Report Overview

Growing health awareness, spurring consumer demand for nutritious and protein-rich foods, a shift toward Western dietary preferences, and rising disposable incomes. Also, the convenience and versatility of peanut butter as a food ingredient contribute to the growth of GCC Peanut Butter Market during the forecast period between 2023 and 2029.

GCC Peanut Butter Market – Industry Trends & Forecast Report, 2029

GCC peanut butter market size was estimated at USD 260 million in 2022. During the forecast period between 2023 and 2029, the size of GCC peanut butter market is projected to grow at a CAGR of 9.06% reaching a value of USD 440 million by 2029. The GCC (Gulf Cooperation Council) peanut butter market is influenced by several key factors. Firstly, rising health consciousness among consumers is driving demand for nutritious and protein-rich spreads like peanut butter. Also, the growing expatriate population in GCC countries, who are familiar with peanut butter from their home countries, contributes to market growth. Further, the convenience and versatility of peanut butter as a snack or ingredient in various cuisines boost its popularity. On top of that, marketing efforts by manufacturers to promote peanut butter's health benefits and taste contribute to market expansion. These factors collectively fuel the growth of the GCC peanut butter market.

GCC Peanut Butter Market - Overview

Peanut butter is a creamy or crunchy spread made from roasted peanuts. It is a popular food product known for its rich, nutty flavor and versatility. Peanut butter is a good source of protein, healthy fats, vitamins, and minerals, including vitamin E, magnesium, and potassium. It can be used in a variety of culinary applications, from sandwiches and smoothies to baking and cooking. Also, peanut butter is a staple in many cultures worldwide and is often enjoyed as a convenient and delicious snack. However, it's essential to choose natural, unsweetened varieties to maximize their nutritional benefits.

Growth Drivers

Health Conscious Consumers

One of the key growth drivers for the GCC peanut butter market is the rising health consciousness among consumers. As people in the Gulf Cooperation Council (GCC) region increasingly prioritize healthier dietary choices, peanut butter is gaining popularity for its protein-rich and natural ingredient profile. With a growing awareness of the benefits of peanut butter, including its protein content, heart-healthy fats, and versatility as a snack or ingredient, demand is on the upswing. Health-conscious individuals are seeking nutritious alternatives, and peanut butter's reputation as a wholesome option is propelling its market expansion across the GCC countries.

Restraints

Regulatory Hurdles

GCC peanut butter market faces a significant restraint in the form of stringent regulations and import restrictions. As health and safety concerns continue to grow, GCC governments have implemented strict quality control measures and labeling requirements for food products, including peanut butter. These regulations often require costly testing and compliance procedures, hindering smaller producers' entry into the market. Also, trade barriers and import restrictions can limit the variety of peanut butter brands available in the region, restricting consumer choice. Overcoming these regulatory challenges is vital for sustained growth and innovation in the GCC peanut butter industry.

Impact of COVID-19 on GCC Peanut Butter Market

GCC peanut butter market witnessed a significant upturn during the COVID-19 pandemic. As consumers sought comfort foods and nutritious options, peanut butter emerged as a popular choice, driven by its long shelf life and versatility. With heightened health consciousness, the demand for natural and organic varieties also surged. However, supply chain disruptions and production challenges led to occasional shortages. Despite these obstacles, the GCC peanut butter market adapted and thrived, with both established brands and new entrants capitalizing on changing consumer preferences and bolstering sales throughout the pandemic.

GCC Peanut Butter Market

Segmental Coverage

GCC Peanut Butter Market – By Product Type

Based on product type, GCC peanut butter market is bifurcated into Smooth Peanut Butter and Crunchy Peanut Butter segments. The smooth peanut butter segment is the larger in the GCC peanut butter market. This market is divided into two primary categories, smooth peanut butter and crunchy peanut butter, with smooth peanut butter emerging as the dominant segment. Smooth peanut butter is favored by a significant portion of consumers in the Gulf Cooperation Council (GCC) region due to its creamy texture and versatile applications in various culinary dishes, spreads, and snacks. Its popularity can be attributed to its widespread use in sandwiches, and baking, and as a complement to various Middle Eastern and international cuisines, making it the leading choice in the GCC peanut butter market.

GCC Peanut Butter Market – By Distribution Channel

By distribution channel, GCC peanut butter market is divided into Supermarkets & Hypermarkets, Convenience Stores, and Online Stores segments. The supermarkets & hypermarkets segment is the largest, capturing the majority of the market share. These traditional brick-and-mortar retail outlets offer a wide range of products and attract a significant customer base due to their accessibility and convenience. Convenience stores also play a substantial role in the market, serving consumers looking for quick and easy purchases. Meanwhile, online stores represent a growing segment, driven by the increasing trend of e-commerce and online shopping, offering consumers a convenient way to access peanut butter products.

GCC Peanut Butter Market – By Country

Geographically, the in-depth research report on the GCC peanut butter market covers Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman. Saudi Arabia is the largest country in the GCC peanut butter market, as the kingdom stands out as a significant player in the region's peanut butter industry, accounting for a substantial share of the market. With its large population and strong consumer demand for peanut butter products, Saudi Arabia has become a key market for peanut butter manufacturers and suppliers. While the other GCC countries, the UAE, Qatar, Bahrain, Kuwait, and Oman, also contribute to the market, Saudi Arabia's size and economic strength make it the dominant segment in terms of both production and consumption of peanut butter within the Gulf Cooperation Council region.

Competitive Landscape

Major players in the GCC peanut butter market include Mother Earth, Natures Choice, American Garden, JIF, Earth Goods, American Harvest, Eshmoon, and Nestlé. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Product Type

• Smooth Peanut Butter

• Crunchy Peanut Butter

By Distribution Channel

• Supermarkets & Hypermarkets

• Convenience Stores

• Online Stores

By Country

• Saudi Arabia

• UAE

• Qatar

• Bahrain

• Kuwait

• Oman