GCC: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in GCC

The GCC frozen whole fish market skyrocketed to $X in 2021, picking up by 30% against the previous year. The market value increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Frozen Whole Fish Production in GCC

In value terms, frozen whole fish production fell to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 130% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Frozen Whole Fish Exports

Exports in GCC

In 2021, frozen whole fish exports in GCC reached X tons, leveling off at 2020. Overall, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 280%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, frozen whole fish exports rose significantly to $X in 2021. Over the period under review, exports showed prominent growth. The growth pace was the most rapid in 2018 with an increase of 220% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

Exports by Country

Oman prevails in exports structure, recording X tons, which was approx. 94% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), comprising a 5.3% share of total exports.

Oman was also the fastest-growing in terms of the frozen whole fish exports, with a CAGR of +27.6% from 2012 to 2021. The United Arab Emirates experienced a relatively flat trend pattern. While the share of Oman (+37 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-23.4 p.p.) displayed negative dynamics.

In value terms, Oman ($X) remains the largest frozen whole fish supplier in GCC, comprising 90% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 9.9% share of total exports.

In Oman, frozen whole fish exports expanded at an average annual rate of +21.2% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, increasing by 8.3% against the previous year. Over the period under review, the export price, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when the export price increased by 14%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (-5.0%).

Frozen Whole Fish Imports

Imports in GCC

In 2021, frozen whole fish imports in GCC soared to X tons, growing by 43% compared with 2020. Total imports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +42.2% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen whole fish imports soared to $X in 2021. The total import value increased at an average annual rate of +2.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) represented the main importers of frozen whole fish in 2021, accounting for approx. 38% and 31% of total imports, respectively. It was distantly followed by Qatar (X tons), Kuwait (X tons), Bahrain (X tons) and Oman (X tons), together committing a 32% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Qatar (with a CAGR of +22.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X) constituted the countries with the highest levels of imports in 2021, with a combined 79% share of total imports. Qatar, Oman and Bahrain lagged somewhat behind, together accounting for a further 21%.

Qatar, with a CAGR of +20.0%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, which is down by -9.9% against the previous year. Over the period under review, the import price continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2014 when the import price increased by 7.3% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+2.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform