GCC: Baking Soda Market 2024

Baking Soda Market Size in GCC

In 2021, the GCC baking soda market decreased by -37% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Baking Soda Production in GCC

In value terms, baking soda production amounted to $X in 2021 estimated in export price. Overall, production continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 1,154% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Baking Soda Exports

Exports in GCC

Baking soda exports surged to X tons in 2021, growing by 45% on the previous year. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 62% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, baking soda exports reduced to $X in 2021. Over the period under review, exports posted resilient growth. The pace of growth appeared the most rapid in 2014 with an increase of 111% against the previous year. The level of export peaked at $X in 2020, and then declined slightly in the following year.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X tons, which was approx. 89% of total exports in 2021. It was distantly followed by Oman (X tons), creating a 7.7% share of total exports. Saudi Arabia (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to baking soda exports from the United Arab Emirates stood at +29.3%. At the same time, Oman (+30.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +30.9% from 2012-2021. By contrast, Saudi Arabia (-22.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+57 p.p.) and Oman (+5.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-62.2 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) emerged as the largest baking soda supplier in GCC, comprising 69% of total exports. The second position in the ranking was taken by Oman ($X), with a 25% share of total exports.

In the United Arab Emirates, baking soda exports increased at an average annual rate of +26.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (+21.3% per year) and Saudi Arabia (-10.4% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, falling by -34.2% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by 30%. Over the period under review, the export prices attained the peak figure at $X per ton in 2020, and then declined rapidly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($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 (+15.3%), while the other leaders experienced a decline in the export price figures.

Baking Soda Imports

Imports in GCC

In 2021, overseas purchases of baking soda decreased by -52.6% to X tons, falling for the second consecutive year after two years of growth. In general, imports showed a pronounced decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 45%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, baking soda imports dropped remarkably to $X in 2021. Overall, imports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 41%. Over the period under review, imports attained the peak figure at $X in 2020, and then declined sharply in the following year.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) prevails in imports structure, together constituting 83% of total imports. It was distantly followed by Qatar (X tons), achieving a 7.1% share of total imports. Oman (X tons), Bahrain (X tons) and Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Qatar (with a CAGR of +31.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest baking soda importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Qatar ($X), with a combined 87% share of total imports.

Qatar, with a CAGR of +18.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, rising by 13% against the previous year. In general, the import price, however, continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2020 when the import price increased by 15%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+5.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform