GCC: Fresh Beef Carcase Market 2024

Fresh Beef Carcase Market Size in GCC

In 2022, the GCC fresh beef carcase market decreased by -1.5% to $X, falling for the second consecutive year after four years of growth. Overall, consumption, however, recorded a prominent expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Fresh Beef Carcase Production in GCC

In value terms, fresh beef carcase production stood at $X in 2022 estimated in export price. In general, production recorded strong growth. The pace of growth appeared the most rapid in 2014 when the production volume increased by 69% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Fresh Beef Carcase Exports

Exports in GCC

After two years of decline, overseas shipments of fresh or chilled carcases of beef and veal increased by 57% to X tons in 2022. In general, exports showed a resilient expansion. The growth pace was the most rapid in 2017 when exports increased by 148%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, fresh beef carcase exports surged to $X in 2022. Overall, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2017 when exports increased by 166% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X tons, which was near 87% of total exports in 2022. It was distantly followed by Kuwait (X tons), committing a 7.8% share of total exports. The following exporters - Bahrain (X tons) and Oman (X tons) - together made up 5.2% of total exports.

From 2012 to 2022, average annual rates of growth with regard to fresh beef carcase exports from the United Arab Emirates stood at +8.1%. At the same time, Bahrain (+29.2%) and Kuwait (+1.4%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +29.2% from 2012-2022. By contrast, Oman (-12.1%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+13 p.p.) and Bahrain (+3.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Kuwait (-4.8 p.p.) and Oman (-9.2 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest fresh beef carcase supplier in GCC, comprising 91% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 4.4% share of total exports. It was followed by Kuwait, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at +11.4%. In the other countries, the average annual rates were as follows: Bahrain (+34.5% per year) and Kuwait (+2.2% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, reducing by -9.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2021 when the export price increased by 30%. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

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 Bahrain ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+4.1%), while the other leaders experienced more modest paces of growth.

Fresh Beef Carcase Imports

Imports in GCC

Fresh beef carcase imports reduced rapidly to X tons in 2022, with a decrease of -27.9% against 2021 figures. Total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of 26%. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped significantly in the following year.

In value terms, fresh beef carcase imports dropped to $X in 2022. Over the period under review, imports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2021 when imports increased by 44% against the previous year. As a result, imports attained the peak of $X, and then reduced in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the main importer of fresh or chilled carcases of beef and veal, achieving 49% of total imports. Kuwait (X tons) took the second position in the ranking, followed by Qatar (X tons) and Bahrain (X tons). All these countries together held near 47% share of total imports. Oman (X tons) followed a long way behind the leaders.

Imports into the United Arab Emirates increased at an average annual rate of +4.1% from 2012 to 2022. At the same time, Qatar (+12.6%), Kuwait (+5.3%) and Bahrain (+4.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +12.6% from 2012-2022. By contrast, Oman (-7.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Qatar, the United Arab Emirates, Kuwait and Bahrain increased by +10, +10, +6.3 and +2.3 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported fresh or chilled carcases of beef and veal in GCC, comprising 58% of total imports. The second position in the ranking was held by Kuwait ($X), with an 18% share of total imports. It was followed by Qatar, with a 13% share.

In the United Arab Emirates, fresh beef carcase imports increased at an average annual rate of +12.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kuwait (+12.2% per year) and Qatar (+12.7% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, surging by 24% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +5.4%. As a result, import price reached 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 the United Arab Emirates ($X per ton), while Oman ($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 (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform