Peanut Flavor Market Research Report—Global Forecast till 2030

Peanut Flavor Market Research Report: Information by Flavor (Chocolate and Caramel), Product (into Snacks, Bites, Spreads, Biscuits, and Tablets), Application (Bakery, Confectionery, Butter And Spreads, And Dairy Products), Distribution Channel (Store Based and Non-Stored Based), and Region (North America, Asia-Pacific, Europe, South America, and the Middle East & Africa) —Forecast till 2030

ID: MRFR/F-B & N/9522-CR | November 2022 | Region: Global | 110 Pages         

Peanut Flavor Market

Peanut Flavor Market is expected to grow USD 5157.9 million at a CAGR 6.23% during the forecast 2022-2030.

Segmentation

By Flavor Chocolate Caramel
By Product Into Snacks Bites Spreads Biscuits Tablets
By Application Bakery Confectionery Butter And Spreads Dairy Products
By Distribution Channel Store Based Non-Stored Based

Key Players

  • 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).

Drivers

  • RISING DEMAND FOR PLANT-BASED FOODS
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Peanut Flavor Market Overview


The global peanut flavor market is projected to register a CAGR of 6.23% and reach a value of USD 5157.9 million by 2030. 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. 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.


COVID-19 Impact Analysis


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.


Market Dynamics


The global peanut flavor market witnessed significant growth over the last few years and is projected to register a CAGR of 6.23% during the forecast period. 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 the 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.


Drivers:



  • RISING DEMAND FOR PLANT-BASED FOODS


Data released by the Plant-Based Foods Association in 2021, has revealed that the retail sales of plant-based food have grown three times faster than retail food sales. As peanut contains more than thirty essential vitamins and nutrients play an important source of plant-based foods for consumers who follow vegan, vegetarian, and flexitarian diets. Increasing consumer preference for healthier, clean-label diets and a sustainable lifestyle boost plant-based protein growth, pushing the market for peanut flavor products. Also, the nutritional and calorific profile of peanut flavor products like peanut butter, spreads, snacks, etc., meet the energy and taste preferences of meat-alternative diet consumers, amplifying the growth of the peanut flavor market. There have been several peanut flavor-based product innovations in these recent years by major brands across the globe like PhoLicious Brand's Vietnamese peanut sauce, General Mill's chocolate peanut butter wafer bar (Nature Valley Brand), Kellogg's Special K brand's chocolate peanut butter flavor protein meal bar, etc. Thus, the rising demand for plant-based foods by vegan and vegetarian diet followers and gluten-free foods across the globe is anticipated to support and drive the growth of the peanut flavor market.


Restraint:



  • INCIDENCE OF ALLERGIES AND INTOLERANCE DUE TO PEANUT CONSUMPTION


Peanuts allergy is caused by the protein present in peanuts which the immune system responds to differently as it identifies as harmful. The peanut allergen is associated with anaphylaxis, a life-threatening response and is one of the eight allergens covered under the Food Allergen Labeling and Consumer Protection Act of 2004. It is more severe than other types of allergies. Even if highly processed, the peanuts might get contaminated with aflatoxins due to peanut presence during processing. 2021 research reveals that peanut allergy is widespread among the children of western nations and has affected around 2% of the population. The prevalence is expected to increase in the coming years, significantly impacting the economics of raw peanut and peanut product sales. Though there are several awareness initiatives and alleviation of risks prone to peanut consumption campaigns are being done by various organizations like National Peanut Board, etc., to overcome the misconception of peanut allergy from highly processed peanut products and allergen-free products like peanut flavor by Wild Flavors, Inc, peanut butter flavor extract by Olive Nation, etc. Thus, the increasing incidence of allergies and intolerance due to peanut consumption restrain the growth of the peanut flavor market.


Opportunities:



  • PRODUCT LAUNCHES AND INNOVATION


The manufacturers are inclined toward launching innovative and new peanut flavor products to increase the consumer base. For instance, in 2020, Paradise Fruits Solutions launched an allergen-free, nut-flavored granulated like peanut, peanut caramel, and peanut chocolate flavors. Also, there is a demand for sugar-free peanut butter flavor products as there are fewer players offering products in the segment like Veda Oils, Carmiflavors, etc., These trends in demand for sugar-free, allergen-free, and gluten-free peanut flavor products can be capitalized by the established players to extend their product portfolio.


Segment Overview


By Flavor


Based on flavor, the global peanut flavor market has been segmented into chocolate and caramel. The chocolate segment accounted for a larger market share of 58.05% in 2021 and is expected to exhibit a CAGR of 6.74% during the review period.


By Product


Based on product, the global peanut flavor market has been segmented into snacks, bites, spreads, biscuits, and tablets. The snacks segment accounted for a larger market share of 33.18% in 2021 and is expected to exhibit a CAGR of 6.62% during the review period.


By Application


Based on application, the global peanut flavor market has been segmented into bakery, confectionery, butter and spreads, and dairy products. The butter & spreads segment accounted for the largest market share of 38.6% in 2021 and is projected to register the highest CAGR of 6.46% during the forecast period.


By Distribution Channel


In terms of distribution channels, the global peanut flavor market has been divided into store-based and non-store-based. The store-based segment accounted for the market share of 64.31% in 2021, whereas the non-store-based segment is estimated to register the highest growth rate of 6.7% during the forecast period.


Global Peanut Flavor  Market Share, by Region, 2020 (%)
Peanut Flavor  Market Share, by Region, 2020 (%)
Sources: MRFR Analysis


Regional Analysis


By region, the global peanut flavor market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share of 44.58% in 2020. Asia-Pacific was the second-largest market with a share of 27.17% in 2020 and is expected to register the highest CAGR of 4.26% during the forecast period.


North America


North America is one of the most lucrative markets among the manufacturers of peanut flavors. The region consists of the US, Canada, and Mexico and is projected to hold a significant revenue share of the peanut flavors market during the forecast period. 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. The escalating demand for nutritious products along with the rising health awareness has always been a key factor in the growth of the product. The increasing awareness about healthy food products and rising consumption of convenience food & beverage products are expected to drive the growth of the market in North America. Moreover, the stipulated demand for organic products has been growing.


Asia-Pacific


Asia-Pacific is one of the most lucrative regions among the manufacturers of the peanut flavors market. The region has accounted for 27.2% of the Peanut Flavors Market share. The region is projected to expand at the highest CAGR of 6.42% during the forecast period. 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 contribution to peanut flavor consumption is from China and India. However, many Southeast Asian countries have paid a substantial contribution to peanut flavor utilization through various applications. The growth of the food flavors market in the Asia-Pacific region is anticipated to be driven by various factors with countries such as China, Japan, and India majorly driving the growth owing to several factors such as consumers’ shift in taste and preference for international food cuisines are on the verge of globalization.


Competitive Landscape


The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as Firmenich (Canada), Nature’s Flavours (Germany), Abelei (Germany), S-World Flavor & Fragrance (Italy), and Weber (Germany) dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.


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) and Northwestern Extract (US).


Recent Developments


Few developments that occurred in recent times influencing the market growth of Peanut Flavor are listed below:



  • In May 2020, Firmenich International SA, a global leader in the Flavor & Fragrance industry, is pleased to announce the completion of its acquisition of Les Dérivés Résiniques et Terpéniques ("DRT").


Scope of the Report


Global Peanut Flavor Market, by Flavor



  • Chocolate

  • Caramel


Global Peanut Flavor Market, by Product



  • Snacks

  • Bites

  • Spreads

  • Biscuits

  • Tablets


Global Peanut Flavor Market, by Application



  • Bakery

  • Confectionery

  • Butter And Spreads

  • Dairy Products


Global Peanut Flavor Market, by Distribution Channel



  • Store-Based

  • Non-Store-Based


Global Peanut Flavor Market, by Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Spain

    • Italy

    • Belgium

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • Malaysia

    • Indonesia

    • Thailand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Intended Audience



  • Grocery Stores

  • Specialty Stores

  • National Retailers & Discount Stores

  • E-commerce



Report Scope:

Report Attribute/Metric Details
  Market Size   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, Distribution Channel, Application
  Geographies Covered   North America, Europe, Aisa Pacific
  Key Vendors   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).
  Key Market Opportunities   PRODUCT LAUNCHES AND INNOVATION
  Key Market Drivers   RISING DEMAND FOR PLANT-BASED FOODS


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Frequently Asked Questions (FAQ) :

Peanut Flavor Market is projected to grow at approximately 6.23% CAGR during the assessment period (2022-2030).

The Flavor, Distribution Channel, Application and region are the major segments of the global Peanut Flavor Market.

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) and Northwestern Extract (US).