Peanut Ingredients Market to Witness Steady Growth with Projected CAGR of 5.2% through 2023-2030, Reports MarkWide Research
According to a new report published by MarkWide Research, titled, “Peanut Ingredients Market – Nutty Trends and Growth Prospects 2023-2030,” the global peanut ingredients market is set to experience steady expansion, projecting a Compound Annual Growth Rate (CAGR) of 5.2% over the forecast period from 2023 to 2030. This growth is primarily attributed to the increasing consumer demand for plant-based protein sources and the versatility of peanut ingredients in various food applications.
The “Peanut Ingredients Market – Nutty Trends and Growth Prospects 2023-2030” report explores the thriving market for peanut-derived ingredients, which encompass products such as peanut flour, peanut butter, peanut oil, and peanut protein. As consumers seek healthier and sustainable dietary choices, the peanut ingredients market has emerged as a significant segment within the broader food and beverage industry.
One of the driving factors of the peanut ingredients market is the rising trend of plant-based diets. With increasing awareness of the health benefits associated with plant-derived proteins, consumers are incorporating peanut ingredients into their diets to meet their protein requirements. Peanuts, rich in protein, healthy fats, and essential nutrients, are becoming a popular choice for those seeking sustainable and nutritious alternatives.
The report also highlights the role of peanut ingredients in addressing food allergen concerns. Despite peanut allergies being prevalent, peanut ingredients are finding applications in non-allergic consumers’ diets due to their taste, texture, and nutritional profile. The introduction of hypoallergenic peanut ingredients further expands their usability in a wider range of products.
In terms of market segmentation, the report categorizes the peanut ingredients market based on product types, including peanut flour, peanut butter, peanut oil, and peanut protein. The peanut butter segment is anticipated to maintain a significant share due to its popularity as a versatile spread and ingredient in various cuisines.
Geographically, North America is expected to hold a prominent share in the peanut ingredients market. The region’s established consumption of peanut-based products, along with the growing adoption of plant-based diets, is driving the demand for peanut ingredients. Additionally, Asia-Pacific is witnessing robust growth due to its rich history of peanut consumption, increasing health consciousness, and the demand for protein-rich ingredients.
Europe, with its growing interest in plant-based foods and evolving dietary preferences, is also showing an inclination toward peanut ingredients. The region’s diverse culinary landscape and the demand for innovative food products are fueling the adoption of peanut-derived ingredients.
The “Peanut Ingredients Market – Nutty Trends and Growth Prospects 2023-2030” report presents an in-depth analysis of key players in the market, including Archer Daniels Midland Company, Olam International Limited, The J.M. Smucker Company, and Golden Peanut and Tree Nuts. These companies are actively investing in research and development to create innovative peanut ingredients that cater to changing consumer preferences.
In conclusion, the global peanut ingredients market is positioned for steady growth, driven by the demand for plant-based protein sources, health-conscious diets, and the versatility of peanut-derived ingredients. The “Peanut Ingredients Market – Nutty Trends and Growth Prospects 2023-2030” report provides valuable insights into the dynamic landscape of peanut ingredients, showcasing their potential to redefine the food industry’s protein landscape.
For comprehensive market insights and detailed analysis, the complete “Peanut Ingredients Market – Nutty Trends and Growth Prospects 2023-2030” report is now available for purchase.