November 20, 2023
The American Peanut Council led an official trade delegation to Japan the second week of November to meet with top U.S. agriculture and trade officials, importers, manufacturers, and other key stakeholders. The 2020 removal of a 10% duty on U.S. peanut imports under the Japan-U.S. Trade Agreement is allowing American peanut producers a more competitive edge in the Japanese market.
Japan is the fifth largest market for U.S. peanut exports and is consistently growing. In 2022, the peanut industry exported a record-high 20,171 metric tons of peanuts and peanut products to Japan, with a value of $35.6 million.
During the trade mission, U.S. peanut delegates met with representatives from the Agriculture Department’s Office of Agricultural Affairs and Agricultural Trade Office in Tokyo, as well as leaders of the Japan Peanut Import Association and Japan Peanut Association. The group also visited a peanut farm in Chiba Prefecture, as well as leading Japanese retailers.
“Last week’s official visit to Japan was important for the U.S. peanut industry for continued trade development in what is a consistently growing and promising market,” said APC President and CEO Richard Owen. “Aside from meeting with agriculture and trade policy officials to discuss the current trade environment, the visit helped to further develop key relationships between U.S. peanut exporters and Japanese customers.
“As Japanese consumers’ hunger grows for peanuts and peanut products, we think the timing of our visit was vital,” added Owen.
Japan’s retail market for nuts, seeds and trail mixes was estimated at $408 million in 2023, while the market for nut and seed-based spreads was estimated at $50.1 million in 2022, according to Euromonitor International. Overall, more than 47% of Japanese consumers reported peanut consumption in 2022.
On behalf of the U.S. peanut industry, and in collaboration with the Agriculture Department, APC undertakes market development activities in Japan and other international markets to increase global consumption of U.S. peanuts.
Source: American Peanut Council
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