GCC: Cheese And Curd Market 2024

Cheese And Curd Market Size in GCC

The GCC cheese and curd market stood at $X in 2022, approximately mirroring the previous year. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +17.5% against 2015 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in years to come.

Cheese And Curd Production in GCC

In value terms, cheese and curd production expanded modestly to $X in 2022 estimated in export price. The total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +9.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 32% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Cheese And Curd Exports

Exports in GCC

In 2022, overseas shipments of cheese and curd were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, continue to indicate a mild decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 67% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, cheese and curd exports totaled $X in 2022. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 52% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the main exporting country with an export of around X tons, which reached 71% of total exports. It was distantly followed by Bahrain (X tons) and the United Arab Emirates (X tons), together mixing up a 28% share of total exports.

Exports from Saudi Arabia decreased at an average annual rate of -1.2% from 2012 to 2022. At the same time, the United Arab Emirates (+4.5%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +4.5% from 2012-2022. By contrast, Bahrain (-4.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Saudi Arabia increased by +4.1 and +1.8 percentage points, respectively.

In value terms, Saudi Arabia ($X) remains the largest cheese and curd supplier in GCC, comprising 64% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia amounted to +2.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (-4.2% per year) and the United Arab Emirates (+5.8% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, rising by 4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2015 when the export price increased by 23% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.0%), while the other leaders experienced more modest paces of growth.

Cheese And Curd Imports

Imports in GCC

In 2022, approx. X tons of cheese and curd were imported in GCC; which is down by -1.7% compared with the year before. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 when imports increased by 14%. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined modestly in the following year.

In value terms, cheese and curd imports fell modestly to $X in 2022. The total import value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 14% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

Saudi Arabia was the main importing country with an import of around X tons, which reached 52% of total imports. The United Arab Emirates (X tons) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (11%), Oman (7.9%) and Bahrain (5.6%). Qatar (X tons) took a little share of total imports.

Saudi Arabia was also the fastest-growing in terms of the cheese and curd imports, with a CAGR of +3.1% from 2012 to 2022. At the same time, the United Arab Emirates (+2.4%) and Qatar (+1.8%) displayed positive paces of growth. Oman, Bahrain and Kuwait experienced a relatively flat trend pattern. Saudi Arabia (+5.6 p.p.) significantly strengthened its position in terms of the total imports, while Oman and Kuwait saw its share reduced by -1.6% and -3.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cheese and curd importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), together accounting for 82% of total imports.

The United Arab Emirates, with a CAGR of +4.8%, 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

The import price in GCC stood at $X per ton in 2022, almost unchanged from the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by 3% against the previous year. The level of import peaked in 2022 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 Qatar ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform