GCC: Festive Articles Market 2024

Festive Articles Market Size in GCC

The GCC festive articles market contracted to $X in 2022, shrinking by -10.5% against the previous year. The total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +20.5% against 2020 indices. As a result, consumption reached the peak level of $X, and then shrank in the following year.

Festive Articles Production in GCC

In value terms, festive articles production soared to $X in 2022 estimated in export price. Over the period under review, production showed a moderate expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,276%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Festive Articles Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in shipments abroad of festive or carnival articles, when their volume decreased by -20.3% to X tons. Over the period under review, exports, however, posted significant growth. The growth pace was the most rapid in 2017 with an increase of 331%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined significantly in the following year.

In value terms, festive articles exports declined dramatically to $X in 2022. In general, exports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2017 when exports increased by 197%. The level of export peaked at $X in 2021, and then reduced sharply in the following year.

Exports by Country

Saudi Arabia dominates exports structure, finishing at X tons, which was near 82% of total exports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 9% share, followed by Oman (6.4%). Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to festive articles exports from Saudi Arabia stood at +33.3%. At the same time, Oman (+57.4%) and the United Arab Emirates (+1.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +57.4% from 2012-2022. By contrast, Kuwait (-4.0%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+53 p.p.) and Oman (+6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Kuwait (-18.4 p.p.) and the United Arab Emirates (-40.2 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) remains the largest festive articles supplier in GCC, comprising 74% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total exports. It was followed by Oman, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia totaled +16.9%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+6.3% per year) and Oman (+43.8% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, increasing by 1.7% against the previous year. Over the period under review, the export price, however, recorded a abrupt setback. The growth pace was the most rapid in 2018 an increase of 23%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 the United Arab Emirates ($X per ton), while Saudi Arabia ($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 (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Festive Articles Imports

Imports in GCC

In 2022, the amount of festive or carnival articles imported in GCC declined to X tons, which is down by -8.2% against 2021 figures. In general, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 38% against the previous year. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, festive articles imports declined significantly to $X in 2022. Overall, imports, however, continue to indicate a temperate increase. The most prominent rate of growth was recorded in 2021 when imports increased by 50% against the previous year. As a result, imports attained the peak of $X, and then shrank significantly in the following year.

Imports by Country

Saudi Arabia represented the major importing country with an import of about X tons, which resulted at 66% of total imports. It was distantly followed by the United Arab Emirates (X tons), generating a 22% share of total imports. Bahrain (X tons), Oman (X tons), Kuwait (X tons) and Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to festive articles imports into Saudi Arabia stood at +7.3%. At the same time, Oman (+24.3%), Bahrain (+11.0%), Kuwait (+9.3%), the United Arab Emirates (+5.3%) and Qatar (+3.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +24.3% from 2012-2022. From 2012 to 2022, the share of Oman increased by +2.4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest festive articles importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), together accounting for 93% of total imports. Bahrain, Qatar and Oman lagged somewhat behind, together accounting for a further 6.9%.

Among the main importing countries, Oman, with a CAGR of +21.9%, saw 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

In 2022, the import price in GCC amounted to $X per ton, falling by -8.7% against the previous year. Over the period under review, the import price recorded a noticeable decrease. The growth pace was the most rapid in 2014 an increase of 27% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: 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 the United Arab Emirates (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform