GCC: Millet Market 2024

Millet Market Size in GCC

In 2022, the GCC millet market decreased by -3.1% to $X for the first time since 2018, thus ending a three-year rising trend. The total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +61.5% against 2018 indices. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Millet Production in GCC

In value terms, millet production stood at $X in 2022 estimated in export price. Overall, production, however, continues to indicate measured growth. The pace of growth was the most pronounced in 2014 with an increase of 70%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

The countries with the highest volumes of production in 2022 were Saudi Arabia (X tons) and Oman (X tons).

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +9.3%).

The average millet yield totaled X tons per ha in 2022, stabilizing at 2021 figures. In general, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 21% against the previous year. The level of yield peaked at X tons per ha in 2014; however, from 2015 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of millet in GCC shrank slightly to X ha, remaining relatively unchanged against 2021 figures. The total harvested area indicated a resilient expansion from 2012 to 2022: its figure increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, millet harvested area increased by +112.7% against 2013 indices. The pace of growth was the most pronounced in 2015 with an increase of 36%. Over the period under review, the harvested area dedicated to millet production reached the peak figure at X ha in 2021, and then fell modestly in the following year.

Millet Exports

Exports in GCC

After three years of growth, shipments abroad of millet decreased by -3.9% to X tons in 2022. In general, exports, however, showed buoyant growth. The growth pace was the most rapid in 2013 with an increase of 698%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, millet exports declined significantly to $X in 2022. Overall, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 465% against the previous year. The level of export peaked at $X in 2021, and then shrank dramatically in the following year.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X tons, which was approx. 94% of total exports in 2022. It was distantly followed by Oman (X tons), comprising a 6.2% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the millet exports, with a CAGR of +16.9% from 2012 to 2022. Oman (-29.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Oman increased by +6.2 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest millet supplier in GCC, comprising 96% of total exports. The second position in the ranking was taken by Oman ($X), with a 3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at +27.0%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, waning by -11.8% against the previous year. In general, the export price, however, posted a strong expansion. The pace of growth appeared the most rapid in 2015 when the export price increased by 104%. The level of export peaked at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.6%).

Millet Imports

Imports in GCC

In 2022, supplies from abroad of millet decreased by -15.2% to X tons for the first time since 2018, thus ending a three-year rising trend. Total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +53.9% against 2018 indices. The pace of growth was the most pronounced in 2021 when imports increased by 47% against the previous year. As a result, imports reached the peak of X tons, and then reduced rapidly in the following year.

In value terms, millet imports declined slightly to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +84.2% against 2018 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 36% against the previous year. The level of import peaked at $X in 2021, and then dropped modestly in the following year.

Imports by Country

The United Arab Emirates represented the key importer of millet in GCC, with the volume of imports resulting at X tons, which was approx. 62% of total imports in 2022. Oman (X tons) ranks second in terms of the total imports with a 13% share, followed by Kuwait (12%) and Qatar (9%). Bahrain (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to millet imports into the United Arab Emirates stood at +4.5%. At the same time, Oman (+17.6%), Kuwait (+12.8%), Qatar (+8.9%) and Bahrain (+3.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +17.6% from 2012-2022. While the share of Oman (+9.2 p.p.), Kuwait (+6.2 p.p.) and Qatar (+3.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported millet in GCC, comprising 63% of total imports. The second position in the ranking was held by Oman ($X), with a 14% share of total imports. It was followed by Qatar, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +6.5%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+19.0% per year) and Qatar (+9.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, increasing by 15% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the import price increased by 17% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform