The peanut market - Italy

Peanut is a legume born underground from the cultivation of its plant. Contrary to popular knowledge or possible confusion caused by the name, peanuts are not nuts, but are associated with the dried fruit and nut family for their similar benefits and energy contribution. Peanuts are native to South America, although they are currently grown in different parts of the world. However, their spread in the world is still limited due to climate and soil related requirements for the growth of the plant. Therefore, peanut cultivation is not popular in European countries, which are therefore major importers of the seeds. There are four basic types of peanuts on the market: Runner (dominant type, most commonly used for peanut butter), Virginia (representing the most roasted peanuts), Spanish (usually used for candy), and Valencia (very sweet and usually roasted). The global peanut market was valued at $4.69 billion in 2020, and is expected to reach a value of $5.58 billion by 2026, growing at a CAGR of 2.5% over the period 2021-2026. Currently, about 57 million kg of peanuts are consumed annually in Italy, not including peanut products. However, there are only 18 hectares in production on the national territory, due to the requirements, in terms of climate and soil, related to the cultivation of the plant. To cover the national needs, it would be necessary to produce peanuts on at least 30 thousand hectares of land. In 2020, the three most important companies in the Italian market - Filiera Agricola Italiana Spa, Noberesco and Sis - have signed a contract to expand production in the territory, and reach the above threshold to meet domestic demand. But, of course, the project is wide-ranging, as it will require time to be implemented, as well as high costs to be incurred, both in monetary terms and technological development.