GCC: Animal Fats Market 2024

Animal Fats Market Size in GCC

In 2021, after three years of growth, there was significant decline in the GCC animal fats market, when its value decreased by -23.7% to $X. Over the period under review, consumption, however, enjoyed buoyant growth. As a result, consumption attained the peak level of $X, and then plummeted in the following year.

Animal Fats Production in GCC

In value terms, animal fats production dropped notably to $X in 2021 estimated in export price. In general, production, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2020 when the production volume increased by 48% against the previous year. As a result, production reached the peak level of $X, and then dropped rapidly in the following year.

Animal Fats Exports

Exports in GCC

In 2021, shipments abroad of animal fats and oils was finally on the rise to reach X tons after two years of decline. Overall, exports saw a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, animal fats exports skyrocketed to $X in 2021. Over the period under review, exports posted pronounced growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Saudi Arabia (X tons) represented the major exporter of animal fats and oils, comprising 85% of total exports. It was distantly followed by the United Arab Emirates (X tons), constituting a 15% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to animal fats exports from Saudi Arabia stood at +18.6%. At the same time, the United Arab Emirates (+26.0%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +26.0% from 2012-2021. While the share of Saudi Arabia (+17 p.p.) and the United Arab Emirates (+7.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest animal fats supplier in GCC, comprising 69% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 30% share of total exports.

In Saudi Arabia, animal fats exports expanded at an average annual rate of +2.0% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, jumping by 24% against the previous year. Over the period under review, the export price, however, faced a abrupt curtailment. The pace of growth was the most pronounced in 2019 when the export price increased by 35% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.4%).

Animal Fats Imports

Imports in GCC

In 2021, supplies from abroad of animal fats and oils increased by 17% to X tons, rising for the third year in a row after two years of decline. In general, imports, however, continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 40%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, animal fats imports expanded slightly to $X in 2021. Over the period under review, imports, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 115%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Saudi Arabia was the main importer of animal fats and oils in GCC, with the volume of imports recording X tons, which was near 85% of total imports in 2021. It was distantly followed by Kuwait (X tons), generating a 12% share of total imports. The United Arab Emirates (X tons) followed a long way behind the leaders.

Imports into Saudi Arabia decreased at an average annual rate of -3.7% from 2012 to 2021. At the same time, Kuwait (+44.7%) and the United Arab Emirates (+18.6%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +44.7% from 2012-2021. Kuwait (+11 p.p.) and the United Arab Emirates (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -6.5% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported animal fats and oils in GCC, comprising 93% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 5.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia totaled -2.3%. In the other countries, the average annual rates were as follows: Kuwait (+46.7% per year) and the United Arab Emirates (+3.4% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with a decrease of -10.8% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 123% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform