GCC: Molasse Market 2024

Molasse Market Size in GCC

For the third year in a row, the GCC molasse market recorded decline in sales value, which decreased by -0.3% to $X in 2022. Over the period under review, consumption, however, continues to indicate a abrupt decrease. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Molasse Production in GCC

In value terms, molasse production soared to $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +66.5% against 2014 indices. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Molasse Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in shipments abroad of molasses, when their volume decreased by -27.8% to X tons. Over the period under review, exports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 130%. As a result, the exports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, molasse exports dropped remarkably to $X in 2022. Overall, exports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2021 when exports increased by 74%. As a result, the exports reached the peak of $X, and then declined dramatically in the following year.

Exports by Country

The United Arab Emirates was the main exporting country with an export of around X tons, which reached 87% of total exports. It was distantly followed by Saudi Arabia (X tons), comprising a 13% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the molasses exports, with a CAGR of +20.6% from 2012 to 2022. At the same time, Saudi Arabia (+1.6%) displayed positive paces of growth. While the share of the United Arab Emirates (+33 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-31.7 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest molasse supplier in GCC, comprising 86% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +16.3%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, with an increase of 8.5% against the previous year. Overall, the export price, however, recorded a slight downturn. The most prominent rate of growth was recorded in 2019 an increase of 63%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably 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 Saudi Arabia (+2.1%).

Molasse Imports

Imports in GCC

Molasse imports contracted markedly to X tons in 2022, shrinking by -74.2% compared with the previous year's figure. Over the period under review, imports recorded a abrupt downturn. The pace of growth appeared the most rapid in 2013 with an increase of 107%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, molasse imports shrank dramatically to $X in 2022. In general, imports recorded a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 87%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

Oman was the key importer of molasses in GCC, with the volume of imports recording X tons, which was approx. 67% of total imports in 2022. Bahrain (X tons) held the second position in the ranking, followed by the United Arab Emirates (X tons) and Kuwait (X tons). All these countries together took near 30% share of total imports. Qatar (X tons) followed a long way behind the leaders.

Imports into Oman increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, Bahrain (+42.3%) and Qatar (+10.8%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +42.3% from 2012-2022. By contrast, Kuwait (-2.2%) and the United Arab Emirates (-24.7%) illustrated a downward trend over the same period. While the share of Oman (+58 p.p.), Bahrain (+11 p.p.), Kuwait (+6.5 p.p.) and Qatar (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-28.6 p.p.) displayed negative dynamics.

In value terms, Oman ($X) constitutes the largest market for imported molasses in GCC, comprising 47% of total imports. The second position in the ranking was taken by Bahrain ($X), with a 23% share of total imports. It was followed by the United Arab Emirates, with a 13% share.

In Oman, molasse imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Bahrain (+32.0% per year) and the United Arab Emirates (-14.6% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, with an increase of 26% against the previous year. Overall, the import price enjoyed a measured increase. The most prominent rate of growth was recorded in 2020 when the import price increased by 154%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per ton), while Oman ($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 (+13.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform