The peanut oil market is anticipated to experience significant growth due to increasing consumer awareness of its health benefits, particularly its positive impact on heart health and antioxidant properties. Additionally, the surge in the popularity of peanut oil in culinary applications, attributed to its mild flavor and high smoke point, is contributing to the overall expansion of the market. This demand is further driven by the growing trend towards natural and minimally processed cooking oils, where peanut oil emerges as a versatile and healthier alternative across various cuisines.
A key driver of this growth is the changing lifestyles of individuals, influenced by higher living expenses and a noticeable shift towards more home-based events. The preference for home-based entertaining over dining out is boosting the demand for peanut oil. Notably, the nutritional profile of peanut oil, rich in monounsaturated and polyunsaturated fats, positions it as a healthier option. Its mild flavor and high smoke point make peanut oil versatile for various culinary applications, aligning with consumer priorities for natural and minimally processed food products and contributing to its market popularity.
Within the product types, the refined segment maintained its leadership status in 2022, accounting for over four-fifths of the global peanut oil market revenue. This segment is projected to sustain its dominance throughout the forecast period, driven by increasing consumer awareness of health benefits and preferences. While unrefined peanut oil retains its market share, the momentum is shifting towards organic options, reflecting consumer preferences for transparency in sourcing and a commitment to environmentally friendly products.
In terms of application, the food segment held the highest market share in 2022, constituting around two-fifths of the global peanut oil market revenue. It is expected to maintain its leadership status throughout the forecast period. The growth is propelled by consumer preferences for healthier, more nutritious, and functional food products. The rising trend of snacking culture also contributes to the expansion of the food segment, as consumers seek food items with added health benefits and natural ingredients.
Regarding distribution channels, the business-to-business segment dominated in 2022, accounting for approximately half of the global peanut oil market revenue. It is predicted to maintain its leadership status throughout the forecast period. This segment primarily caters to the hospitality and food service sectors, including restaurants, hotels, and catering services, relying on bulk quantities of cooking oils like peanut oil. This business-to-business segment is expected to be the fastest-growing segment in the anticipated period.
Asia-Pacific led in terms of revenue market share in 2022 and is poised to maintain its dominance by 2032. The increasing demand for peanut oil in Asia-Pacific is influenced by the preference for a healthy lifestyle, growing health concerns, and the rise of e-commerce and online grocery shopping. These factors have facilitated easier access for consumers to a broader range of peanut oil products in the region.
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