GCC: Fats Preparation Machinery Market 2024

Fats Preparation Machinery Market Size in GCC

For the fourth year in a row, the GCC fats preparation machinery market recorded growth in sales value, which increased by 45% to $X in 2022. Over the period under review, consumption posted strong growth. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Fats Preparation Machinery Production in GCC

In value terms, fats preparation machinery production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 113%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Fats Preparation Machinery Exports

Exports in GCC

In 2022, overseas shipments of machinery for the extraction or preparation of animal or fixed vegetable fats or oils increased by 215% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a strong increase. The growth pace was the most rapid in 2013 with an increase of 393%. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, fats preparation machinery exports surged to $X in 2022. Overall, exports showed a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 2,208% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X units) represented roughly 96% of total exports in 2022.

The United Arab Emirates was also the fastest-growing in terms of the machinery for the extraction or preparation of animal or fixed vegetable fats or oils exports, with a CAGR of +19.0% from 2012 to 2022. While the share of the United Arab Emirates (+6.7 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) also remains the largest fats preparation machinery supplier in GCC.

In the United Arab Emirates, fats preparation machinery exports expanded at an average annual rate of +6.1% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, which is down by -61.1% against the previous year. In general, the export price recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when the export price increased by 377%. Over the period under review, the export prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to -10.8% per year.

Fats Preparation Machinery Imports

Imports in GCC

In 2022, supplies from abroad of machinery for the extraction or preparation of animal or fixed vegetable fats or oils increased by 88% to X units, rising for the fifth consecutive year after three years of decline. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 158%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, fats preparation machinery imports expanded sharply to $X in 2022. In general, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2019 when imports increased by 233% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates dominates imports structure, recording X units, which was near 93% of total imports in 2022. It was distantly followed by Oman (X units), constituting a 4.7% share of total imports. Kuwait (X units) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the machinery for the extraction or preparation of animal or fixed vegetable fats or oils imports, with a CAGR of +27.4% from 2012 to 2022. At the same time, Oman (+12.3%) and Kuwait (+7.7%) displayed positive paces of growth. While the share of the United Arab Emirates (+21 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Kuwait (-5.3 p.p.) and Oman (-8.2 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported machinery for the extraction or preparation of animal or fixed vegetable fats or oils in GCC, comprising 93% of total imports. The second position in the ranking was taken by Oman ($X), with a 3.8% share of total imports.

In the United Arab Emirates, fats preparation machinery imports increased at an average annual rate of +27.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (-9.3% per year) and Kuwait (-2.1% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, shrinking by -41% against the previous year. Over the period under review, the import price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when the import price increased by 288%. As a result, import price attained the peak level of $X per unit. From 2018 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kuwait ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform