful oxidation products.
The high smoke point of peanut oil is the main reason for its popularity across the world, as it can be used for deep-frying, sautéing, and grilling. Although raw peanut oil has a nutty aroma, refined peanut oil is odourless. Thus, it has no effect on the flavor in the preparation of food.
- Cargill Incorporated offers peanut oil for the food industry under the brand name Masterchef, Swekar, and Gemini.
- Archers Daniels Midland Company offers high refined peanut oil and roasted aromatic peanut oil that are highly utilized by the foodservice industry.
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Key Takeaways from Market Study
- The peanut oil market in the Middle East, Africa, and Oceania is projected to grow at CAGRs of 4.5%, 5.1%, and 3.3% respectively, during the forecast period of 2021-2031.
- East Asia and South Asia hold the largest market shares globally for peanut oil.
- Consumption of peanut oil in the retail/household segment is anticipated to reach US$ 5.9 Bn by 2031.
- Major demanding country for peanut oil in Europe is Italy.
- Due to COVID-19, demand for peanut oil decreased as hotels, restaurants, and cafeterias (HoReCa) closed down amid lockdowns globally. However, demand is expected to increase owing to consumers choosing natural and healthy food products for their diet.
Competitive Landscape
Key manufacturers of peanut oil strive to expand their product portfolios to strengthen their position in the global market, with the expansion of facilities with the latest tools and machinery, and innovative products with high quality & standards.
- In 2019, Bunge Limited established a new facility in China, which helped the company expand its business in Asia Pacific. The company has been planning to extend its specialty plant-based oil, fats, and ingredients portfolio to meet rising demand in China.
- In 2017, Cargill Incorporated launched a new range of blended frying oils under the brand name Risso. The product was launched to cater to the demand from foodservice providers in the European market. The company also launched high oleic edible oil with the lowest saturated fat content in the commercial segment. This has helped the company attract diet-conscious consumers.
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