GCC: Dry Vegetable Market 2024

Dry Vegetable Market Size in GCC

In 2022, after three years of growth, there was significant decline in the GCC dry vegetable market, when its value decreased by -23.5% to $X. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021, and then fell remarkably in the following year.

Dry Vegetable Production in GCC

In value terms, dry vegetable production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 36% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Dry Vegetable Exports

Exports in GCC

Dry vegetable exports contracted dramatically to X tons in 2022, which is down by -31.6% on 2021. In general, exports continue to indicate a noticeable slump. The pace of growth was the most pronounced in 2017 when exports increased by 156% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, dry vegetable exports fell dramatically to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 163% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Oman was the largest exporting country with an export of around X tons, which recorded 58% of total exports. It was distantly followed by the United Arab Emirates (X tons) and Bahrain (X tons), together making up a 39% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +24.4%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest dry vegetable supplying countries in GCC were the United Arab Emirates ($X), Oman ($X) and Bahrain ($X), with a combined 95% share of total exports. These countries were followed by Kuwait, which accounted for a further 4.5%.

Kuwait, with a CAGR of +30.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries 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 2022, declining by -11% against the previous year. Overall, the export price, however, showed a temperate increase. The pace of growth was the most pronounced in 2019 when the export price increased by 56% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, 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 (+9.4%), while the other leaders experienced more modest paces of growth.

Dry Vegetable Imports

Imports in GCC

In 2022, after two years of growth, there was significant decline in supplies from abroad of dry vegetables, when their volume decreased by -66% to X tons. In general, imports showed a mild contraction. The pace of growth appeared the most rapid in 2013 when imports increased by 87%. Over the period under review, imports hit record highs at X tons in 2021, and then dropped significantly in the following year.

In value terms, dry vegetable imports contracted notably to $X in 2022. Overall, imports, however, recorded a noticeable expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 63%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, resulting at X tons, which was approx. 76% of total imports in 2022. Kuwait (X tons) held an 8.8% share (based on physical terms) of total imports, which put it in second place, followed by Bahrain (7.6%). Oman (X tons) and Qatar (X tons) followed a long way behind the leaders.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of dry vegetables. At the same time, Qatar (+22.9%), Bahrain (+15.9%), Kuwait (+11.5%) and Oman (+8.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +22.9% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates, Kuwait, Bahrain, Qatar and Oman increased by +11, +6.3, +6.1, +3.1 and +2.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported dry vegetables in GCC, comprising 71% of total imports. The second position in the ranking was held by Kuwait ($X), with a 9.3% share of total imports. It was followed by Bahrain, with an 8.1% share.

In the United Arab Emirates, dry vegetable imports expanded at an average annual rate of +4.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+12.2% per year) and Bahrain (+13.8% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, growing by 86% against the previous year. In general, the import price posted a strong increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 the United Arab Emirates (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform