Peanuts are not really a true nut and unlike many true nuts they do not grow on trees. They belong to the legume family and grow on a small bush or ‘vine’. The crop takes 4 - 6 months to grow, depending upon variety planted. Australia produces about 40,000 tonnes of farmer stock peanuts annually which represents only about 0.2% of the world’s peanut production. More than 90% of Australia’s peanuts are grown in the state of Queensland.
The size of the domestic market for peanuts is about 40,000 tonnes annually. Australia is one of the few peanut producing countries where imports are freely permitted. The price that growers receive for their crop is therefore significantly influenced by world prices.