GCC: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in GCC

The GCC market for forage harvesters and other harvesting machines fell slightly to $X in 2021, stabilizing at the previous year. The total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +4.2% against 2019 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Forage Harvesters and Other Harvesting Machines in GCC

In value terms, production of forage harvesters and other harvesting machines fell modestly to $X in 2021 estimated in export price. The total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +1.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 67%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports in GCC

In 2021, the amount of forage harvesters and other harvesting machines exported in GCC expanded remarkably to X units, rising by 7.1% against the previous year's figure. Overall, exports, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 600% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, exports of forage harvesters and other harvesting machines reduced to $X in 2021. Over the period under review, exports, however, faced a deep contraction. The pace of growth was the most pronounced in 2020 when exports increased by 513%. Over the period under review, the exports of reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Saudi Arabia (X units) represented the key exporter of forage harvesters and other harvesting machines, comprising 60% of total exports. It was distantly followed by the United Arab Emirates (X units), achieving a 40% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of -4.8%).

In value terms, the largest forage harvesters and other harvesting machines supplying countries in GCC were Saudi Arabia ($X) and the United Arab Emirates ($X).

In terms of the main exporting countries, Saudi Arabia, with a CAGR of -5.7%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, falling by -9.2% against the previous year. In general, the export price saw a slight descent. The most prominent rate of growth was recorded in 2015 an increase of 161%. The level of export peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

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 Saudi Arabia amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-0.7%).

Imports of Forage Harvesters and Other Harvesting Machines

Imports in GCC

In 2021, overseas purchases of forage harvesters and other harvesting machines increased by 154% to X units, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 170%. Over the period under review, imports of attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, imports of forage harvesters and other harvesting machines soared to $X in 2021. Overall, imports, however, continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 when imports increased by 243% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates prevails in machines structure, finishing at X units, which was near 86% of total imports in 2021. It was distantly followed by Kuwait (X units), committing a 6.8% share of total imports. The following importers - Qatar (X units), Oman (X units) and Bahrain (X units) - together made up 7.6% of total imports.

The United Arab Emirates was also the fastest-growing in terms of the forage harvesters and other harvesting machines imports, with a CAGR of +34.2% from 2012 to 2021. At the same time, Oman (+4.6%) and Qatar (+2.5%) displayed positive paces of growth. By contrast, Kuwait (-4.8%) and Bahrain (-11.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +62 percentage points.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported forage harvesters and other harvesting machines in GCC, comprising 94% of total imports. The second position in the ranking was held by Kuwait ($X), with a 3.8% share of total imports. It was followed by Qatar, with a 1.3% share.

In the United Arab Emirates, imports of forage harvesters and other harvesting machines increased at an average annual rate of +21.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (+2.8% per year) and Qatar (-3.7% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, declining by -26.9% against the previous year. Overall, the import price showed a dramatic setback. The most prominent rate of growth was recorded in 2020 an increase of 61% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+7.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform