GCC: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Exports

Exports in GCC

In 2022, shipments abroad of frozen fish fillet decreased by -43.5% to X tons, falling for the third year in a row after two years of growth. In general, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 187%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, frozen fish fillet exports declined dramatically to $X in 2022. Over the period under review, exports, however, showed a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 99% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Oman (X tons) and the United Arab Emirates (X tons) prevails in exports structure, together creating 84% of total exports. Saudi Arabia (X tons) took the next position in the ranking, followed by Bahrain (X tons). All these countries together took near 16% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +23.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen fish fillet supplying countries in GCC were Oman ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), with a combined 97% share of total exports.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of +17.2%, saw the highest growth rate of 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, with an increase of 31% against the previous year. Export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish fillet export price increased by +92.6% against 2019 indices. As a result, the export price reached 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 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 (+4.9%), while the other leaders experienced more modest paces of growth.

Frozen Fish Fillet Imports

Imports in GCC

In 2022, the amount of frozen fish fillet imported in GCC dropped remarkably to X tons, with a decrease of -51.7% compared with 2021. In general, imports recorded a mild contraction. The pace of growth appeared the most rapid in 2013 when imports increased by 54%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, frozen fish fillet imports fell sharply to $X in 2022. Total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 46%. The level of import peaked at $X in 2021, and then shrank rapidly in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the major importer of frozen fish fillet, constituting 63% of total imports. Qatar (X tons) held a 21% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (8.2%) and Bahrain (6.2%). Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen fish fillet imports into the United Arab Emirates stood at +1.7%. At the same time, Qatar (+18.9%) and Bahrain (+12.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +18.9% from 2012-2022. By contrast, Kuwait (-3.4%) and Oman (-8.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+19 p.p.), Qatar (+18 p.p.) and Bahrain (+4.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (-2.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported frozen fish fillet in GCC, comprising 65% of total imports. The second position in the ranking was held by Qatar ($X), with an 18% share of total imports. It was followed by Kuwait, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates was relatively modest. In the other countries, the average annual rates were as follows: Qatar (+25.0% per year) and Kuwait (+3.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, growing by 26% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish fillet import price increased by +40.4% against 2018 indices. 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 Kuwait ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform