The peanuts market is experiencing steady growth, with projections indicating an expansion from USD 87.43 billion in 2023 to USD 105.14 billion by 2030, reflecting a compound annual growth rate (CAGR) of 2.67%. This growth is driven by increasing consumer demand for nutrient-rich snacks, the rising popularity of plant-based proteins, and the versatile applications of peanuts across various industries. ​

1. Market Estimation & Definition

Peanuts, also known as groundnuts, are a leguminous crop widely cultivated for their edible seeds. They are consumed in various forms, including raw, roasted, blanched, powdered, and as ingredients in peanut butter, confectionery, and oil production. The global peanuts market encompasses the production, processing, distribution, and consumption of peanuts and their derivative products.​

In 2023, the market was valued at USD 87.43 billion and is expected to reach USD 105.14 billion by 2030, growing at a CAGR of 2.67%. This growth is attributed to the increasing demand for healthy snacks, the surge in plant-based protein consumption, and the diverse applications of peanuts in food products, cosmetics, and industrial uses.

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2. Market Growth Drivers & Opportunities

a. Health-Conscious Consumption Trends

The growing awareness of health and wellness has led consumers to seek nutrient-dense snack options. Peanuts, being rich in protein, healthy fats, and essential nutrients, have become a preferred choice for health-conscious individuals. The shift towards plant-based diets has further propelled the demand for peanuts as a sustainable protein source. ​

b. Versatility in Applications

Peanuts are utilized in a wide range of products, including peanut butter, confectionery, bakery items, dairy products, peanut bars, and cooking oils. Their versatility extends to non-food industries, such as cosmetics and personal care, where peanut oil is valued for its moisturizing properties. This broad spectrum of applications contributes to the steady growth of the peanuts market. ​

c. Expansion of Distribution Channels

The proliferation of e-commerce platforms and the expansion of supermarkets and hypermarkets have enhanced the accessibility of peanut products to consumers worldwide. The convenience of online shopping and the availability of a diverse range of peanut-based products have contributed to increased consumption. ​

d. Emerging Markets and Export Opportunities

Emerging economies, particularly in Asia-Pacific and Africa, present significant growth opportunities for the peanuts market. Rising disposable incomes, urbanization, and changing dietary habits in these regions have led to increased demand for peanut products. Additionally, the export potential of peanuts from major producing countries like India, China, and the United States continues to drive market expansion. ​

3. Segmentation Analysis

By Type:

• Runner Peanuts: Known for their uniform kernel size and high yields, runner peanuts are predominantly used in peanut butter production.​

• Virginia Peanuts: Larger in size with a distinctive flavor, Virginia peanuts are favored for direct consumption and gourmet snacks.​

• Spanish Peanuts: Characterized by their smaller size and red skins, Spanish peanuts are commonly used in confectionery and peanut candies.​

• Valencia Peanuts: Sweet and typically containing three or more kernels per shell, Valencia peanuts are often used in natural peanut butter and boiled peanuts.​

By Form:

• Raw: Used in various culinary applications and for further processing.​

• Roasted: Consumed as snacks and used in confectionery products.​

• Coated: Flavored and coated peanuts cater to the snack food segment.​

• Blanched: Used in baking and confectionery for their smooth texture.​

• Powder: Utilized in protein powders, baking mixes, and flavorings.​

By Application:

• Direct Consumption/Culinary Purpose: Peanuts consumed as snacks or used in cooking.​

• Bakery and Confectionery: Incorporated into cakes, cookies, candies, and other sweet products.​

• Peanut Butter and Spreads: A significant segment driven by health trends and convenience.​​

• Peanut Bars: Popular as energy bars and snack options

• Dairy Products: Used in flavored milk, ice creams, and yogurts.​

• Oil Production: Peanut oil is used for cooking and in cosmetic formulations.​

By Distribution Channel:

• Hypermarkets and Supermarkets: Major sales channels offering a wide range of peanut products.​

• Convenience Stores: Accessible outlets catering to on-the-go consumers.​

• Specialty Stores: Focus on gourmet and organic peanut products.​

• E-Commerce: Rapidly growing channel providing convenience and variety.​

4. Country-Level Analysis

United States:

The U.S. is a significant player in the global peanuts market, both as a producer and consumer. Runner peanuts dominate the U.S. market, primarily used in peanut butter production. The increasing demand for plant-based proteins and healthy snacks has led to a surge in peanut consumption. Additionally, innovations in peanut-based products and the expansion of organic and non-GMO offerings cater to health-conscious consumers.

Germany:

Germany represents a growing market for peanuts in Europe, driven by the rising popularity of nut-based snacks and plant-based diets. The demand for organic and sustainably sourced peanuts is on the rise, aligning with the country's emphasis on health and environmental consciousness. Peanut-based spreads, confectionery, and snack bars are gaining traction among German consumers seeking nutritious and convenient food options.