Peanuts Market Size (2024 - 2029)

Peanuts Market Analysis

The Peanuts Market size is estimated at USD 90.42 billion in 2024, and is expected to reach USD 102.81 billion by 2029, growing at a CAGR of 2.60% during the forecast period (2024-2029).

Peanuts are an important food crop and are used in various food products. They are an important source of nutrients, including protein and oil. They are also helpful in maintaining a healthy body and having plenty of dietary proteins. Additionally, an increase in the demand for convenience foods like snacks is increasing the demand for peanuts, as peanuts are consumed as a whole nut snack, a component of confections and sauces to accompany other foods, such as peanut butter and peanut oil. Therefore, increased health benefits and the wide usage of peanuts in many food products drive the market's growth during the forecast period.

In recent years, the growing consumption has inclined toward using peanuts in daily diets and healthy ready-to-eat snacks. The increasing number of peanut-infused product manufacturers has taken young and geriatric consumers by stride with the launch of innovative products. For instance, in 2022, GOOD GOOD Brand launched a new peanut butter spread in the United States, Canada, the United Kingdom, and Europe. The peanut butter is also 99% sugar-free and free from added sugar. Moreover, peanuts produced globally are utilized to make peanut butter, peanut oil, and candies and to be eaten directly. Approximately 60% of the peanuts are specifically used for making peanut butter. Around 15% of the harvest is processed for oil, resulting in cake and meal as additional products.

The leading peanut producer countries are China, India, Nigeria, the United States, Indonesia, Argentina, Senegal, and Brazil. According to the National Bureau of Statistics of China, Henan is the largest peanut-producing province in China, with a production volume of almost 6 million metric tons in 2022. Along with this, FAO stated that China and India are the largest consumers and exporters of peanuts in the world, accounting for more than 36.0% of global consumption during 2022-2023. The market for peanuts is projected to increase during the forecast period as exporters are experiencing demand from Southeast Asian countries and Europe. Increasing demand for nut-based snacks, nut butter, and protein-rich foods is likely to drive the peanut market's growth.

Although there is a strong demand for peanuts, production is hindered by factors such as poor crops and abnormal weather conditions, affecting the prices. Risks in producing peanut kernels arise from potential crop failures caused by weather conditions and pest infestations, leading to price fluctuations and hindering the market's growth.

Peanuts Industry Segmentation

Peanuts are oval-shaped nuts commercially distributed as pulses and oilseeds. They are widely used in the food and beverage industry as oil, flour, snacks, and peanut butter. The peanuts market includes a Production Analysis (Volume), Consumption Analysis (Value and Volume), Import Analysis (Value and Volume), Export Analysis (Value and Volume), and Price Trend Analysis. The market is also segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the market sizes and forecasts in terms of Volume (metric tons) and Value (USD) for all the above segments.