GCC: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in GCC

The GCC market for cod, salted or in brine dropped slightly to $X in 2022, with a decrease of -1.8% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +2.0% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Cod, Salted or in Brine in GCC

In value terms, cod, salted or in brine production contracted slightly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 61% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Cod, Salted or in Brine

Exports in GCC

In 2022, shipments abroad of cod, salted or in brine decreased by -89.5% to X kg for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, enjoyed noticeable growth. The most prominent rate of growth was recorded in 2021 with an increase of 1,398% against the previous year. As a result, the exports attained the peak of X tons, and then shrank dramatically in the following year.

In value terms, cod, salted or in brine exports contracted notably to $X in 2022. Overall, exports, however, posted a tangible increase. The pace of growth was the most pronounced in 2021 with an increase of 5,009% against the previous year. As a result, the exports attained the peak of $X, and then fell significantly in the following year.

Exports by Country

The shipments of the one major exporters of cod, salted or in brine, namely the United Arab Emirates, represented more than two-thirds of total export.

The United Arab Emirates was also the fastest-growing in terms of the cod, salted or in brine exports, with a CAGR of +4.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest cod, salted or in brine supplier in GCC.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +2.3%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, waning by -73.6% against the previous year. Overall, the export price continues to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2021 an increase of 241% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped sharply in the following year.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to -2.4% per year.

Imports of Cod, Salted or in Brine

Imports in GCC

In 2022, purchases abroad of cod, salted or in brine increased by 254% to X tons, rising for the third year in a row after four years of decline. Overall, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2014 when imports increased by 512%. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, cod, salted or in brine imports fell to $X in 2022. In general, imports saw a buoyant expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 533% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Qatar was the key importer of cod, salted or in brine in GCC, with the volume of imports recording X tons, which was near 89% of total imports in 2022. It was distantly followed by the United Arab Emirates (X kg), achieving a 10% share of total imports.

Qatar was also the fastest-growing in terms of the cod, salted or in brine imports, with a CAGR of +366.0% from 2012 to 2022. At the same time, the United Arab Emirates (+2.8%) displayed positive paces of growth. Qatar (+89 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -30.9% from 2012 to 2022, respectively.

In value terms, Qatar ($X) constitutes the largest market for imported cod, salted or in brine in GCC, comprising 83% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total imports.

In Qatar, cod, salted or in brine imports increased at an average annual rate of +230.7% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, declining by -74.6% against the previous year. In general, the import price recorded a abrupt slump. The growth pace was the most rapid in 2021 when the import price increased by 88%. As a result, import price reached the peak level of $X per ton, and then contracted remarkably in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Qatar totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-3.7%).

Source: IndexBox Platform