The North America Peanut Oil Market would witness market growth of 3.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 356.1 kilo tonnes, showcasing a growth of 3.6% (2019-2022).
Peanut oil serves as a common carrier oil in various pharmaceutical formulations, owing to its stable composition, mild flavor, and high lipid content. Within this context, peanut oil is primarily utilized in the formulation of oral medications, including soft gel capsules and liquid suspensions, where it acts as a vehicle for delivering active pharmaceutical ingredients (APIs). Therefore, the U.S. market utilized 67 kilo tonnes peanut oil in pharmaceutical in 2022.
The US market dominated the North America Peanut Oil Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,799.6 Million by 2030. The Canada market is experiencing a CAGR of 6% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 5.1% during (2023 - 2030).
Peanut oil is utilized in certain pharmaceutical formulations, particularly in topical preparations such as creams and ointments. Its skin-friendly properties contribute to its use in dermatological products. Peanut oil is a carrier oil in aromatherapy, which is used to dilute and transport essential oils. Its neutral aroma allows the scents of essential oils to be more pronounced. Peanut oil can produce biodiesel, contributing to the renewable energy sector. The oil's fatty acid composition makes it a potential feedstock for biodiesel production.
The high smoke point of peanut oil makes it suitable for high heat cooking methods, including grilling and barbecuing. It imparts a subtle flavor to grilled foods while preventing the formation of acrid smoke. Peanut oil is sometimes used as a component in dietary supplements, providing a source of healthy fats and vitamin E. It may be consumed directly or integrated into nutritional supplements in liquid or capsule form. Demand for cooking oils perceived as healthier alternatives is rising due to the increasing emphasis on health and wellness.
As per the International Trade Administration (ITA), in the first half of 2022, the Canadian cosmetics industry was the fastest-growing industry in the country. In 2022, Canada's personal care and beauty sector earned around $11 billion in revenue. Vitamin E, which occurs in peanut oil, is an antioxidant in Canada. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Peanut Oil Market is Predict to reach USD 13.8 Billion by 2030, at a CAGR of 4.3%
Based on Application, the market is segmented into Food, Cosmetics, Pharmaceuticals, and Others. Based on Distribution Channel, the market is segmented into Business To Business, Hypermarket/Supermarket, Online Sales Channels, and Independent Retail Stores. Based on Type, the market is segmented into Refined, and Unrefined. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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