Is the increase of peanut consumption good or not?

Recently, the per capita peanut consumption in the US has reached a record high, and the peanut supply is sufficient to meet the growing demand. The US peanut industry is booming. But there are also concerns behind consumption optimism, especially when it comes to peanut cultivation.

On March 29, Bob Parker, chairman and CEO of the National Peanut Committee, shared the latest US annual per capita peanut consumption: 7.9 pounds at the hearing of the National Peanut Committee held at the Williamston East agricultural center in the hometown of peanuts, North Carolina.

"Our stated goal is 8 pounds per capita, which we hope to reach this year."

Despite record consumption, the prices of peanuts and peanut butter have actually remained stable. Parker said the National Peanut committee is working to correct misunderstandings about the soaring price of peanut butter.

3.8 - 3.9% increase

It is said that the price of peanut butter increased by 15% year-on-year. Parker also said that a reporter interviewed him and asked him why the price of peanut butter increased by 15% year-on-year. Parker made it clear that this was inaccurate; The price of peanut butter didn't rise that much. The actual increase was 3.8% to 3.9%.

This misconception stems from the fact that peanut butter is part of the "Other Oils" category in the federal government's Consumer Price Index, which includes soybean oil and peanut butter. Parker explained that the price of soybean oil is rising rapidly, but the price of peanut butter is not rising so much.

Parker pointed out that according to IRI, a data analysis and market research company showed that the price of peanut butter actually increased by only 3.9% compared with last year, rather than 15% of false positives. Parker said he subdivided the consumer price index (CPI) data into peanut butter, and the results showed an increase of only 3.8%. He said the figure was more accurate.

Sustainability

In addition, Parker said peanuts have a good progress to tell consumers when it comes to sustainability.

According to the latest data on water consumption, peanuts use 3.2 gallons per serving, while pistachios, almonds and walnuts use 25 gallons per serving. "When it comes to water, peanuts are undoubtedly the most sustainable nut," Parker said.

However, Parker said more data is needed to support the sustainable development of peanuts. He urged peanut growers to participate in the US Peanut Commission's sustainability initiative to collect data to confirm that peanuts are more sustainably produced in the United States.

Parker also addressed concerns about rising production costs this year. He stressed that increasing production remains the best way to balance rising production costs.

"If you can increase production to 5000 pounds per acre, the cost of producing 5000 pounds per acre will not be much different from the cost of producing 3000 to 3500 pounds per acre. As far as I know, production has the greatest impact on the unit production cost."

Fungicides remain a major expense for peanut growers, and Parker said the significant progress in leaf spot resistance was good news for peanut growers. But further development of disease resistant varieties is needed, he said.

Cr: US Peanut