GCC: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in GCC

The GCC lucerne meal and pellets market amounted to $X in 2021, surging by 7.4% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Lucerne (Alfalfa) Meal And Pellets in GCC

In value terms, lucerne meal and pellets production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt contraction. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports in GCC

Lucerne meal and pellets exports skyrocketed to X tons in 2021, growing by 36% against 2020. Over the period under review, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 55%. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, lucerne meal and pellets exports amounted to $X in 2021. In general, exports, however, recorded a perceptible slump. The growth pace was the most rapid in 2020 with an increase of 76%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Oman prevails in exports structure, accounting for X tons, which was approx. 95% of total exports in 2021. The United Arab Emirates (X tons) followed a long way behind the leaders.

Oman was also the fastest-growing in terms of the lucerne (alfalfa) meal and pellets exports, with a CAGR of +11.1% from 2012 to 2021. At the same time, the United Arab Emirates (+9.9%) displayed positive paces of growth. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Oman ($X) remains the largest lucerne meal and pellets supplier in GCC, comprising 92% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 6.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Oman totaled -4.1%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, shrinking by -25.9% against the previous year. Overall, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2015 when the export price increased by 109%. The level of export peaked at $X per ton in 2012; however, from 2013 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 the United Arab Emirates ($X per ton), while Oman stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.4%).

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports in GCC

In 2021, purchases abroad of lucerne (alfalfa) meal and pellets increased by 0.4% to X tons, rising for the second year in a row after four years of decline. Total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +97.5% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 97%. The volume of import peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, lucerne meal and pellets imports fell modestly to $X in 2021. Total imports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% 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 +84.4% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 86% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) dominates imports structure, together making up 85% of total imports. It was distantly followed by Qatar (X tons), creating a 9% share of total imports. The following importers - Kuwait (X tons) and Oman (X tons) - each amounted to a 5.4% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Saudi Arabia (with a CAGR of +39.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lucerne meal and pellets importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Qatar ($X), together accounting for 93% of total imports.

Among the main importing countries, Saudi Arabia, with a CAGR of +31.3%, recorded 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

In 2021, the import price in GCC amounted to $X per ton, remaining stable against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 21%. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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 ($X per ton), while Saudi Arabia ($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 (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform