GCC: Herbicide Market 2024

Herbicide Market Size in GCC

In 2021, after three years of growth, there was significant decline in the GCC herbicide market, when its value decreased by -11.2% to $X. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Herbicide Production in GCC

In value terms, herbicide production shrank to $X in 2021 estimated in export price. The total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +13.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 39% against the previous year. The level of production peaked at $X in 2020, and then reduced in the following year.

Herbicide Exports

Exports in GCC

In 2021, overseas shipments of herbicides increased by 618% to X tons, rising for the second year in a row after two years of decline. Overall, exports enjoyed a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, herbicide exports soared to $X in 2021. In general, exports recorded prominent growth. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) was the key exporter of herbicides, committing 87% of total exports. It was distantly followed by Saudi Arabia (X tons), achieving a 12% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the herbicides exports, with a CAGR of +14.0% from 2012 to 2021. Saudi Arabia (-2.8%) illustrated a downward trend over the same period. The United Arab Emirates (+27 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -22.3% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest herbicide supplier in GCC, comprising 68% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 30% share of total exports.

In the United Arab Emirates, herbicide exports increased at an average annual rate of +6.5% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, waning by -34.4% against the previous year. Over the period under review, the export price continues to indicate a noticeable contraction. The growth pace was the most rapid in 2015 an increase of 58%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+10.4%).

Herbicide Imports

Imports in GCC

For the third year in a row, GCC recorded growth in purchases abroad of herbicides, which increased by 28% to X tons in 2021. Total imports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.0% 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 +123.8% against 2018 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 68%. The volume of import peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, herbicide imports surged to $X in 2021. Over the period under review, imports recorded a mild increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Saudi Arabia represented the key importer of herbicides in GCC, with the volume of imports accounting for X tons, which was near 70% of total imports in 2021. It was distantly followed by the United Arab Emirates (X tons), committing a 27% share of total imports. Kuwait (X tons) held a relatively small share of total imports.

Imports into Saudi Arabia decreased at an average annual rate of -1.5% from 2012 to 2021. At the same time, Kuwait (+42.0%) and the United Arab Emirates (+13.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +42.0% from 2012-2021. While the share of the United Arab Emirates (+18 p.p.) and Kuwait (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Saudi Arabia (-17.7 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported herbicides in GCC, comprising 76% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 20% share of total imports.

In Saudi Arabia, herbicide imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+12.8% per year) and Kuwait (+31.9% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, jumping by 32% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 35%. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($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 (+1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform