The peanut also known as the groundnut and peanuts in the food industry is considered as a major booster for peanuts market. Peanuts are widely used for the extraction of oils and peanut flour globally.
China is the world’s largest producer of Peanuts with a production of about 16,685,915 metric tons of groundnuts and India produces more than 6,857,000 metric tons of peanuts each year.
Other major peanut producing countries include Nigeria, United States of America, Sudan, Myanmar, Chad, Argentina, Cameroon and Senegal.
Indonesia, Netherlands and Germany are the major importers of peanuts. On the higher demand for food oils with high mono-unsaturated fatty acids, the export and the import of peanuts in developed countries is found to rise at a steady growth rate.
There are four basic market types of peanuts in the world and the types are Runner, Virginia, Spanish and Valencia. Each of these peanut types is distinctive in flavor, size and nutritional composition.
From planting to harvesting, a peanut takes 4 to 5 months to mature, depending on the type, variety and soil conditions. The peanut plant flowers grow above the ground and the peanut fruits grow below the ground.
The by-products of peanuts are peanut butter and spreads, peanut bars, dairy products, bakery and confectionery, culinary purpose, oil production, medicines, cosmetics, lotions, dyes, paints and stains, caramel, cheese cream and chocolates etc.