Market Trends of Processed Peanut Industry
This section covers the major market trends shaping the Processed Peanut Market according to our research experts:
Rising Demand For Convenient And Healthy Snacking
The demand for convenient and healthy on-the-go snacks is driving the consumption of peanuts globally. Peanuts have become a popular and healthy snacking option for consumers owing to the numerous health benefits associated with nut-based snacks. Additionally, manufacturers are also offering portable, and versatile packing styles to enhance convenience. For instance, PLANTERS offers sweet & spicy peanuts in a 16-ounce bottle at grocery stores and a 1.75-ounce size bottle for on-the-go snackers in convenience stores across India. Due to their busy lifestyles, working people, teenagers, people who live in dorms, and bachelors especially prefer on-the-go healthy snacking. Additionally, the idea of on-the-go eating is directly linked to items that are simple to use and handle while still providing useful nutrition. Hence, the demand for processed peanuts is rising as a result of the convenience of consumption and the availability of disposable packaging, which allows easy and contamination-proof storage under different circumstances.
Asia-Pacific Holds The Largest Share
Peanuts have traditionally been a core ingredient in various popular Indian dishes owing to their wide availability and reputation as an affordable source of nutrition. The demand for processed peanuts is increasing due to the rising interest in healthy snacking, convenience food, and flavored nuts. Further, changes in the food consumption patterns to include plant-based protein instead of meat-based protein are accelerating the expansion of the market under study. The availability of peanut mixes, seasoned peanuts, and various flavors with clean label claims like organic, additive-free, non-GMO, etc. is anticipated to drive the market demand during the forecast period. Moreover, with the high production of peanuts in the region, manufacturers have easy and cost-effective availability of raw peanuts to produce processed peanut snacks. For instance, China is the world's leading producer of peanuts, accounting for nearly 17.99 million metric tons of production in 2020 according to the statistics disclosed by the INC (International Nut and Dried fruit) organization. India, Nigeria, and the United States followed with about 9.95, 4.49, and 2.78 million metric tons, respectively. All these factors collectively are boosting the growth of the market and are expected to continue the same during the forecast period.
