GCC: Dairy Spread Market 2024

Dairy Spread Market Size in GCC

After six years of growth, the GCC dairy spread market decreased by -18.2% to $X in 2022. In general, consumption, however, saw strong growth. The level of consumption peaked at $X in 2021, and then fell rapidly in the following year.

Dairy Spread Production in GCC

In value terms, dairy spread production totaled $X in 2022 estimated in export price. In general, production posted a strong expansion. The growth pace was the most rapid in 2013 when the production volume increased by 127% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Dairy Spread Exports

Exports in GCC

In 2022, approx. X tons of dairy spreads were exported in GCC; dropping by -7.1% compared with 2021 figures. In general, exports, however, posted a significant expansion. The growth pace was the most rapid in 2017 when exports increased by 1,647% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, dairy spread exports fell to $X in 2022. Overall, exports, however, posted a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 1,192% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia prevails in exports structure, amounting to X tons, which was near 97% of total exports in 2022. The United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to dairy spread exports from Saudi Arabia stood at +22.4%. At the same time, the United Arab Emirates (+32.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +32.8% from 2012-2022. From 2012 to 2022, the share of Saudi Arabia increased by +8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest dairy spread supplier in GCC, comprising 97% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 2.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia stood at +17.7%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, remaining constant against the previous year. Overall, the export price, however, showed a pronounced decrease. The growth pace was the most rapid in 2020 when the export price increased by 12% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably 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 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 (+11.3%).

Dairy Spread Imports

Imports in GCC

In 2022, purchases abroad of dairy spreads decreased by -55.4% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, enjoyed a slight expansion. The most prominent rate of growth was recorded in 2021 with an increase of 121%. As a result, imports reached the peak of X tons, and then fell sharply in the following year.

In value terms, dairy spread imports contracted remarkably to $X in 2022. Overall, imports, however, showed a slight increase. The pace of growth appeared the most rapid in 2021 with an increase of 141% against the previous year. As a result, imports reached the peak of $X, and then contracted remarkably in the following year.

Imports by Country

In 2022, Oman (X tons) represented the key importer of dairy spreads, committing 51% of total imports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Kuwait (X tons) and Qatar (X tons). All these countries together took approx. 49% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +53.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Oman ($X), the United Arab Emirates ($X) and Qatar ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 87% share of total imports.

Oman, with a CAGR of +54.4%, saw the highest rates of growth with regard to the value of imports, among 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, with a decrease of -9.4% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by 47% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+0.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform