GCC: Preserved Herring Market 2024

Preserved Herring Market Size in GCC

After five years of growth, the GCC preserved herring market decreased by -3.6% to $X in 2021. In general, consumption, however, saw a prominent expansion. Over the period under review, the market reached the maximum level at $X in 2020, and then reduced slightly in the following year.

Preserved Herring Production in GCC

In value terms, preserved herring production shrank slightly to $X in 2021 estimated in export price. In general, production, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 39% against the previous year. The level of production peaked at $X in 2020, and then contracted modestly in the following year.

Preserved Herring Exports

Exports in GCC

In 2021, shipments abroad of herrings (prepared or preserved) increased by 116% to X tons, rising for the fifth year in a row after four years of decline. In general, exports posted a remarkable increase. The pace of growth appeared the most rapid in 2018 when exports increased by 133% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in the near future.

In value terms, preserved herring exports surged to $X in 2021. Overall, exports posted a notable expansion. The growth pace was the most rapid in 2018 with an increase of 109% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

Exports by Country

In 2021, Saudi Arabia (X tons) represented the largest exporter of herrings (prepared or preserved), mixing up 90% of total exports. It was distantly followed by the United Arab Emirates (X tons), creating a 10% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the herrings (prepared or preserved) exports, with a CAGR of +28.1% from 2012 to 2021. The United Arab Emirates (-6.6%) illustrated a downward trend over the same period. Saudi Arabia (+56 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -56.1% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest preserved herring supplier in GCC, comprising 90% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 10% share of total exports.

In Saudi Arabia, preserved herring exports increased at an average annual rate of +32.9% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, reducing by -27.5% against the previous year. Overall, the export price showed a deep setback. The growth pace was the most rapid in 2019 when the export price increased by 25%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, 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 (+3.8%).

Preserved Herring Imports

Imports in GCC

For the third year in a row, GCC recorded growth in purchases abroad of herrings (prepared or preserved), which increased by 12% to X tons in 2021. In general, imports, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 46%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, preserved herring imports contracted to $X in 2021. Overall, imports, however, saw a deep reduction. The pace of growth was the most pronounced in 2014 with an increase of 66% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the largest importing country with an import of about X tons, which amounted to 68% of total imports. Kuwait (X tons) ranks second in terms of the total imports with a 19% share, followed by Oman (7.2%) and Qatar (4.7%).

From 2012 to 2021, average annual rates of growth with regard to preserved herring imports into the United Arab Emirates stood at -4.8%. At the same time, Kuwait (+13.4%), Qatar (+12.4%) and Oman (+2.1%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +13.4% from 2012-2021. While the share of the United Arab Emirates (+38 p.p.), Kuwait (+17 p.p.), Oman (+5.5 p.p.) and Qatar (+4.7 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported herrings (prepared or preserved) in GCC, comprising 72% of total imports. The second position in the ranking was taken by Qatar ($X), with an 11% share of total imports. It was followed by Kuwait, with a 10% share.

In the United Arab Emirates, preserved herring imports decreased by an average annual rate of -7.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+19.3% per year) and Kuwait (+5.0% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with a decrease of -15.7% against the previous year. Import price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 an increase of 30%. The level of import peaked at $X per ton in 2020, and then fell sharply in the following year.

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 Qatar ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+6.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform