GCC: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in GCC

In 2022, after five years of growth, there was significant decline in the GCC frozen crustaceans market, when its value decreased by X% to $X. Overall, consumption, however, enjoyed a strong increase. The level of consumption peaked at $X in 2021, and then dropped in the following year.

Frozen Crustaceans Production in GCC

In value terms, frozen crustaceans production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw resilient growth. The pace of growth was the most pronounced in 2017 with an increase of X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Frozen Crustaceans Exports

Exports in GCC

In 2022, overseas shipments of frozen crustaceans decreased by X% to X tons, falling for the fourth year in a row after five years of growth. In general, exports, however, posted a strong expansion. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen crustaceans exports reduced to $X in 2022. Overall, exports, however, showed a buoyant increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented the largest exporters of frozen crustaceans in 2022, recording near X% and X% of total exports, respectively. It was distantly followed by Bahrain (X tons), creating a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen crustaceans supplying countries in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Bahrain ($X), together comprising X% of total exports.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, increasing by X% against the previous year. Export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 an increase of X%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

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

Frozen Crustaceans Imports

Imports in GCC

In 2022, the amount of frozen crustaceans imported in GCC reduced markedly to X tons, declining by X% on the previous year's figure. Total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, frozen crustaceans imports shrank remarkably to $X in 2022. Total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the main importer of frozen crustaceans in GCC, with the volume of imports finishing at X tons, which was near X% of total imports in 2022. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by Kuwait (X tons), Qatar (X tons), Oman (X tons) and Bahrain (X tons). All these countries together held near X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to frozen crustaceans imports into the United Arab Emirates stood at X%. At the same time, Qatar (X%), Bahrain (X%), Oman (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. Qatar (X p.p.), Oman (X p.p.), Kuwait (X p.p.) and Bahrain (X p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported frozen crustaceans in GCC, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

In the United Arab Emirates, frozen crustaceans imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, remaining stable against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform