The global peanut flavor market is projected to record a CAGR of 6.23% during the forecast period due to the rising demand for plant-based food.

Market Research Future (MRFR) has published a cooked research report on the “Peanut Flavor Market” that contains the information from 2022 to 2030

Global Peanut Flavor Market

According to the MRFR analysis, the global airy market size is projected to reach USD 5,423.66 million by 2030 at a CAGR of 6.23%.

Rising demand for natural plant-based ingredients and the growing popularity of convenience food is driving the growth of the global peanut flavor market. This rising customer demand, along with the brand revolution, has created new products around the field, developing from the early staples of plant-based food alternatives to new categories like plant-based, and convenience foods. The ever-increasing use of chemical-free ingredients in the food & beverages industry is further supporting the growth of the peanut flavor market globally. Moreover, the continuously improved products along with newly launched products by renowned companies, have been creating opportunities for peanut flavor products.

Furthermore, increasing consciousness regarding health among the general population and increasing consumer inclination toward clean-label products is expected to create growth opportunities for the market players. However, the regional availability of fruits is expected to hinder market growth in the coming years. However, rising input costs in processing peanut flavors may hinder growth. The food & Beverage industry is considered to be one of the fastest-growing industries. This particular demand has positively affected food products including peanut flavor. Though, the higher demand, major players in the industry are more concerned about the rising inflation and cost of the raw material required for the production of peanut flavors. Along with the stringent government regulations are expected to restrict the growth of the market. Hence, the growing consumer awareness of natural food flavors in emerging economies and the focus on research & development offer a lucrative opportunity for food flavors manufacturers

Market Synopsis

The peanut flavor is obtained from freshly roasted and ground peanuts, and as a result, it has a highly nutty, earthy, and sweet taste of peanuts. The flavor of peanuts varies depending on how they are processed. The Maillard process and lipid oxidation are two significant events linked to the taste of roasted peanuts. The flavor of peanuts is offered as an essence, oil, butter, powder, etc. Peanut Flavor is used in bakery items, shakes and liqueurs, candies and chocolates, confectionary items, desserts, and lip care products such as lip balms, lip scrubs, lip gloss, and lipsticks.

The rising demand for plant-based food is one of the major factors for the rising growth of the global peanut flavor market. Additionally, increasing institutional research for flavoring products globally is driving market growth. However, the incidence of allergies and intolerance due to peanut consumption can restrain the market. The global peanut flavor market is estimated to emerge lucrative for active vendors in developed and developing economies due to product launches and increasing demand for organic products. Meanwhile, the stringent government regulations regarding food allergen labeling pose challenges for the peanut flavor market players.

 COVID-19 Impact on Peanut Flavor Market

The COVID-19 pandemic has impacted numerous industries throughout the world. Since the COVID virus has spread, people are more aware of the value of consuming healthy food and beverages, raising the demand for peanut flavor products. Future market growth for Peanut Flavor is anticipated to be supported by improved supply chain movement.

The manufacture of peanut flavor is based on raw materials and processing methods. Since the pandemic outbreak, various commodities have experienced a setback in production due to fluctuations in commodity prices. At the same time, the peanut price saw a steady increase due to the increased consumption of peanut-based products owing to the health benefits of peanuts and being a gluten-free, plant-based source. The availability of labor and safety procedure protocols in flavor manufacturing companies is a crucial factor in production. The labor shortage and related working capacity reduction due to COVID-19 restrictions have impacted production during the initial time of the pandemic. However, those factors do not affect the production of peanut flavor products, presently.

After the pandemic outbreak and infections, consumers have been more conscious about healthy eating. The sudden, unprecedented changes in consumer eating preferences have positively impacted the peanut flavor market. Healthy snacking products are looking for flavoring agents that are highly nutritional, vegan, and gluten-free. Some peanut flavoring products are also sugar-free, making them popular as a healthy and nutritional flavoring agent. However, there have been tasting and smell disorders in Covid-19 infected patients that might return to normal in three to five years, yet there is no proven study yet. These pose a challenge for flavoring agent manufacturers to overcome the taste and smell disorders faced by the affected population in collaboration with healthcare professionals.

Competitive Landscape

The key players operating in the Germany-Netherland energy balls products 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) and Northwestern Extract (US) dominate the market due to brand reputation, product differentiation, financial stability, and strong distribution network. The market players are focused on investing in research & development and adopting strategic growth initiatives such as expansion, product launches, agreements, partnerships, acquisitions, and mergers to strengthen their market position and capture a large customer base.

Segmentation

1. By Flavor


2. Chocolate: Some of the most popular chocolates are the two flavor partners, which may be found in everything from candy to pastries to buckeyes. Chocolate and peanut butter taste much better when combined than when consumed separately. According to Gregory Ziegler, a professor of food science at Penn State University who specializes in studying chocolate, "dynamic sensory contrast" is mainly responsible for the delicious taste of biting into a Reese's Peanut Butter Cup. According to a recent study from the American Chemical Society 2020, adding leftover peanut shells to milk chocolate increases its antioxidant capabilities and also offers anti-inflammatory health advantages that help prevent food goods from decaying.

2. Caramel: Peanut caramel has a chewy yet substantial texture and is loaded with toasted, salty peanuts. It has a unique flavor and a high nutritional value. A simple and tasty way to make sure consumers get enough protein is to eat peanut caramel. Protein aids in muscle growth and maintenance. The ingredients of Caramel Peanut include milk chocolate (28%), peanut (9%), sugar, dextrose, salt, lecithin, tapioca starch, flavor (caramel), and a very minor amount of cocoa solids and cocoa butter.

3. Others: Other flavor varieties, such as crispy maple cinnamon, honey vanilla, and peanut butter fruit, include peanut flavor. The fruit of the Peanut Butter Fruit (Bunchosia) tree tastes and smells like peanut butter. This fruit, which is native to Venezuela, Columbia, Peru, Bolivia, Guyana, and Suriname in northern Latin America, has a sweet flavor and a peanut butter-like fragrance.

By Product

1. Snacks: An appetizer eaten in between meals is referred to as a snack. They might be simple, prepackaged products, fresh fruits or vegeOthers, or more complex recipes, but they are usually regarded as less than a complete meal. According to the National Peanut Board (NPB), peanuts contain the highest amount of protein per ounce at 7 grams. In addition to providing fiber and vitamin E, peanuts and peanut butter are healthy for the body. They provide more than 30 vitamins and minerals as well.


2. Bites: The bites segment comparatively holds the minimum size of the market segments, however, the numerous benefits of the peanut’s flavors, drive the further growth of the product. Variation in peanut flavors and other numerous combinations has made the products tastier and healthier.


3. Spreads: The segment includes peanut flavored butter that is derived from 90% peanut which contains 55% of the permissible oil. As a result of their rich content in fatty acids, protein, carbs, minerals, and vitamins, peanuts are both very nutritious and valuable commercially. Globally, peanut consumption is comparatively high level and is consumed either as roasted, cooked, or as peanut butter spread.  


4. Biscuits: The segment includes peanut flavor butter biscuit sandwiches, and cookies, which are usually made up of whole grains, corn syrups, and barley. These peanut flavor biscuits are considered a high source of nutrients. Additionally, the biscuits market is considered to be a very promising market. The considered benefits of the biscuits have always kept the segment developing. A variety of biscuits with more healthy components are embraced by consumers around the globe.


5. Tablets: Consumers around the globe are being more cautious about their health. The protein is a crucial factor for building and repairing body cells. The total protein a person requires differs, on age and activity level. These healthy lifestyle trends are positively affecting the nutritional products in the market that includes peanut protein tablets.


6. Others: The others segment includes Peanut flavor in Nuggets, Cup Popcorn, Cookie Dough, Puffins Cereal, and ground with the most advanced technology. The United States Department of Agriculture (USDA) estimates that 100 grams of raw peanuts have 567 calories and are a particularly rich source of protein, fiber, and heart-healthy fats.

By Application

1. Bakery: Most often, peanut flavor is employed in bakery applications. Peanut oil, like canola, vegetable, sunflower, or almond oil, can be used in baking and other activities. The advantages of peanut oil include its high smoke point, earthy flavor, nutty aroma, and availability in a variety of forms. The most popular kind of peanut oil for roasting meat, such as chicken, and making chocolate pastries is refined oil.


2. Confectionery: Confectionery is a term used to describe foods that are high in sugar and carbohydrates. It has a broad variety of goods, including chocolate, biscuits, bars, gummy mints, and others. In terms of market share, the chocolate category dominates the confectionery industry. Chocolate confectionery is consumed by consumers of all ages to fulfill their taste buds. The market for confections has been driven by the rise of economic affluence, particularly in emerging nations.


3. Butter & Spreads: One of the most consumed spreads worldwide is peanut butter and for good reason. Globally, people are starting to choose healthier breakfast and snack alternatives due to growing obesity rates. For instance, in the UK, peanut butter sales are predicted to surpass those of sweet spreads like jam since Public Health England (PHE) is focusing on them as part of the sugar reduction strategy.


4. Peanut Flavor Products: Several Peanut Flavor products with double proteins have entered the market in recent years. It is a Peanut Flavor product created by applying certain manufacturing techniques and substituting plant protein for a portion of animal protein. In terms of Peanut Flavor products, Peanut flavor is used in Double Protein Yogurt, beverages, and other things. The primary nutritional components of double-protein yogurt are both plant and animal proteins. It is fermented using probiotics and has a distinctive flavor and great nutritional content, both of which serve to enhance human health and nutrition.


5. Others: Other applications where peanut flavor is used include health and nutrition, as well as various beauty and industrial items. The body is fueled by the peanut taste when consumed as pre- or post-workout beverages, bars, or powder. They are comparable to strawberries in terms of antioxidant content, are rich in protein, and contain a lot of folates, a nutrient crucial for brain growth that may guard against cognitive decline.

By Distribution Channel

1. Store-Based: The store-based distribution channel is defined as the brick-and-mortar retail stores like Supermarket & Hypermarket, Convenience stores, and Specialty stores. Supermarket & Hypermarket accounts for a market share of 60.41% in the store-based peanut flavor market. The increasing interest in consuming different flavors and different brands contributes to increasing footfall in the supermarket & hypermarket segment which provides a wide assortment of peanut flavors.


2. Non-Store-Based: The non-store-based segment includes online-based retail formats including e-commerce, where the makers distribute peanut flavor by providing a wide variety of products to the consumers through either different online shopping sites or their websites. New products are being introduced by market players that customers cannot access beyond regional boundaries. As a result, people are choosing e-commerce channels over traditional ones more frequently.

By Region

1. North America: North America is one of the most lucrative markets among the manufacturers of peanut flavors. The increasing awareness about healthy food products and rising consumption of convenience food products are expected to drive the growth of the market in North America. Growing health consciousness among consumers has influenced food manufacturers to incline toward the adoption of natural and healthy food ingredients. Thus, the manufacturers of peanut flavors are shifting their preferences toward natural ingredients and flavors.


2. Europe: The European peanut flavor market has been growing for years and it is driven by changes in the consumption patterns of European consumers, including rising demand for healthier snacking options. The already established market of peanuts in Europe has been supporting peanut flavor products. European countries are recognized for their consumption of bakery and confectionery products. The wider use of peanut flavors in various applications including bakery, snacks, and Peanut Flavor products boosted the further demand.
   Asia-Pacific: The growth of the peanut flavors market in Asia-Pacific is driven by the increasing consumption of ready-to-eat food products. The changing consumer preferences, growing population in developing economies, and rising per capita disposable incomes are impacting the sales of ready-to-eat products, wherein peanut flavors are being widely used. The key contributors to peanut flavor consumption are China and India. However, many Southeast Asian countries have paid a substantial contribution to peanut flavor utilization through various applications.


3. Rest of the World: The Rest of the World includes South America, the Middle East, and Africa. The increasing demand for convenience foods products and growing health consciousness among consumers in developing countries are driving the regional market growth. The Middle East region is anticipated to be a promising market for food flavors during the forecast period. The presence of a large population of ex-pats also brings variation in food taste and preference. This is anticipated to boost the food flavors market.