GCC: Non-Cane Molasses Market 2024

Non-Cane Molasses Market Size in GCC

The GCC non-cane molasses market expanded notably to $X in 2022, surging by 7.3% against the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.3% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Non-Cane Molasses Production in GCC

In value terms, non-cane molasses production reached $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.1% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 40%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Non-Cane Molasses Exports

Exports in GCC

In 2022, approx. X tons of molasses (excluding cane molasses) were exported in GCC; increasing by 88% against 2021. Over the period under review, exports, however, saw a deep contraction. The growth pace was the most rapid in 2019 with an increase of 422% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, non-cane molasses exports skyrocketed to $X in 2022. In general, exports, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 279% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X tons, which was approx. 93% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), making up a 6.6% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to non-cane molasses exports from the United Arab Emirates stood at -11.1%. At the same time, Saudi Arabia (+34.6%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +34.6% from 2012-2022. Saudi Arabia (+6.5 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -6.6% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest non-cane molasses supplier in GCC, comprising 88% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 11% share of total exports.

In the United Arab Emirates, non-cane molasses exports contracted by an average annual rate of -2.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, declining by -34.4% against the previous year. In general, the export price, however, continues to indicate buoyant growth. The growth pace was the most rapid in 2016 an increase of 358%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices remained at a lower figure.

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 Saudi Arabia ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.1%).

Non-Cane Molasses Imports

Imports in GCC

In 2022, overseas purchases of molasses (excluding cane molasses) decreased by -1.6% to X tons, falling for the second year in a row after two years of growth. Overall, imports showed a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 737% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, non-cane molasses imports dropped to $X in 2022. Over the period under review, imports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2015 with an increase of 1,097%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of molasses (excluding cane molasses) in GCC, with the volume of imports accounting for X tons, which was near 53% of total imports in 2022. Oman (X tons) held the second position in the ranking, distantly followed by Bahrain (X tons). All these countries together took approx. 44% share of total imports. Qatar (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +29.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Oman ($X), the United Arab Emirates ($X) and Bahrain ($X) were the countries with the highest levels of imports in 2022, with a combined 91% share of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +28.3%, 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

The import price in GCC stood at $X per ton in 2022, reducing by -5.4% against the previous year. In general, the import price, however, enjoyed strong growth. The pace of growth was the most pronounced in 2015 an increase of 632%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform