GCC: Biological Product Market 2024

Biological Product Market Size in GCC

After six years of growth, the GCC biological product market decreased by X% to $X in 2022. Over the period under review, consumption, however, posted a resilient increase. As a result, consumption reached the peak level of $X, and then fell markedly in the following year.

Biological Product Production in GCC

In value terms, biological product production totaled $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with a decrease of X%. Over the period under review, production reached the peak level in 2022 and is expected to retain growth in the near future.

Biological Product Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of biological products, when their volume decreased by X% to X tons. Over the period under review, exports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons, and then shrank notably in the following year.

In value terms, biological product exports contracted remarkably to $X in 2022. Overall, exports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2020 with an increase of X%. The level of export peaked at $X in 2021, and then contracted remarkably in the following year.

Exports by Country

The United Arab Emirates was the largest exporting country with an export of around X tons, which resulted at X% of total exports. It was distantly followed by Saudi Arabia (X tons), achieving a X% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the biological products exports, with a CAGR of X% from 2012 to 2022. At the same time, Saudi Arabia (X%) displayed positive paces of growth. By contrast, Kuwait (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total exports, while Kuwait and Saudi Arabia saw its share reduced by X% and X% from 2012 to 2022, respectively.

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

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at X%. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Kuwait (X% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, growing by X% against the previous year. Overall, the export price recorded strong growth. The growth pace was the most rapid in 2020 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices failed to regain momentum.

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 the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced mixed trends in the export price figures.

Biological Product Imports

Imports in GCC

In 2022, imports of biological products in GCC contracted remarkably to X tons, with a decrease of X% compared with 2021. Over the period under review, imports, however, showed a tangible expansion. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then shrank significantly in the following year.

In value terms, biological product imports shrank dramatically to $X in 2022. Overall, imports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then dropped markedly in the following year.

Imports by Country

Saudi Arabia represented the key importing country with an import of around X tons, which accounted for X% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a X% share, followed by Oman (X%), Qatar (X%), Kuwait (X%) and Bahrain (X%).

Imports into Saudi Arabia increased at an average annual rate of X% from 2012 to 2022. At the same time, Bahrain (X%), Qatar (X%), the United Arab Emirates (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. Oman experienced a relatively flat trend pattern. While the share of Bahrain (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

Qatar, with a CAGR of X%, recorded 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 2022, the import price in GCC amounted to $X per ton, growing by X% against the previous year. Overall, the import price posted strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X,451 per ton), while Bahrain ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform