GCC Peanut Butter Market Size Booming at Significant CAGR of 9.06%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated GCC peanut butter market size at USD 260 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the GCC peanut butter market size to grow at a CAGR of 9.06% reaching a value of USD 440 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated GCC peanut butter market size at USD 260 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the GCC peanut butter market size 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. Besides, the convenience and versatility of peanut butter as a snack or ingredient in various cuisines boost its popularity. Further, 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.
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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 – 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.
Competitive Landscape
GCC peanut butter market is fiercely competitive. Major companies in the market include Mother Earth, Natures Choice, American Garden, JIF, Earth Goods, American Harvest, Eshmoon, and Nestlé. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in GCC peanut butter market.
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