New York, US, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Peanut Flavor Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Peanut Flavor Market Research Report: Information by Flavor, Product, Application, Distribution Channel, and Region—Forecast till 2030, the market is expected to grow USD 5157.9 million at a CAGR 6.23% during the forecast 2022-2030.
Market Scope:
Peanut flavor is made from pulverized, freshly roasted peanuts, so it has a rich nutty, earthy, and sweet peanut flavor. How peanuts are prepared affects their flavor. One of the main reasons why roasted peanuts taste the way they do is because of the Maillard reaction, which also involves lipid oxidation. It's common to find peanut flavor in baked goods, drinks, sweets, and even lip care products like lip balms, scrubs, glosses, and lipsticks.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5157.9 Million |
| CAGR | 6.23% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Flavor, Product, Application, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising Demand For Plant-Based Foods |
| Increasing Institutional Research For Flavoring Products Across The Globe |
Competitive Dynamics:
Prominent players in the global peanut flavor market include:
- Firmenich (Canada),
- Nature’s Flavours (Germany),
- Abelei (Germany),
- S-World Flavor & Fragrance (Italy),
- Weber (Germany),
- Stringer Flavoured (Germany),
- Flavour so good Company (China),
- Lionel Hitchens (United Kingdom),
- Fuxiong Flavours & Fragrances (China)
- Northwestern Extract (US).
Market USP:
Market Drivers
The global peanut flavor market has been expanding at a rapid rate, with one of the main reasons being the increasing demand for plant-based cuisine. The expansion of the market is also being fueled by rising institutional interest in flavoring products across the globe. There has been a rise in the demand for organic products and the introduction of new products, both of which are expected to make the worldwide peanut flavor market attractive to companies operating in both developed and emerging nations. For those who choose plant-based diets, such as vegans, vegetarians, and flexitarians, peanuts are an important source of plant-based meals since they include more than thirty key vitamins and nutrients. Product demand for peanut taste is being driven by the rising popularity of plant-based proteins as people strive for better, cleaner, and more environmentally friendly diets and lifestyles. As a result of peanut butter, spreads, snacks, etc. satisfying the energy and taste preferences of consumers on meat-alternative diets, the peanut flavor market has expanded.
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Market Restraints
However, peanut allergies and intolerances might slow growth in the industry. Meanwhile, the peanut flavor business faces obstacles from the government's strict requirements on food allergen labeling.
COVID-19 Analysis:
Numerous sectors around the globe have been affected by the COVID-19 epidemic. Demand for peanut taste goods has increased as a result of heightened health consciousness in the wake of the COVID pandemic. Increased efficiency in the distribution network is expected to contribute to Peanut Flavor's further expansion in the market.
As a result of the COVID-19 pandemic, the peanut butter industry was severely impacted. As the number of reported cases increased, industries around the world shut down their operations and production units, disrupting their supply chains. Manufacturing operations came to a standstill as a result. As a result of the pandemic, the peanut butter industry was severely impacted. It had a major effect on the retail industry around the world. Restricted movement meant that no goods could be shipped to grocery stores, department stores, or specialty shops. These businesses were closed for a considerable amount of time. Thus, the market experienced a severe drop in income. The bread-and-butter nut spread industry was significantly affected by these factors.
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Market Segmentation:
By Flavor
A larger share of the market (58.05%) was held by chocolate in 2021, and this category is anticipated to grow at a CAGR of 6.74 percent over the forecast period.
By Product
Snacks will continue to grow at a rapid clip, with a projected CAGR of 6.62% between 2017 and 2021.
By Application, the butter and spreads subsegment held a 38.6% share of the market in 2021 and is expected to grow at the fastest rate (6.46%).
By Distribution Channel
In 2021, the in-store segment held 64.31 percent of the market share, but the out-of-store segment was expected to rise at a faster clip (6.7 percent).
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Regional Analysis:
North America is one of your most lucrative marketplaces. The North American region, which includes the United States, Canada, and Mexico, is expected to generate a disproportionately large amount of income from the peanut tastes industry over the projection time frame. The growth of the market in North America is anticipated to be led by increased consumer demand for convenience foods and greater public knowledge about the importance of eating healthily. As consumers become more health-conscious, the food industry has shifted its focus toward using more natural and nutritious ingredients. Since this is the case, peanut flavor producers are beginning to favor all-natural ingredients and flavors. Increasing health consciousness and consumer desire for healthful goods have both contributed to the product's development. Market expansion in North America is anticipated to be spurred by rising consumer demand for both healthy and convenience food and drink options. Additionally, the mandated demand for organic food has been expanding.
One of the most fruitful areas for peanut flavor producers is Asia-Pacific. This area has been responsible for 27.2% of the total Peanut Flavors Market. During the forecast period, this region is expected to grow at the fastest rate of any. It is the rising demand for ready-to-eat food products across Asia and the Pacific that is fueling the expansion of the peanut tastes market in these regions. Sales of ready-to-eat items flavored with peanuts are being affected by shifting customer tastes, a larger global population, and more disposable incomes per person. China and India are the two countries that contribute the most to the global demand for peanut taste. Although several Southeast Asian nations have made significant contributions to the use of peanut taste in a wide range of products, the region has not. Several factors, including consumers' changing tastes and preferences for international culinary cuisines, are expected to fuel the expansion of the food flavors market in the Asia-Pacific region, with nations like China, Japan, and India playing a particularly important role in this process.
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