GCC: Modified Starches Market 2024

Modified Starches Market Size in GCC

The GCC modified starches market contracted to $X in 2022, stabilizing at the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.1% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Modified Starches Production in GCC

In value terms, modified starches production rose rapidly to $X in 2022 estimated in export price. In general, production showed slight growth. The pace of growth was the most pronounced in 2018 when the production volume increased by 80%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Modified Starches Exports

Exports in GCC

In 2022, overseas shipments of dextrins and other modified starches decreased by -1.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 59% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, modified starches exports reduced to $X in 2022. In general, exports, however, posted a resilient increase. The growth pace was the most rapid in 2017 with an increase of 60% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the major exporter of dextrins and other modified starches in GCC, with the volume of exports resulting at X tons, which was near 74% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), constituting a 21% share of total exports. Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to modified starches exports from the United Arab Emirates stood at +6.1%. At the same time, Bahrain (+82.5%) and Saudi Arabia (+30.5%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +82.5% from 2012-2022. Saudi Arabia (+21 p.p.) and Bahrain (+2.5 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -25.9% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest modified starches supplier in GCC, comprising 79% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +5.0%. In the other countries, the average annual rates were as follows: Saudi Arabia (+23.3% per year) and Bahrain (+62.7% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by -11.8% against the previous year. In general, the export price continues to indicate a mild slump. The pace of growth was the most pronounced in 2021 when the export price increased by 32% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.0%), while the other leaders experienced a decline in the export price figures.

Modified Starches Imports

Imports in GCC

In 2022, imports of dextrins and other modified starches in GCC shrank to X tons, waning by -7.2% on the previous year. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.5% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 35% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, modified starches imports reduced to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -8.9% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 53%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) represented roughly 74% of total imports in 2022. Kuwait (X tons) ranks next in terms of the total imports with an 11% share, followed by Oman (9.7%). Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Qatar (with a CAGR of +13.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) constituted the countries with the highest levels of imports in 2022, with a combined 86% share of total imports. Kuwait and Qatar lagged somewhat behind, together comprising a further 13%.

Qatar, with a CAGR of +18.8%, 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, flattening at the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2013 when the import price increased by 17%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 Qatar ($X per ton), while Kuwait ($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 (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform