Drinkable Peanut Powder Market Globally Expected to Drive Growth through 2024
New York, NY -- (SBWIRE) -- 10/16/2017 -- Drinkable peanut powder is a product that is prepared by crushing roasted peanuts, in order to remove natural oils. The remaining particles are then grounded into fine powder that contains 85% less fat and 50% fewer calories in comparison to regular peanut butter. Consumers prefer plant-based proteins over animal-based proteins. Demand for healthy beverages is significantly high, especially for drinkable peanut powder products. This is attributed to high protein content and health benefits that drinkable peanut powder products offer. Thus, food manufacturers are developing peanut powder-based beverages that are rich in protein and low in fat content with fewer calories. Governments of various countries support production of organic, natural, and non-GMO foods and beverages. The inclination of consumers towards nutritious and functional foods and beverages has created a positive platform for drinkable peanut powder, due to its plant-based natural protein content.
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Factors such as increasing demand for beverages, nutritious products, and plant-based proteins coupled with increasing health consciousness and awareness among consumers, and increasing production and consumption of peanuts and peanuts-based products are expected to drive growth of the global drinkable peanut powder market. Additionally, increasing penetration of retail and online by major retailers and are expected to fuel the overall growth of the global drinkable peanut powder market.
On the basis of product type, the global drinkable peanut powder market is segmented into soluble (powder) and insoluble (particle). Soluble (powder) segment is expected to account for largest market share in terms of value over the forecast period 2016-2024.
On the basis of application, the global drinkable peanut powder market has been segmented into shakes, smoothies, and flavored beverages. Shakes segment is the most dominant segment, followed by smoothies segment, with market share of 34.9% by 2024.
On the basis of distribution channel, the global drinkable peanut powder market has been segmented into super market & hypermarket, departmental stores, and online retailing. Super market & hypermarket segment is the most dominant segment, followed by online retailing segment, with market share of 28.1% by 2024.
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North America is estimated to account for 37.8% share of the global drinkable peanut powder market by 2016 end, and expected to expand at a CAGR of 5.7% over the forecast period. North America drinkable peanut powder market is expected to witness robust growth owing to high consumer awareness regarding the benefits of drinkable peanut powder in comparison to peanut butter and other peanut products in the region. Moreover, the launch of new products is further fueling growth of the drinkable peanut powder market in North America. In order to meet varying consumer demands, super market & hypermarkets are offering premium grade drinkable peanut powder brands.
Asia Pacific excluding Japan (APEJ) region is one of the dominant markets for drinkable peanut powder. The APEJ market is the fastest growing market for drinkable peanut powder. This is attributed to increasing demand for superior quality and high-end peanut products from the region. The market in APEJ is expected to register a CAGR of 7.2% in terms of revenue over the forecast period. The market in China is expected to witness highest uptake of drinkable peanut powder, followed by India over the forecast period. Increasing demand for plant-based natural products that are rich in proteins in comparison to products where proteins are derived synthetically is significantly high. Peanut powder is rich in protein and is derived naturally by crushing roasted peanuts, which is one of the major factors contributing towards growth of the global market.
Key players in the global drinkable peanut powder market include The J.M. Smucker Company, Golden Peanut and Tree Nuts, Santa Cruz, Bell Research Companies, Peanut Butter & Co., The Tru-Nut Company, Sukrin Ltd., Protein Plus, LLC, BetterBody Foods, and Nutrinity.