GCC: Almond Market 2024

Almond Market Size in GCC

The GCC almond market soared to $X in 2021, rising by 21% against the previous year. The market value increased at an average annual rate of +6.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Almond Production in GCC

In value terms, almond production soared to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a significant expansion. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Saudi Arabia (X tons) remains the largest almond producing country in GCC, comprising approx. 80% of total volume. Moreover, almond production in Saudi Arabia exceeded the figures recorded by the second-largest producer, the United Arab Emirates (X tons), fourfold.

In Saudi Arabia, almond production remained relatively stable over the period from 2012-2021.

The average almond yield surged to X tons per ha in 2021, increasing by 477% against the year before. Over the period under review, the yield enjoyed a prominent increase. As a result, the yield attained the peak level and is likely to continue growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The almond harvested area contracted slightly to X ha in 2021, reducing by -4.5% against 2020. Overall, the harvested area, however, continues to indicate strong growth. The most prominent rate of growth was recorded in 2014 when the harvested area increased by 26%. Over the period under review, the harvested area dedicated to almond production reached the maximum at X ha in 2020, and then declined modestly in the following year.

Almond Exports

Exports in GCC

In 2021, overseas shipments of almonds increased by 73% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2017 with an increase of 217% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, almond exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 157% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the major exporter of almonds in GCC, achieving 98% of total export.

The United Arab Emirates was also the fastest-growing in terms of the almonds exports, with a CAGR of +18.1% from 2012 to 2021. From 2012 to 2021, the share of the United Arab Emirates increased by +21 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest almond supplier in GCC.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +20.3%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 5.6% against the previous year. Export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, almond export price decreased by -36.6% against 2015 indices. The pace of growth appeared the most rapid in 2015 an increase of 55% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +1.9% per year.

Almond Imports

Imports in GCC

In 2021, almond imports in GCC reduced to X tons, dropping by -8.1% against 2020 figures. The total import volume increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 34% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, almond imports contracted significantly to $X in 2021. Total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -30.4% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 61% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, reaching X tons, which was approx. 93% of total imports in 2021. The following importers - Kuwait (X tons) and Oman (X tons) - each recorded a 4.5% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to almond imports into the United Arab Emirates stood at +7.2%. At the same time, Oman (+29.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +29.2% from 2012-2021. By contrast, Kuwait (-6.0%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+29 p.p.) and Oman (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Kuwait (-2.8 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported almonds in GCC, comprising 94% of total imports. The second position in the ranking was held by Oman ($X), with a 2.2% share of total imports.

In the United Arab Emirates, almond imports expanded at an average annual rate of +7.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+35.3% per year) and Kuwait (-1.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, waning by -11.7% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the import price increased by 20%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, the country with the highest price was Oman ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform