Peanut Oil Market

Market Size and Growth Projections

The global peanut oil market was valued at USD 11.89 billion in 2023 (base year) and is projected to reach USD 18.67 billion by 2031. The market is expected to grow at a compound annual growth rate (CAGR) of 5.80% during the forecast period from 2024 to 2031. Asia-Pacific dominates the market with the largest revenue share due to high peanut production, widespread culinary use, and strong demand in countries like China (largest producer and consumer), India, and Indonesia. North America and Europe follow, driven by demand for premium, health-focused, and organic peanut oils, while Asia-Pacific remains the fastest-growing region supported by rising population, increasing disposable incomes, and expanding food processing industries.

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Market Segmentation

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The market is segmented as follows:

• By Type: Refined Peanut Oil (dominant segment), Unrefined/Pure Peanut Oil, Roasted Peanut Oil, Others.
• By Application: Food & Beverages (largest share – cooking oil, frying, salad dressings, sauces), Cosmetics & Personal Care (fastest-growing – skin moisturizers, hair care), Pharmaceuticals, Industrial (biofuels, lubricants), Others.
• By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, Online Retail (fastest-growing), Specialty Stores, Direct Sales.
• By Nature: Organic, Conventional.
• By Region: North America (U.S., Canada, Mexico), Europe (Germany, France, U.K., Italy, Spain, Russia, Turkey, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific), Middle East and Africa (Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa), South America (Brazil, Argentina, Rest of South America).

Key Drivers Fueling Growth

Key drivers include:

• Rising demand for peanut oil in household cooking and commercial frying due to high smoke point, mild flavor, and stability at high temperatures.
• Growing consumer preference for natural, cholesterol-free, and heart-healthy cooking oils rich in monounsaturated fats and vitamin E.
• Increasing use in food processing industries (snack foods, confectionery, ready-to-eat meals) and bakery products.
• Expanding applications in cosmetics for moisturizing properties and in pharmaceuticals as a carrier oil.
• Rising popularity of organic and cold-pressed peanut oils among health-conscious consumers.
• Strong peanut production in major countries (China, India, U.S., Nigeria) ensuring raw material availability.

Challenges and Restraints

Major challenges include:

• Fluctuating peanut crop yields due to weather conditions, pests, and diseases, leading to raw material price volatility.
• Increasing competition from alternative oils (sunflower, soybean, palm, canola) that are often cheaper or more readily available.
• Health concerns related to aflatoxin contamination in peanuts and peanut oil in some regions.
• Growing vegan and allergen-aware consumer base avoiding peanut-derived products due to peanut allergy risks.
• Stringent food safety regulations and labeling requirements for allergens.

Opportunities

Significant opportunities exist in:

• Rising demand for premium, cold-pressed, organic, and flavored peanut oils in developed markets.
• Expansion of peanut oil applications in natural cosmetics, personal care, and pharmaceutical formulations.
• Growth of e-commerce and online retail channels for specialty and branded peanut oils.
• Increasing adoption in emerging markets with rising middle-class populations and westernized diets.
• Development of aflatoxin-free and high-oleic peanut varieties to improve safety and shelf life.

Competitive Landscape

The global peanut oil market is moderately competitive, with a mix of large edible oil companies, regional producers, and branded consumer goods firms. Key players include: ADM (Archer Daniels Midland) (U.S.), Cargill, Incorporated (U.S.), Wilmar International Ltd. (Singapore), Olam International (Singapore), Bunge Limited (U.S.), Golden Peanut and Tree Nuts (U.S.), Ventura Foods (U.S.), Shandong Luhua Group (China), Yihai Kerry (China), Cofco Corporation (China), Qingdao Changshou Food Co., Ltd. (China), Shandong Zhongsheng Oils Co., Ltd. (China), and others. These companies focus on vertical integration (from peanut sourcing to refining), quality certifications, brand building, and expansion in high-growth emerging markets.

Future Trends and Opportunities

Future trends include:

• Growing consumer shift toward high-oleic peanut oils for better shelf stability and health benefits.
• Increased demand for sustainable, traceable, and ethically sourced peanut oil.
• Rise in flavored and infused peanut oils (e.g., garlic, chili) for culinary innovation.
• Expansion of peanut oil in plant-based and functional food products.
• Strong focus on aflatoxin control, refining technologies, and food safety compliance.

Conclusion

The global peanut oil market is positioned for consistent growth through 2031, supported by its versatility in cooking, strong demand in food processing, and expanding applications in health and personal care sectors. While raw material volatility and competition from alternative oils remain challenges, opportunities in premium, organic, and specialty variants, along with growth in emerging markets, will continue to drive innovation and market expansion, benefiting producers, food manufacturers, and consumers worldwide.

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