Peanut Oil being Increasingly Used in Pharmaceutical and Cosmetic Products: Fact.MR Report

ROCKVILLE PIKE, MARYLAND, UNITED STATES, June 7, 2024 /EINPresswire.com/ -- Worldwide sales of peanut oil are estimated at US$ 10.55 billion in 2024, as revealed in a newly published study by Fact.MR, a market research and competitive intelligence provider. The global peanut oil market is forecasted to reach a valuation of US$ 15.77 billion by the end of 2034.

Several companies are concentrating on developing oil that is particularly meant for salad dressings. Growing inclination to these oils is attributed to the flavors and aromas they add to bland salads. Manufacturers of peanut oil are coming up with customization facilities for edible oil.

More consumers are inclined to nutty flavors and the natural buttery texture of peanut oil for enhancing the flavor and aroma of salads and other eatables. Peanut oil manufacturers are emphasizing offering nutritionally enhanced and improved oil to attract more consumers.

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Peanut oil is projected to become popular as one of the key ingredients in pharmaceutical products and cosmetics. Crude peanut oil with a high content of antioxidants and vitamins E & D is estimated to be consumed more in hair care and skincare products. Manufacturers of cosmetic products are producing appealing serums, soaps, and other items with the use of flavored plant-based oil, i.e. peanut oil, with high nutrients.

Key Takeaway from Market Study
The global peanut oil market is calculated at US$ 10.55 billion in 2024. Demand for peanut oil is set to reach a market value of US$ 15.77 billion by 2034. Sales of peanut oil are forecasted to advance at a CAGR of 4.1% from 2024 to 2034.

East Asia is anticipated to account for 25.7% share of the global market by 2034. Sales of peanut oil in the United States market are estimated to reach US$ 2.39 billion by the end of 2034. Conventional peanut oil is forecasted to hold 90% share of the global market by 2034-end.

“Increasing sales of peanut oil is attributed to growing preference for specialized oils, rising use in pharmaceuticals and cosmetics, and increasing demand for processed food products,” says a Fact.MR analyst.

Rising Use of Peanut Oil in East Asian Countries as Staple Cooking Oil

Demand for peanut oil in East Asia is projected to increase at 3.6% CAGR and reach US$ 3.25 billion by 2034-end. Peanut oil has been used as one of the staple cooking oil in East Asian countries for long. It has a distinct nutty aroma and flavor, which complements the flavors of many dishes generally found in countries such as Japan, China, and South Korea. The growing popularity of peanut oil is owing to its ability to match the requirements of domestic consumers.

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Regional Analysis
By the conclusion of 2034, it is expected that the United States will account for 73.5% of the North American market share. Derived from plant-based peanuts, peanut oil is well-suited for vegan and vegetarian diets, aligning with the dietary preferences of the increasing vegan demographic. As the number of individuals adopting plant-based diets rises, there has been a notable surge in demand for such food products. Given its natural origin, peanut oil is anticipated to gain further popularity among the vegan population in the United States.

Key Market Players
Cargill, Incorporated, CHS Inc., AAK Kamani Pvt. Ltd., Golden Peanut and Tree Nuts, Archer Daniels Midland Company, Patanjali Ayurved Limited Incorporated, Saraswathi Mills, Liberty Oil Mills Ltd., Bunge Limited, Mother Dairy Fruits & Vegetable Pvt. Ltd., Adani Wilmar International, Archer Daniels Midland Company, and Hain Celestial Group, Inc. are some of the leading manufacturers of peanut oil.

More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the peanut oil market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on nature (organic, conventional), end use (food processing industry, foodservice industry, retail/household), and distribution channel (business to business, business to consumer (hypermarkets/supermarkets, convenience stores, online retail, others)), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

Explore More Studies Published by Fact.MR Research:
Rapeseed Oil Market: Presently, worldwide sales of rapeseed oil account for a revenue of US$ 22.8 billion and are forecasted to reach US$ 37.7 billion by the end of 2033. The global rapeseed oil market is predicted to exhibit expansion at 5.1% CAGR over the next ten years.

Palm Oil Market: The global palm oil market is anticipated to secure US$ 34.33 Billion in 2022. During the forecast period of 2022-2032, the market for palm oil is expected to display a CAGR of 4.04% while securing US$ 51 Billion.

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