Market Trends of Global Peanut Meal Industry
Increasing Global Meat Consumption and Demand for Animal Protein
Global meat consumption continues to rise, driven by factors including population growth, urbanization, demographic shifts, increasing incomes, price fluctuations, and environmental and health considerations. This trend is boosting demand for high-quality animal feed ingredients, including peanut meal, which provides a nutritious and palatable feed option. According to the Food and Agriculture Organization (FAO), meat consumption in Europe varies significantly across countries. In 2023, Poland led with 57.4 kilograms per capita, followed by the Netherlands (49.6 kg), Spain (49.2 kg), and Germany (49 kg). Italy saw an increase in per capita meat consumption from 43 kilograms in 2022 to 44.2 kilograms in 2023, attributed to a generational shift as millennials and Generation Z increasingly incorporate meat into their diets.
The global expansion of aquaculture, coupled with heightened consumer awareness regarding nutrition, has significantly increased the demand for peanut meal worldwide. Fish consumption in Eastern and Southeastern Asian countries has experienced growth due to the expanding urban populations, substantial increases in fish production, growth in international fish trade, and rising disposable incomes. According to the Organization for Economic Cooperation and Development (OECD), fish consumption in developing countries reached 36,509,000 thousand metric tons in 2022 and is projected to increase to 37,043,000 thousand metric tons by 2030. These trends are anticipated to drive the peanut meal market throughout the forecast period.
Meat consumption patterns are shifting towards poultry. In developing countries with lower incomes, poultry is often less expensive compared to other meats. In high-income countries, this shift reflects a growing preference for white meats, which are easier to prepare and perceived as healthier options. The Food and Agriculture Organization projects that poultry meat will account for 41% of all protein from meat sources globally by 2030. This increasing demand can be partially met by incorporating peanut meal into livestock production systems. The composition of peanut meal is significant as it affects the nutritional content of animal-derived products intended for human consumption. Consequently, the demand for peanut meal is projected to rise due to the increase in meat consumption and the growing demand for animal protein.
North America Leads the Peanut Meal Market
North America holds the largest share of the peanut meal market. This region's market is driven by increasing demand for nut meals and high consumer disposable incomes, enabling the incorporation of protein-rich diets with substantial meat consumption. According to the Food and Agriculture Organization, the per capita meat consumption in North America was 78.5 kilograms per person from 2021 to 2023, projected to rise to 79.8 kilograms per person by 2033. This growing demand for meat protein has stimulated meat production in the region, particularly in the United States, Mexico, and Canada. Consequently, the use of peanut meal as animal feed has increased and is anticipated to maintain a healthy growth rate. Peanut meal feed is gaining importance not only for its nutritional value but also for its role in improving meat quality.
The United States has experienced a consistent increase in egg demand. The United States Department of Agriculture reports that per capita egg consumption rose from 279 eggs in 2022 to an estimated 281.3 eggs per person in 2023. This growth is attributed to the high protein content and nutritional benefits of eggs, as well as an increasing consumer preference for cage-free and organic eggs, reflecting a shift towards more ethical and sustainable farming practices. Seasonal factors, such as increased baking activities during autumn and winter months, and the resumption of school cafeteria services, also contribute to elevated egg consumption. Despite fluctuations in wholesale prices, the overall trend indicates robust demand for eggs in the U.S. market. This upward trend in egg consumption suggests a corresponding increase in demand for peanut meal, which is projected to positively impact the market during the study period.
