Peanut oil market expected to reach $14.5 billion by 2032 due to health benefits

From GlobeNewswire: 2024-11-27 05:00:00

The peanut oil market is expected to surpass $14.5 billion by 2032, driven by consumer awareness of its health benefits like heart health and cholesterol management. Asia-Pacific leads this growth due to the oil’s popularity in cooking. The preference for high monounsaturated fat oils and balanced omega-6 to omega-3 ratios, along with the rise in demand for natural and organic products, are key factors in this market expansion. The refined peanut oil segment, valued at $6 billion in 2023, is projected to grow at a 3.5% CAGR from 2024 to 2032, with its popularity attributed to its high smoke point and neutral flavor, ideal for various cooking methods. The food industry, accounting for $6.5 billion in 2023, is expected to grow at a 3.4% CAGR through 2032, driven by the oil’s extensive use in various cuisines and the rising demand for convenient and ready-to-eat products. China’s peanut oil market, valued at $2.2 billion in 2023, is expected to grow at a 3.1% CAGR by 2032, benefiting from robust agricultural infrastructure and increased domestic consumption due to healthier cooking oil trends.



Read more at GlobeNewswire: Peanut Oil Market to cross USD 14.5 Billion by 2032, Says