GCC: Peanut Butter Market 2024

Peanut Butter Market Size in GCC

The GCC peanut butter market expanded modestly to $X in 2022, growing by 2.3% against the previous year. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.6% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Peanut Butter Production in GCC

In value terms, peanut butter production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production posted a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 80% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Peanut Butter Exports

Exports in GCC

In 2022, overseas shipments of peanut butter and prepared or preserved groundnuts increased by 44% to X tons, rising for the fourth year in a row after two years of decline. Total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +84.7% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, peanut butter exports dropped slightly to $X in 2022. The total export value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 18% against the previous year. The level of export peaked at $X in 2021, and then reduced slightly in the following year.

Exports by Country

The United Arab Emirates was the main exporting country with an export of about X tons, which resulted at 74% of total exports. It was distantly followed by Kuwait (X tons), making up a 21% share of total exports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to peanut butter exports from the United Arab Emirates stood at +8.0%. At the same time, Oman (+33.9%) and Kuwait (+2.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +33.9% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates and Oman increased by +9.6 and +2.9 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest peanut butter supplier in GCC, comprising 68% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +4.0%. In the other countries, the average annual rates were as follows: Kuwait (+1.9% per year) and Oman (+41.6% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by -31.2% against the previous year. Overall, the export price recorded a pronounced descent. The most prominent rate of growth was recorded in 2017 when the export price increased by 13% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+5.7%), while the other leaders experienced a decline in the export price figures.

Peanut Butter Imports

Imports in GCC

In 2022, after three years of growth, there was decline in overseas purchases of peanut butter and prepared or preserved groundnuts, when their volume decreased by -0.1% to X tons. The total import volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when imports increased by 30% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, peanut butter imports expanded modestly to $X in 2022. The total import value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when imports increased by 19%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) dominates imports structure, together generating 83% of total imports. It was distantly followed by Kuwait (X tons) and Qatar (X tons), together achieving a 10% share of total imports. Oman (X tons) and Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +15.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest peanut butter importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Qatar ($X), with a combined 86% share of total imports. Kuwait, Oman and Bahrain lagged somewhat behind, together accounting for a further 14%.

Among the main importing countries, Oman, with a CAGR of +18.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, rising by 3.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2018 when the import price increased by 13% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform