GCC: Cork Article Market 2025

Cork Article Market Size in GCC

In 2021, the GCC cork article market decreased by -3.3% to $X, falling for the third year in a row after four years of growth. Over the period under review, consumption, however, posted a buoyant expansion. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Cork Article Production in GCC

In value terms, cork article production rose rapidly to $X in 2021 estimated in export price. In general, production recorded a prominent increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 58% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Cork Article Exports

Exports in GCC

In 2021, approx. X tons of cork articles were exported in GCC; surging by 41% compared with the year before. Over the period under review, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2017 with an increase of 200% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, cork article exports surged to $X in 2021. Overall, exports showed prominent growth. The growth pace was the most rapid in 2014 when exports increased by 128%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of about X tons, which resulted at 67% of total exports. Oman (X tons) held the second position in the ranking, distantly followed by Saudi Arabia (X tons). All these countries together held approx. 30% share of total exports. Bahrain (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the cork articles exports, with a CAGR of +19.6% from 2012 to 2021. At the same time, Bahrain (+12.0%), Oman (+11.8%) and Saudi Arabia (+7.2%) displayed positive paces of growth. While the share of the United Arab Emirates (+17 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Oman (-7.5 p.p.) and Saudi Arabia (-9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest cork article supplier in GCC, comprising 70% of total exports. The second position in the ranking was held by Oman ($X), with a 19% share of total exports. It was followed by Saudi Arabia, with a 9.6% share.

In the United Arab Emirates, cork article exports increased at an average annual rate of +24.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+7.9% per year) and Saudi Arabia (+10.7% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 14% against the previous year. Export price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cork article export price decreased by -6.6% against 2017 indices. The pace of growth appeared the most rapid in 2016 an increase of 20% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Cork Article Imports

Imports in GCC

In 2021, after two years of growth, there was significant decline in purchases abroad of cork articles, when their volume decreased by -29.3% to X tons. Overall, imports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2016 when imports increased by 49%. The volume of import peaked at X tons in 2020, and then contracted markedly in the following year.

In value terms, cork article imports rose to $X in 2021. Over the period under review, imports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 122% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Saudi Arabia represented the largest importing country with an import of about X tons, which finished at 53% of total imports. Oman (X tons) took the second position in the ranking, distantly followed by the United Arab Emirates (X tons) and Kuwait (X tons). All these countries together took near 42% share of total imports. The following importers - Bahrain (X tons) and Qatar (X tons) - each resulted at a 5.5% share of total imports.

Saudi Arabia was also the fastest-growing in terms of the cork articles imports, with a CAGR of +19.3% from 2012 to 2021. At the same time, Oman (+15.9%), Kuwait (+11.8%), Bahrain (+4.6%) and the United Arab Emirates (+1.4%) displayed positive paces of growth. By contrast, Qatar (-6.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia and Oman increased by +24 and +5.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported cork articles in GCC, comprising 75% of total imports. The second position in the ranking was taken by Oman ($X), with an 11% share of total imports. It was followed by the United Arab Emirates, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia totaled +39.6%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+20.1% per year) and the United Arab Emirates (+0.2% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, rising by 45% against the previous year. Over the period under review, the import price recorded a remarkable increase. The pace of growth was the most pronounced in 2015 when the import price increased by 74%. Over the period under review, import prices attained the peak figure in 2021 and is likely to see gradual growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+17.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform