Peanut Production

Peanut production is like an epic journey for the little seeds: they start in the ground, hide under shells, and end up in our favorite snacks. All this to remind us that we can do wonders with a little soil and a lot of patience!

Top Peanut Producing Countries in 2024

China:

China is the world's largest producer of peanuts. The five provinces where 70% of the crop is grown: Shandong, Henan, Hebei, Guangdong and Jiangsu. In 2020, Chinese production reached 18 million tons.

India:

India is the second largest producer of peanuts. In 2020, production was approximately 9.9 million metric tons.

Senegal:

Senegal is the main producer of peanuts in Africa. For the 2023-2024 agricultural campaign, the country is targeting a production of 1.7 million tonnes, compared to 1.5 million tonnes the previous year. The Senegalese government will invest approximately €152 million to achieve this target.

United States:

The United States is the fourth largest producer of peanuts. In 2020, production was approximately 2.7 million metric tonnes.

Global peanut production

In 2022/2023, global peanut production was estimated at over 50 million metric tonnes. In 2023, the peanut market was valued at approximately €80.94 billion, and it is expected to reach €83.05 billion in 2024. This growth is due to the increasing demand for protein-rich foods, which is boosting exports. The peanut industry represents a significant economic weight in the world, with a notable influence on food and agricultural markets.

Peanut Market Growth Outlook

The peanut market is expected to experience continued growth with a compound annual growth rate (CAGR) of 2.60% forecast until 2029, reaching a market size of EUR 94.42 billion. Asia Pacific, particularly China, remains the major player in production, accounting for a significant share of the overall market. This sector plays a crucial role in the global economy, strongly influencing food and agricultural markets.

Major Challenges for Peanut Producers in 2024

In 2024, peanut producers face various major challenges. Unpredictable weather conditions, such as erratic rainfall and droughts, reduce yields. Fluctuating international prices impact profitability, with for example, the price set at €0.43/kg in Senegal for 2023/2024. Exports must be managed to favor local processing. Access to quality seeds and fertilizers remains a challenge despite subsidies. Finally, innovation remains crucial to add value, meet the growing demand for organic products and invest in sustainable technologies.

Peanut producers must navigate significant climatic and economic challenges to ensure profitability. Effective export management and improved access to agricultural resources are essential. Innovation in processing and the adoption of sustainable technologies remain essential to meet market demand and add value. Only an integrated approach will overcome these obstacles and prosper sustainably.