GCC: Fresh Fish Fillet Market 2024

Fresh Fish Fillet Market Size in GCC

After two years of growth, the GCC fresh fish fillet market decreased by -13.6% to $X in 2021. In general, consumption, however, posted a resilient expansion. Over the period under review, the market reached the peak level at $X in 2020, and then fell in the following year.

Fresh Fish Fillet Production in GCC

In value terms, fresh fish fillet production reduced to $X in 2021 estimated in export price. Overall, production, however, continues to indicate significant growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 294% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then declined in the following year.

Fresh Fish Fillet Exports

Exports in GCC

In 2021, approx. X tons of fresh or chilled fish fillets were exported in GCC; with a decrease of -46.8% compared with the previous year. Over the period under review, exports showed a perceptible setback. The most prominent rate of growth was recorded in 2017 with an increase of 82%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, fresh fish fillet exports dropped dramatically to $X in 2021. In general, exports, however, showed a moderate increase. The most prominent rate of growth was recorded in 2017 with an increase of 65% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the major exporter of fresh or chilled fish fillets, mixing up 55% of total exports. Bahrain (X tons) ranks second in terms of the total exports with a 30% share, followed by Saudi Arabia (13%). Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the United Arab Emirates (with a CAGR of +1.4%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the United Arab Emirates ($X) remains the largest fresh fish fillet supplier in GCC, comprising 63% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 23% share of total exports. It was followed by Bahrain, with a 12% share.

In the United Arab Emirates, fresh fish fillet exports increased at an average annual rate of +7.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+4.2% per year) and Bahrain (-2.3% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, jumping by 50% against the previous year. Export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Bahrain ($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 (+13.9%), while the other leaders experienced mixed trends in the export price figures.

Fresh Fish Fillet Imports

Imports in GCC

In 2021, purchases abroad of fresh or chilled fish fillets decreased by -41.2% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, imports continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of 54%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, fresh fish fillet imports fell significantly to $X in 2021. In general, imports faced a deep downturn. The pace of growth was the most pronounced in 2013 when imports increased by 19%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Qatar (X tons) and the United Arab Emirates (X tons) represented roughly 63% of total imports in 2021. Kuwait (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Oman (14%) and Saudi Arabia (5.6%). Bahrain (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +5.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported fresh or chilled fish fillets in GCC, comprising 47% of total imports. The second position in the ranking was held by Kuwait ($X), with a 23% share of total imports. It was followed by Qatar, with a 17% share.

In the United Arab Emirates, fresh fish fillet imports declined by an average annual rate of -4.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+1.8% per year) and Qatar (+3.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, with an increase of 16% against the previous year. In general, the import price posted a prominent increase. The most prominent rate of growth was recorded in 2020 when the import price increased by 52%. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the near future.

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 ($X per ton), while Oman ($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 (+13.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform