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Peanut Oil Market to Reach $15,684.70 Million, Globally, by 2032 at 4.6% CAGR: Allied Market Research
People's lifestyles are changing due to higher living expenses, and one noticeable shift is the rise in events at home. Nowadays, it's cool to entertain and eat at home rather than go out, and this shift is boosting the demand for peanut oil. However, the nutritional profile of peanut oil, featuring monounsaturated and polyunsaturated fats, positions it as a healthier option in comparison to some other cooking oils. Secondly, its mild flavor and high smoke point make peanut oil a versatile choice for various culinary applications, including frying and sautéing. As consumers increasingly prioritize natural and minimally processed food products, peanut oil aligns with these preferences, contributing to its growing popularity in the market. Its adaptability in different cuisines and its role as a healthier cooking oil option collectively contribute to the notable growth observed in the peanut oil market.
• Crisp Results in Frying
By product type, the refined segment held the highest market share in 2022, accounting for more than four-fifths of the global peanut oil market revenue and is estimated to maintain its leadership status throughout the forecast period. The demand for peanut oil is rising due to growing consumer awareness and health concerns. Consumers are increasingly aware of the health benefits of peanut oil, which is driving the demand for these oil and oil products. Hence, these factors are fuelling the refined segment in the peanut oil market. While unrefined peanut oil still maintained their market share, the momentum leaned toward organic options as consumers increasingly sought transparency in sourcing and a commitment to cleaner, more environment-friendly products.
Based on application, the food segment held the highest market share in 2022, accounting for nearly around two-fifths of the global peanut oial market revenue, and is estimated to maintain its leadership status throughout the forecast period. The market is driven by a rise in consumer preferences for healthier, more nutritious, and functional food. Consumers are seeking food products with added health benefits, such as fortified food, functional beverages, and those containing natural ingredients. Moreover, the snacking culture has gained momentum, contributing to the growth of the food segment.
Based on the distribution channel, the business-to-business segment held the highest market share in 2022, accounting for around half of the global peanut oil market revenue and is estimated to maintain its leadership status throughout the forecast period. The business-to-business segment caters to hospitality and food service sectors, including restaurants, hotels, and catering services, relies on bulk quantities of cooking oils like peanut oil. Thus, the business-to-business segment is expected to be the fastest growing segment throughout the anticipated period.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. The demand for peanut oil in
Asia-Pacific is rising with the increase in the preference for a healthy lifestyle along with the growth in health concerns, production, e-commerce, and online grocery shopping, which has made it easier for consumers to access a wider range of peanut oil.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.
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