GCC: Honey Market 2024

Honey Market Size in GCC

The GCC honey market expanded remarkably to $X in 2022, picking up by 9.3% against the previous year. Overall, consumption showed a buoyant expansion. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Honey Production in GCC

In value terms, honey production declined to $X in 2022 estimated in export price. Overall, production, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2015 with an increase of 47%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Honey Exports

Exports in GCC

After two years of growth, overseas shipments of honey decreased by -16.7% to X tons in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 102%. The volume of export peaked at X tons in 2021, and then dropped sharply in the following year.

In value terms, honey exports shrank to $X in 2022. In general, exports continue to indicate a mild decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 65%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia was the main exporting country with an export of about X tons, which resulted at 57% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Oman (X tons). All these countries together held near 42% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to honey exports from Saudi Arabia stood at -3.5%. At the same time, Oman (+16.8%) and the United Arab Emirates (+8.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +16.8% from 2012-2022. The United Arab Emirates (+15 p.p.) and Oman (+10 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -26.8% from 2012 to 2022, respectively.

In value terms, Saudi Arabia ($X) remains the largest honey supplier in GCC, comprising 75% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Saudi Arabia amounted to -3.3%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+9.9% per year) and Oman (+23.0% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, increasing by 12% against the previous year. In general, the export price, however, continues to indicate a slight descent. The pace of growth was the most pronounced in 2015 when the export price increased by 19% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+5.3%), while the other leaders experienced more modest paces of growth.

Honey Imports

Imports in GCC

In 2022, the amount of honey imported in GCC was estimated at X tons, with an increase of 2.5% against 2021 figures. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% 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 -4.2% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 27% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, honey imports expanded significantly to $X in 2022. In general, imports showed resilient growth. The growth pace was the most rapid in 2020 when imports increased by 44%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Saudi Arabia was the main importer of honey in GCC, with the volume of imports amounting to X tons, which was approx. 57% of total imports in 2022. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Oman (X tons), Kuwait (X tons) and Qatar (X tons). All these countries together held near 41% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to honey imports into Saudi Arabia stood at +3.2%. At the same time, the United Arab Emirates (+12.9%), Qatar (+12.0%), Oman (+8.4%) and Kuwait (+7.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in GCC, with a CAGR of +12.9% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates, Qatar and Oman increased by +11, +2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 88% of total imports.

Kuwait, with a CAGR of +13.8%, recorded the highest growth rate of the value of imports, in terms of 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

The import price in GCC stood at $X per ton in 2022, rising by 4.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2020 when the import price increased by 13%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, 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 ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform