GCC: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in GCC

In 2022, the GCC odoriferous substance mixture market increased by 0.8% to $X for the first time since 2019, thus ending a two-year declining trend. The total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Odoriferous Substance Mixture Production in GCC

In value terms, odoriferous substance mixture production shrank to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2017 with an increase of 490%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Odoriferous Substance Mixture Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of mixtures of odoriferous substances and their preparations, when their volume decreased by -17.7% to X tons. Overall, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 70%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, odoriferous substance mixture exports reduced to $X in 2022. In general, exports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2013 with an increase of 106% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, finishing at X tons, which was approx. 95% of total exports in 2022. The following exporters - Bahrain (X tons), Oman (X tons) and Saudi Arabia (X tons) - each recorded a 5.3% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to odoriferous substance mixture exports from the United Arab Emirates stood at +7.9%. At the same time, Bahrain (+62.9%) and Oman (+4.4%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +62.9% from 2012-2022. By contrast, Saudi Arabia (-7.5%) illustrated a downward trend over the same period. The United Arab Emirates (+4.3 p.p.) and Bahrain (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -5.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest odoriferous substance mixture supplier in GCC, comprising 98% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 0.7% share of total exports. It was followed by Saudi Arabia, with a 0.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +19.2%. In the other countries, the average annual rates were as follows: Bahrain (+57.5% per year) and Saudi Arabia (-0.6% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, picking up by 13% against the previous year. In general, the export price saw a buoyant increase. The pace of growth was the most pronounced in 2013 an increase of 53%. Over the period under review, the export prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) 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 (+10.5%), while the other leaders experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports in GCC

In 2022, supplies from abroad of mixtures of odoriferous substances and their preparations decreased by -1% to X tons for the first time since 2016, thus ending a five-year rising trend. Total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 29%. The volume of import peaked at X tons in 2021, and then declined modestly in the following year.

In value terms, odoriferous substance mixture imports reduced modestly to $X in 2022. Total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -6.7% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 50%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the main importer of mixtures of odoriferous substances and their preparations, comprising 63% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 25% share, followed by Oman (8.1%). Bahrain (X tons) took a little share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the mixtures of odoriferous substances and their preparations imports, with a CAGR of +8.9% from 2012 to 2022. At the same time, Bahrain (+5.2%) displayed positive paces of growth. Oman experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-1.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +25 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported mixtures of odoriferous substances and their preparations in GCC, comprising 67% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 21% share of total imports. It was followed by Oman, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled +6.7%. In the other countries, the average annual rates were as follows: Saudi Arabia (+4.4% per year) and Oman (+2.8% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, almost unchanged from the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2014 when the import price increased by 16% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Bahrain ($X per ton) and the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform