GCC: Egg Product Market 2024

Egg Product Market Size in GCC

The GCC egg product market shrank to $X in 2021, waning by -14.1% against the previous year. The market value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then shrank in the following year.

Egg Product Production in GCC

In value terms, egg product production fell sharply to $X in 2021 estimated in export price. The total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +23.1% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 51% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then contracted rapidly in the following year.

Egg Product Exports

Exports in GCC

Egg product exports shrank to X tons in 2021, declining by -11.7% on the year before. Overall, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2014 with an increase of 126% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, egg product exports stood at $X in 2021. In general, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2014 when exports increased by 94% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Kuwait was the main exporting country with an export of about X tons, which resulted at 50% of total exports. Saudi Arabia (X tons) took a 24% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (21%) and Oman (4.9%).

Kuwait was also the fastest-growing in terms of the egg products exports, with a CAGR of +41.0% from 2012 to 2021. At the same time, Oman (+22.9%) displayed positive paces of growth. By contrast, the United Arab Emirates (-9.9%) and Saudi Arabia (-26.2%) illustrated a downward trend over the same period. While the share of Kuwait (+50 p.p.), the United Arab Emirates (+8.1 p.p.) and Oman (+4.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-62.8 p.p.) displayed negative dynamics.

In value terms, the largest egg product supplying countries in GCC were Kuwait ($X), Saudi Arabia ($X) and the United Arab Emirates ($X), together accounting for 95% of total exports.

Kuwait, with a CAGR of +36.4%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, picking up by 17% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 25%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.5%), while the other leaders experienced a decline in the export price figures.

Egg Product Imports

Imports in GCC

In 2021, the amount of egg products imported in GCC was estimated at X tons, picking up by 9.6% on the previous year. Over the period under review, imports, however, saw a deep contraction. The pace of growth appeared the most rapid in 2014 with an increase of 9.9% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, egg product imports amounted to $X in 2021. In general, imports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2013 with an increase of 7.7%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the key importing country with an import of around X tons, which accounted for 37% of total imports. Oman (X tons) took the second position in the ranking, followed by Qatar (X tons), Saudi Arabia (X tons) and Kuwait (X tons). All these countries together held near 60% share of total imports. Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Kuwait (with a CAGR of +7.7%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) were the countries with the highest levels of imports in 2021, with a combined 79% share of total imports. Qatar, Kuwait and Bahrain lagged somewhat behind, together comprising a further 21%.

Among the main importing countries, Bahrain, with a CAGR of +5.9%, 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 mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, dropping by -3.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.7%. The pace of growth was the most pronounced in 2015 an increase of 49%. As a result, import price reached the peak level of $X per ton. From 2016 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, 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