The global peanuts market is projected to grow at a CAGR of 4.5% during the forecast period (2021-2026).

Due to COVID-19, the peanut exporting countries have been hard hit due to the decline in demand in importing countries amid the lockdown. Additionally, manufacturing industries in most of the developing nations were also closed for months. This resulted in the decline of demand for peanuts globally. However, the peanut demand has returned to pre-covid levels currently and is expected to increase during the forecast period, as exporters are experiencing demand from Southeast Asian countries, and the European region.

As of 2019, China and India are the largest consumers and exporters of peanuts in the world, accounting for more than 36.0% of global consumption. However, in recent years, peanuts consumption has increased dramatically in Senegal at the rate of 12.0% during the period, 2016-2018.

Key Market Trends

Increasing Demand in International Market

India, United States, and Argentina are the major exporters of peanuts globally. Increasing demand for nut-based snacks, nut butter, and protein-rich foods will continue to drive high demand for peanuts, globally, over the forecast period and thereby encouraging higher exports. The Netherlands, Germany, and the United Kingdom are the three countries, which offer ample opportunities to exporters of peanuts in developing countries.
In the future, the European market for peanuts is expected to grow due to the changes in the consumption patterns of customers, as demand for plant-based protein is gaining popularity instead of meat-based protein. With people becoming more and more interested in healthy-eating, peanuts are expected to become an important source of unsaturated fats, fiber, protein, vitamins, and minerals.

China is the Major Producer of Peanuts

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China is the world's leading producer of peanuts, accounting for nearly 41.0% of the total output. In the year 2019, China was the biggest peanut producer with a production of 17.5 million metric ton. India, Nigeria and the United States followed with about 6.8, 3.0, and 2.5 million metric ton, respectively. In 2018, production of peanuts decreased in India, United States, and Senegal, due to adverse weather conditions, especially delayed and irregular rainfall.

The increased demand from major importers such as Vietnam, Thailand, and Japan has led China to increase its production which grew from 17.1 million metric ton in 2017 to 17.5 million metric ton in 2019. The market growth will bolster over the forecast period, globally owing to the demand from the processed industries such as peanut snacks, a widely consumed snack in the Asia-Pacific region.

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