Peanut is one of the most important legume grown in warmer regions such as Asia, Africa, Australia and in The Americas. Peanuts are rich in large number of nutrients such as biotin, copper, manganese, phosphorus, a variety of vitamins and proteins etc. Peanut flour is obtained by crushing peanuts, they are processed to obtain flour with a lower fat content. Peanut flour, after removing the fat content has high amount of protein. The demand for plant based ingredients which also includes of peanut flour is increasing due to consumers demand for healthier food products and cleaner label requirements. Peanut flour is gluten-free and has been considered to be beneficial for heart health. It is used as an alternative flour to make gluten free breads and other bakery products, it is also used as a thickener, flavoring agent, topping for meat and seafood and as an ingredient in smoothies to increase the protein content. Asia Pacific is projected to be the fastest growing region due to the rising population of China, Japan, and India. Increasing disposable incomes and subsequent concerns about healthy, flour-based products consumption are driving the market in these countries.
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Global market Dynamics
Following are the market drivers and restraints responsible for the market dynamic prevailing in the peanut flour market:
Ease of use and plant based source:
Peanut Flour is an easy to use ingredient, as it is in a dry powder form and is a rich source of plant based protein. It helps in giving steady flavors and aroma in the food products it is used.
High source of protein:
Deffated peanuts during the processing to obtain peanut flour from peanut provides an alternative and cheaper source of high protein.
Increasing demand for gluten-free flour:
The increased demand for gluten-free food products have also helped in driving the growth of peanut flour in gluten free products application.
Health concerns (Allergy):
A lot of people including children and adults are allergic to peanuts in different parts of the world. This pose a threat to the growth of peanut flour market, as increased number of cases of peanut allergy has adversely impacted the application of peanuts and peanut flour in a lot of food products.
The global market is dominated by North America and Europe. Developing countries are emerging as leading exporters of peanuts to the North American and European regions. The South East Asian region is one of the prominent producers and exporters of peanut flour. This region is projected to grow at the highest CAGR during the forecast period. The growing demand for gluten free food products, plant based protein sources and processed meat products in this region drives the growth of peanut flour market.
Major Key players:-
Some of the major key players who are driving the peanut flour market globally are ADM, CUKRA, Amanda, Vinay Industries, Puyang Tianli and Qingdao Changshou.