GCC: Insecticide Market 2024

Insecticide Market Size in GCC

After two years of growth, the GCC insecticide market decreased by -9.6% to $X in 2021. Over the period under review, consumption, however, posted a measured expansion. Over the period under review, the market reached the maximum level at $X in 2020, and then shrank in the following year.

Insecticide Production in GCC

In value terms, insecticide production reduced to $X in 2021 estimated in export price. Overall, production, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 128% against the previous year. The level of production peaked at $X in 2020, and then declined modestly in the following year.

Insecticide Exports

Exports in GCC

In 2021, insecticide exports in GCC shrank sharply to X tons, waning by -24.5% on the previous year's figure. Over the period under review, exports recorded a abrupt setback. The pace of growth was the most pronounced in 2018 when exports increased by 43%. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, insecticide exports shrank sharply to $X in 2021. Overall, exports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by 71% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the largest exporter of insecticides, creating 53% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with a 22% share, followed by Oman (18%) and Kuwait (7.1%).

Exports from the United Arab Emirates decreased at an average annual rate of -9.0% from 2012 to 2021. At the same time, Oman (+2.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +2.1% from 2012-2021. By contrast, Saudi Arabia (-13.0%) and Kuwait (-17.8%) illustrated a downward trend over the same period. Oman (+12 p.p.) and the United Arab Emirates (+4.5 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and Kuwait saw its share reduced by -7.9% and -9% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest insecticide supplier in GCC, comprising 59% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 22% share of total exports. It was followed by Oman, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled -3.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-9.1% per year) and Oman (+10.9% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, reducing by -2.2% against the previous year. Export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, insecticide export price decreased by -7.2% against 2019 indices. The growth pace was the most rapid in 2019 when the export price increased by 25%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+8.7%), while the other leaders experienced more modest paces of growth.

Insecticide Imports

Imports in GCC

In 2021, purchases abroad of insecticides decreased by -20.5% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports saw a deep contraction. The pace of growth appeared the most rapid in 2020 with an increase of 13% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, insecticide imports reduced notably to $X in 2021. Over the period under review, imports showed a mild shrinkage. The most prominent rate of growth was recorded in 2019 when imports increased by 20% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) were the main importers of insecticides in 2021, finishing at near 44% and 33% of total imports, respectively. Qatar (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (5.8%). The following importers - Oman (X tons) and Bahrain (X tons) - together made up 5.4% 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 +5.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X) constituted the countries with the highest levels of imports in 2021, with a combined 89% share of total imports.

In terms of the main importing countries, Qatar, with a CAGR of +8.5%, saw the highest growth rate of the value of imports, 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 2021, growing by 2.7% against the previous year. Import price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, insecticide import price increased by +37.5% against 2017 indices. The pace of growth was the most pronounced in 2019 an increase of 19%. Over the period under review, import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Oman ($X per ton) and Bahrain ($X per ton), while Kuwait ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+9.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform