GCC: Cheese Market 2024

Cheese Market Size in GCC

In 2021, the GCC cheese market increased by 4.9% to $X, rising for the third year in a row after four years of decline. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in the near future.

Cheese Production in GCC

In value terms, cheese production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 46% against the previous year. Over the period under review, production attained the maximum level in 2021 and is likely to see steady growth in the immediate term.

Cheese Exports

Exports in GCC

In 2021, shipments abroad of cheese decreased by -12.7% to X tons, falling for the third year in a row after two years of growth. In general, exports showed a slight decrease. The growth pace was the most rapid in 2013 with an increase of 75% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, cheese exports declined to $X in 2021. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 66% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia was the main exporting country with an export of about X tons, which accounted for 65% of total exports. Bahrain (X tons) ranks second in terms of the total exports with a 23% share, followed by the United Arab Emirates (11%).

Exports from Saudi Arabia decreased at an average annual rate of -2.7% from 2012 to 2021. At the same time, the United Arab Emirates (+6.3%) and Bahrain (+1.5%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +6.3% from 2012-2021. While the share of the United Arab Emirates (+5.1 p.p.) and Bahrain (+4.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-10.5 p.p.) displayed negative dynamics.

In value terms, the largest cheese supplying countries in GCC were Saudi Arabia ($X), Bahrain ($X) and the United Arab Emirates ($X), together accounting for 99% of total exports.

In terms of the main exporting countries, the United Arab Emirates, with a CAGR of +8.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, remaining constant against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.3%. The pace of growth appeared the most rapid in 2016 an increase of 47%. As a result, the export price attained the peak level of $X per ton; afterwards, it flattened through to 2021.

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 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+4.5%), while the other leaders experienced more modest paces of growth.

Cheese Imports

Imports in GCC

Cheese imports amounted to X tons in 2021, remaining stable against 2020 figures. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 12%. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, cheese imports contracted to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 14% against the previous year. The level of import peaked at $X in 2020, and then declined slightly in the following year.

Imports by Country

Saudi Arabia was the major importer of cheese in GCC, with the volume of imports reaching X tons, which was near 57% of total imports in 2021. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 17% share, followed by Kuwait (9%), Oman (7.7%) and Bahrain (6.3%). Qatar (X tons) took a relatively small share of total imports.

Saudi Arabia was also the fastest-growing in terms of the cheese imports, with a CAGR of +3.7% from 2012 to 2021. Bahrain and Qatar experienced a relatively flat trend pattern. Oman (-1.1%), the United Arab Emirates (-2.4%) and Kuwait (-3.7%) illustrated a downward trend over the same period. Saudi Arabia (+13 p.p.) significantly strengthened its position in terms of the total imports, while Kuwait and the United Arab Emirates saw its share reduced by -4.6% and -5.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported cheese in GCC, comprising 52% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 20% share of total imports. It was followed by Kuwait, with a 10% share.

In Saudi Arabia, cheese imports expanded at an average annual rate of +2.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+1.6% per year) and Kuwait (-2.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, reducing by -4.9% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 8.5% against the previous year. The level of import peaked at $X per ton in 2020, and then contracted modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($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 (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform