GCC: Wood Flat Pallet Market 2024

Wood Flat Pallet Market Size in GCC

The GCC wood flat pallet market was finally on the rise to reach $X in 2021, after three years of decline. The total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2021 and is likely to see gradual growth in years to come.

Wood Flat Pallet Production in GCC

In value terms, wood flat pallet production surged to $X in 2021 estimated in export price. The total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 60% against the previous year. Over the period under review, production attained the peak level in 2021 and is likely to continue growth in years to come.

Wood Flat Pallet Exports

Exports in GCC

In 2021, approx. X units of flat pallets and pallet collars of wood were exported in GCC; growing by 29% compared with 2020 figures. Total exports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 42% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, wood flat pallet exports skyrocketed to $X in 2021. Overall, exports continue to indicate resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, the United Arab Emirates (X units) represented the largest exporter of flat pallets and pallet collars of wood, committing 79% of total exports. It was distantly followed by Saudi Arabia (X units), achieving a 19% share of total exports. Oman (X units) held a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the flat pallets and pallet collars of wood exports, with a CAGR of +9.0% from 2012 to 2021. Saudi Arabia (-6.7%) and Oman (-7.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +31 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest wood flat pallet supplier in GCC, comprising 80% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +12.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-4.1% per year) and Oman (-5.8% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, growing by 62% against the previous year. Export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wood flat pallet export price increased by +91.5% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Oman ($X per unit) 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 (+2.8%), while the other leaders experienced more modest paces of growth.

Wood Flat Pallet Imports

Imports in GCC

In 2021, supplies from abroad of flat pallets and pallet collars of wood increased by 29% to X units, rising for the third year in a row after three years of decline. Over the period under review, imports saw a moderate increase. The pace of growth was the most pronounced in 2013 when imports increased by 79%. The volume of import peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, wood flat pallet imports surged to $X in 2021. In general, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

Oman dominates imports structure, reaching X units, which was approx. 82% of total imports in 2021. The United Arab Emirates (X units) took a 9% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (8.7%).

Oman was also the fastest-growing in terms of the flat pallets and pallet collars of wood imports, with a CAGR of +20.9% from 2012 to 2021. At the same time, Saudi Arabia (+10.5%) displayed positive paces of growth. By contrast, the United Arab Emirates (-14.0%) illustrated a downward trend over the same period. While the share of Oman (+62 p.p.) and Saudi Arabia (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-38.6 p.p.) displayed negative dynamics.

In value terms, Oman ($X) constitutes the largest market for imported flat pallets and pallet collars of wood in GCC, comprising 80% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 9.3% share of total imports.

In Oman, wood flat pallet imports expanded at an average annual rate of +12.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (-13.5% per year) and Saudi Arabia (+6.6% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, picking up by 23% against the previous year. In general, the import price, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2018 an increase of 45%. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Saudi Arabia ($X per unit) 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 (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform