GCC: Cream Fresh Market 2024

Cream Fresh Market Size in GCC

In 2022, the GCC cream fresh market decreased by -2.9% to $X, falling for the second consecutive year after four years of growth. In general, consumption continues to indicate a pronounced downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Cream Fresh Production in GCC

In value terms, cream fresh production expanded to $X in 2022 estimated in export price. In general, production, however, recorded a slight downturn. The pace of growth appeared the most rapid in 2016 when the production volume increased by 25%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

The countries with the highest volumes of production in 2022 were Saudi Arabia (X tons) and Kuwait (X tons).

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +2.3%).

Cream Fresh Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of cream fresh, when their volume decreased by -10.1% to X tons. Over the period under review, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 465%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, cream fresh exports expanded significantly to $X in 2022. In general, exports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2013 when exports increased by 403% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Kuwait (X tons) and Saudi Arabia (X tons) prevails in exports structure, together creating 92% of total exports. It was distantly followed by the United Arab Emirates (X tons), mixing up a 7.4% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +39.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Kuwait ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2022, together comprising 96% of total exports.

In terms of the main exporting countries, Kuwait, with a CAGR of +28.8%, saw 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

In 2022, the export price in GCC amounted to $X per ton, with an increase of 21% against the previous year. Over the period under review, the export price, however, saw a noticeable contraction. Over the period under review, the export prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.5%), while the other leaders experienced a decline in the export price figures.

Cream Fresh Imports

Imports in GCC

In 2022, purchases abroad of cream fresh decreased by -22.9% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, recorded a tangible increase. The pace of growth was the most pronounced in 2013 with an increase of 69% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, cream fresh imports contracted to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 36%. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Bahrain represented the main importing country with an import of about X tons, which accounted for 47% of total imports. The United Arab Emirates (X tons) held a 22% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (11%), Saudi Arabia (11%) and Oman (7.4%).

From 2012 to 2022, average annual rates of growth with regard to cream fresh imports into Bahrain stood at +13.5%. At the same time, Oman (+15.0%), Kuwait (+11.2%) and the United Arab Emirates (+3.8%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +15.0% from 2012-2022. By contrast, Saudi Arabia (-8.5%) illustrated a downward trend over the same period. While the share of Bahrain (+27 p.p.), Kuwait (+5.5 p.p.) and Oman (+4.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Saudi Arabia (-29.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Kuwait ($X) and Bahrain ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 77% of total imports.

Among the main importing countries, Kuwait, with a CAGR of +13.8%, recorded the highest rates of growth with regard to the value of imports, 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, rising by 19% against the previous year. In general, the import price, however, continues to indicate a perceptible slump. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Kuwait ($X per ton), while Oman ($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 (+2.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform