The market for cooking oil is crowded, exhibiting a high degree of competition, and negligible unique functionalities. The consistently rising use of vegetable oils and launch of newer variants within the market have created an environment conducive to the growth of the global peanut oil market. In a report, titled “Peanut Oil Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2027,” Transparency Market Research provides a comprehensive overview of the market and covers various factors supporting the market’s trajectory between 2017 and 2027. Besides this, the report also sheds light on the various challenges that the market players may witness during the course of the forecast period.
Considering the increasing health consciousness among consumers around the world, the demand for peanut oil has picked up in the last few years. People around the world have become increasingly health conscious. Hence a paradigm shift in their eating habits is noticed, wherein they are slowly moving toward healthier food. This has considerably aided the global peanut oil market’s growth. On the downside, the rising popularity of soybean oil is hindering the peanut oil market’s growth to an extent. Nonetheless, the demand for these new variants of oil is considerably high in developed nations, as consumers belonging to these countries have greater access and higher disposable income to spend on new products. Also with forecasts regarding the increasing use of peanuts for direct consumption and processing, the future of the global peanut oil market seems much promising.
Other than this, the growing awareness about the functional properties of peanuts is aiding in the market’s expansion. Also peanut oil is preferred for deep frying as it does not absorb the underlying flavor of food products. This is one of the key reasons behind its increasing use across fast food chains. Moreover, peanut oil is considered relatively healthier as it has relatively low percentage of trans-fat, cholesterol, and saturated fat. Besides this, many consumers opt for peanut oil because of its nutty flavor. Against this backdrop, the demand for peanut oil is expected to rise in the coming years.
However, peanut allergy, which could prove fatal in severe cases is a major factor restraining the use of peanut oil more commonly. The rising incidence of peanut allergy worldwide has restricted the widespread use of peanut oil especially across food chains, thus restricting the market’s expansion. The report provides an in-depth study of the various factors supporting the market’s growth and those creating hindrances. It also gauges the impact of recent regulatory policies on the overall market.
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For the purpose of the study, the global peanut oil market can be segmented on the basis of type, packaging, and application. On the basis of type, the market can be bifurcated into refined and unrefined peanut oil. In terms of application, the market can be categorized as personal care products, food, pharmaceuticals, and others. Regionally, Western Europe, Eastern Europe, Latin America, North America, Asia Pacific (excluding Japan), Japan, and the Middle East & Africa constitute the key segments within the global peanut oil market. The report studies in detail the various factors supporting the market’s growth across these segments.
To provide a holistic outlook, some of the leading enterprises operating within the global peanut oil market are profiled. These companies are studied on the basis of their product portfolio, recent strategies, strategic collaborations, and financial overview. Cargill Incorporated, Archer Daniels Midland (Golden Peanut), Ventura Foods (Lou Ana), Adani Wilmar Limited (Fortune Foods), and Olam International are some of the prominent enterprises operating in the global peanut oil market.