2024 peanut oil industry market analysis and research By 2029, the global peanut oil market will be close to 128 billion yuan
Release time:
Jul 09,2024
Analysis of the market development status and future development prospects of the peanut oil industry in 2024
Peanut oil, also known as raw oil, is an oil made from peanut kernels, which is a non-drying oil (that is, it refers to an oil that cannot be oxidized and dried in the air to form a solid film). Peanut oil is light yellow and transparent, the color is clear, the smell is fragrant, the taste is delicious, and it is a relatively easy to digest edible oil. It contains more than 80% unsaturated fatty acids (including 41.2% oleic acid and 37.6% linoleic acid), as well as 19.9% saturated fatty acids such as palmitic acid, stearic acid and arachidic acid. Peanut oil also contains sterols, wheat germol, phospholipids, vitamin E, choline, etc.
Analysis of peanut oil industry chain
The peanut oil industry chain mainly includes oil crop planting, pressing, refining, packaging and channel sales. First, oil crops (i.e. peanuts) are planted and harvested before they are pressed. The crushing process consists of two steps: virgin and refining, the first batch produces crude oil and meal (by-products), and the crude oil becomes peanut oil (edible oil) after refining. Then, peanut oil enters the packaging process, which can be divided into medium packaging and small packaging according to packaging specifications. Finally, the downstream of the industrial chain is mainly for consumers, such as individuals/families, catering service enterprises, and food processing enterprises, as well as sales channels such as supermarkets and e-commerce platforms.
In all aspects of the peanut oil industry chain, the core is the supply of raw materials, that is, the planting and harvesting of peanuts. In addition, the scale, technology and equipment level of the crushing enterprise also directly affect the yield and quality of peanut oil. For example, there are many crushing enterprises in Shandong, with large scale, strong capacity and clear hierarchy, while those in Henan and Hebei are small in scale and weak in capacity.
The development of the peanut oil industry chain is affected by a variety of factors, including the supply of raw materials, the scale and technical level of crushing enterprises, and market demand. With the improvement of consumer health awareness and the intensification of competition in the edible oil market, the peanut oil industry chain is also constantly optimized and upgraded to meet the needs of consumers and market changes.
Analysis of the current situation of the peanut oil industry
Production rebound: According to 2023 data, China's peanut production has recovered significantly due to favorable weather conditions and improved planting yields. For example, the main producing regions of Shandong and Henan have seen a significant increase in production compared to 2022, with yields being the highest since 2016. In addition, according to data from China Agricultural Products Network, it is expected that China's peanut planting area will increase to 4,440 thousand hectares in 2023, and peanut production will increase to 16,543,200 tons.
Consumption growth: China's edible vegetable oil consumption and peanut oil consumption showed an overall upward trend. According to USDA data, in 2023/2024, China's edible vegetable oil consumption is expected to be 40.06 million tons, a year-on-year increase of 3%, and peanut oil consumption is expected to be 3.6 million tons, flat year-on-year. This indicates an increasing consumer demand for high-quality, healthy peanut oil.
Stable midstream crushing and refining: The crushing and refining of peanut oil, including the production, refining and packaging of crude oil, remained stable. Both the crushing process and refining technology are constantly being improved to ensure the quality and taste of the peanut oil.
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