GCC: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in GCC

The GCC margarine and shortening market shrank markedly to $X in 2022, waning by -34.6% against the previous year. Over the period under review, consumption showed a noticeable shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Margarine And Shortening Production in GCC

In value terms, margarine and shortening production surged to $X in 2022 estimated in export price. In general, production enjoyed a strong increase. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Margarine And Shortening Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in shipments abroad of margarine and shortening, when their volume decreased by -6.5% to X tons. Total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +19.6% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 25% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, margarine and shortening exports plummeted to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 69%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the major exporter of margarine and shortening, making up 63% of total exports. Oman (X tons) held the second position in the ranking, distantly followed by Saudi Arabia (X tons). All these countries together took approx. 36% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to margarine and shortening exports from the United Arab Emirates stood at +4.6%. At the same time, Saudi Arabia (+18.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +18.2% from 2012-2022. By contrast, Oman (-2.6%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+11 p.p.) and Saudi Arabia (+6.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Oman (-18.5 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest margarine and shortening supplier in GCC, comprising 60% of total exports. The second position in the ranking was held by Oman ($X), with a 29% share of total exports.

In the United Arab Emirates, margarine and shortening exports increased at an average annual rate of +2.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (-3.3% per year) and Saudi Arabia (+10.3% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, waning by -14.5% against the previous year. Over the period under review, the export price recorded a mild decline. The growth pace was the most rapid in 2021 when the export price increased by 46% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, 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 (-0.7%), while the other leaders experienced a decline in the export price figures.

Margarine And Shortening Imports

Imports in GCC

In 2022, imports of margarine and shortening in GCC shrank sharply to X tons, reducing by -33.2% against 2021 figures. Overall, imports showed a pronounced decrease. The pace of growth was the most pronounced in 2021 with an increase of 11% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, margarine and shortening imports contracted significantly to $X in 2022. Over the period under review, imports showed a pronounced decline. The pace of growth appeared the most rapid in 2021 when imports increased by 43%. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

The United Arab Emirates represented the main importing country with an import of about X tons, which resulted at 61% of total imports. Oman (X tons) ranks second in terms of the total imports with a 12% share, followed by Kuwait (10%), Qatar (8.3%) and Bahrain (7.7%).

The United Arab Emirates was also the fastest-growing in terms of the margarine and shortening imports, with a CAGR of +8.1% from 2012 to 2022. At the same time, Qatar (+7.9%), Bahrain (+6.8%) and Oman (+5.1%) displayed positive paces of growth. By contrast, Kuwait (-2.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Oman, Qatar, Bahrain and Kuwait increased by +42, +7.4, +5.7, +5 and +1.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported margarine and shortening in GCC, comprising 60% of total imports. The second position in the ranking was held by Qatar ($X), with a 12% share of total imports. It was followed by Kuwait, with a 10% share.

In the United Arab Emirates, margarine and shortening imports increased at an average annual rate of +8.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Qatar (+8.7% per year) and Kuwait (-0.2% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, dropping by -6.4% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 29%. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($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 (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform