Groundnut Oil Market Size, Share, Trends, Growth and Forecast 2030

Groundnut Oil Industry Prospective:

The global groundnut oil market size was evaluated at $5 billion in 2022 and is slated to hit $15 billion by the end of 2030 with a CAGR of nearly 10% between 2023 and 2030.

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Groundnut Oil Market: Overview

Groundnut oil is an edible vegetable oil that is extracted from groundnuts. Moreover, groundnuts are legumes and are grown in Latin America and various tropical countries. According to NCBI, groundnut oil comprises 46% and 32% of monounsaturated fatty acids & polyunsaturated fatty acids. Furthermore, a large number of studies conducted by NIH researchers reveal that intake of groundnut or groundnut oil can reduce the risk of heart disorders, diminish oxidation of low-density lipoprotein, and exert a protective effect on the cardiovascular health of individuals.        

Key Insights

• As per the analysis shared by our research analyst, the global groundnut oil market is projected to expand annually at the annual growth rate of around 10% over the forecast timespan (2023-2030)
• In terms of revenue, the global groundnut oil market size was evaluated at nearly $5 billion in 2022 and is expected to reach $15 billion by 2030.
• The global groundnut oil market is anticipated to grow rapidly over the forecast timeline owing to the growing need to improve the flavor of food is predicted to increase the use of groundnut oil for cooking food.
• In terms of application, the food segment is slated to register the fastest CAGR over the forecast timeframe.
• Based on type, the refined groundnut oil segment is predicted to lead the segmental growth in the next eight years.
• Based on packaging, the plastic bottles & containers segment is expected to dominate the segmental expansion in the forecast period.
• Region-wise, the Asia-Pacific groundnut oil industry is projected to register the fastest CAGR during the assessment timeline.

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Groundnut Oil Market: Growth Factors

Surge in awareness about health & fitness to exponentiate the global market demand over 2023-2030

The growing need to improve the flavor of food is predicted to increase the use of groundnut oil for cooking food, thereby driving the global groundnut oil market trends. A rise in the health benefits offered by groundnut oil will proliferate the size of the global market. Apart from this, an increase in the per capita income and demand for nutty flavor will steer the expansion of the market across the globe. The rising use of products in cosmetics, personal care items, and skin care products will steer the expansion of the market globally. Massive awareness of product benefits among the people will proliferate the earnings of the market in the coming decade.

Furthermore, a prominent penetration of groundnut oil in the pharmaceuticals sector will upsurge the global market elevation in the years ahead. Launching of new products, acquisitions, and capacity expansions are likely to play a pivotal role in the global market expansion in the years ahead. Citing an instance, in 2021, Cargill, Incorporated, a U.S.-based food corporation, acquired an edible oil unit in Andhra Pradesh, India, to expand its edible oil business in the southern part of India along with enhancing its product portfolio in the country.

Groundnut Oil Market: Restraints

A rise in allergies caused by intake of products can put brakes on the global industry surge by 2030

Some individuals are allergic to groundnut oil and this can shrink the demand for groundnut oil, thereby impeding the growth of the global groundnut oil industry. A surge in the processing costs of products can restrict the expansion of the industry globally.  

Groundnut Oil Market: Opportunities

The rise in the use of groundnut oil for cooking will open new growth avenues for the global market in the years ahead

A surge in spending on food & beverages and massive consumption of groundnut oil in emerging economies can open new avenues of growth for the global groundnut oil market across the globe. A prominent increase in the cultivation of groundnut oil and export to densely populated countries are likely to contribute majorly towards the global market earnings.

Groundnut Oil Market: Challenges

Ongoing conflicts between Russia & Ukraine and Israel & Hamas can hinder the product supply and pose a challenge for the industry globally 

Global conflicts have disrupted supply chain activities along with increased raw material costs, thereby posing a huge challenge to the growth of the global groundnut oil industry.

Groundnut Oil Market: Segmentation

The global groundnut oil market is sectored into application, type, packaging, and region.

In application terms, the groundnut oil market across the globe is segregated into food, pharmaceuticals, personal care products, and other segments. Furthermore, the food segment, which led the application landscape in 2022, is projected to continue leading the segmental surge even during the forecast timeframe. The expansion of the segment during the forecast period can be due to a rise in the intake and demand for plant-based organic food products in routine life. Apart from this, the personal care products segment is anticipated to record the fastest CAGR in the upcoming years. The growth of the segment in the next eight years can be subject to a rise in groundnut oil used in various kinds of skin as well as baby care products.  

Based on the type, the global groundnut oil industry is sectored into refined groundnut oil and unrefined groundnut oil segments. Additionally, the refined groundnut oil segment, which acquired a key share of the global industry in 2022, is predicted to record the highest CAGR over the next eight years. The segmental expansion over the forecast timespan can be due to a non-allergic feature of refined groundnut oil as the process of refining of product removes allergic components from the groundnut oil. Apart from this, the high-smoke point provided by the product has increased its use as frying oil in restaurants and hotels.  

Based on the packaging, the global groundnut oil market is sectored into the glass containers, cartons, plastic bottles & containers, and plastic pouches segments. Additionally, the plastic bottles & containers segment, which acquired a key share of the global market in 2022, is predicted to lead the segmental surge over the next eight years. The segmental expansion over the forecast timeframe can be owing to the large-scale use of plastic bottles & containers for storing the groundnut oil to keep it safe from spoilage as well as preserving it for an elongated period.         

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Groundnut Oil Market: Report Scope

Groundnut Oil Market: Regional Insights

North America is predicted to retain its leading position in the global Groundnut Oil market over the forecast timeline

North America, which contributed about three-fourths of the global groundnut oil market proceeds in 2022, will be a leading region over the forecast timespan. Moreover, the regional market expansion over the coming eight years is subject to a rise in the demand for products in countries such as Canada and the U.S. Apart from this, the presence of key manufacturers and suppliers will contribute sizably towards the expansion of the market in the region. Furthermore, the thriving fashion industry and large-scale use of naturally-derived cosmetic and personal care products such as skincare and lotions in the fashion industry will prompt a regional market surge in the coming years.

The Asia-Pacific groundnut oil industry is set to register the fastest CAGR in the coming eight years. The regional industry expansion over 2023-2030 can be attributed to a prominent surge in the per capita income, a rise in the number of product manufacturers, and growing awareness about the health benefits of groundnut oil among the population in countries such as China and India. The rise in the use of products in the personal care sector will steer the product penetration in the sub-continent.  

Groundnut Oil Market: Competitive Space

The global groundnut oil market profiles key players such as:

• Akay Ticaret Ve Sanayi Koll. Sti.
• Dover Corporation
• Anko Food Machine Company Limited
• Kraton Corporation
• Eagle Imports
• Georgia-Pacific Chemicals LLC
• Heat and Control Inc.
• GrantChem Inc.
• Bettcher Industries Inc.
• PAG KIMYA SAN.

The market is highly fragmented with new market entrants adopting a forward vertical integration strategy to expand their business and sell their product at reasonable prices to acquire more customers. Moreover, new players also target the bottom of the pyramid population which has resulted in the market becoming fragmented with big players garnering less share of the global market.  

The global groundnut oil market is segmented as follows:

By Type

• Refined Groundnut Oil
•  Unrefined Groundnut Oil

By Application

• Food
• Pharmaceuticals
• Personal Care Products
• Others

By Packaging

• Glass Containers
• Cartons
• Plastic Bottles & Containers
• Plastic Pouches

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa