Groundnut Oil Market Size To Reach $14.14 Billion By 2030

Groundnut Oil Market Growth & Trends

The global groundnut oil market size is anticipated to reach USD 14.14 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 4.5% over the forecast period. Growing health consciousness among consumers has increased demand for this oil due to its nutritional benefits and high smoke point. Expanding food processing industries in developing countries are driving up usage in various applications. Fluctuations in groundnut production, affected by climate conditions and agricultural practices, impact supply and prices. Rising disposable incomes in emerging economies are boosting consumption.

Beyond its culinary uses, groundnut oil is also gaining traction in the personal care and cosmetics industry. The oil's moisturizing and emollient properties make it a popular ingredient in skincare products, hair oils, and massage oils. Groundnut oil is rich in vitamin E and essential fatty acids, which help nourish and protect the skin, making it a valuable addition to natural and organic beauty products.

The growing demand for natural and organic cosmetics has created new opportunities for groundnut oil manufacturers. As consumers become more conscious of the ingredients in their personal care products, they are increasingly seeking out formulations that are free from synthetic chemicals and additives. Groundnut oil, being a natural and non-toxic ingredient, aligns well with this trend.

Government initiatives and supportive policies have also significantly contributed to market growth. In many groundnut-producing countries, governments have implemented programs to promote the cultivation and processing of groundnuts, recognizing their economic importance and potential for export. These initiatives include providing subsidies for seeds and fertilizers, offering training programs for farmers, and investing in infrastructure to improve the efficiency of groundnut processing.

In India, for example, the government has launched several schemes to support groundnut farmers and increase oil production. The National Mission on Oilseeds and Oil Palm (NMOOP) is one such initiative that aims to boost the production of oilseeds, including groundnuts, through various measures such as financial assistance, capacity building, and research and development. The Indian government has also imposed import duties on edible oils to protect domestic producers and encourage the consumption of locally produced groundnut oil.

The foodservice industry is a major consumer of groundnut oil, and its growth has had a significant impact on the market. The demand for groundnut oil in the foodservice sector is driven by its high smoke point, neutral flavor, and cost-effectiveness compared to other premium oils. Groundnut oil is widely used in restaurants, cafes, and catering services for frying and cooking, as it can be used multiple times without degrading in quality. This makes it a preferred choice for establishments that require large quantities of oil for food preparation.

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Groundnut Oil Market Report Highlights

• Refined groundnut oil held a 64.1% revenue share in 2023 due to its versatile use, neutral taste, and high smoke point, making it suitable for various culinary applications. Its longer shelf life and lower price point enhance its global accessibility and consumer preference.

• Hot pressed groundnut oil accounted for 70.2% of revenue in 2023. The hot-pressing method extracts more oil and enhances flavor, making it cost-effective and favored in many cuisines, especially in Asia and Africa. Its lower cost and availability drive its popularity among bulk consumers.

• Food applications represented 76.2% of revenue in 2023. Groundnut oil’s high smoke point and mild flavor make it ideal for cooking and food preparation, particularly in Asian and African cuisines. Its nutritional benefits also align with the growing demand for healthier cooking oils.

• B2B distribution channel captured 58.2% of revenue in 2023, driven by its role in supplying bulk quantities to food manufacturers and restaurants. The B2B segment benefits from strong industry relationships and high demand in commercial kitchens, particularly in emerging markets.

• Asia Pacific dominated with a 44.2% revenue share in 2023, fueled by high consumption and cultural significance in local cuisines. Major producers and consumers like China and India, along with robust food processing infrastructure, support the region’s strong market presence.

Groundnut Oil Market Segmentation

Grand View Research has segmented the global groundnut oil market based on type, product, application, distribution channel, and region.

Groundnut Oil Type Outlook (Revenue, USD Million, 2018 - 2030)

• Refined

• Unrefined

Groundnut Oil Product Outlook (Revenue, USD Million, 2018 - 2030)

• Cold Pressed

• Hot Pressed

Groundnut Oil Application Outlook (Revenue, USD Million, 2018 - 2030)

• Food

• Personal Care

• Pharmaceuticals

• Others

Groundnut Oil Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• B2B

• B2C

  • Supermarkets/Hypermarkets

  • Specialty Stores

  • Convenience Stores

  • Online

  • Others

Groundnut Oil Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • Australia & New Zealand

  • South Korea

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

List of Key Players in the Groundnut Oil Market

• Georgia-Pacific Chemicals LLC

• De Hekserij

• PAG KIMYA SAN. TIC. LTD. STI.

• GrantChem, Inc.

• Eurovanille

• LLC PK “XimProm”

• Fujian Qina Trading Co. Ltd.

• Matole Ltd

• Gemini Edibles & Fats India Ltd