GCC: Natural Cork Market 2024

Natural Cork Market Size in GCC

The GCC natural cork market shrank modestly to $X in 2021, with a decrease of -2.9% against the previous year. Over the period under review, consumption saw a perceptible slump. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Natural Cork Production in GCC

In value terms, natural cork production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 30% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Natural Cork Exports

Exports in GCC

In 2021, overseas shipments of natural cork debacked or roughly squared were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, showed a pronounced slump. The growth pace was the most rapid in 2018 with an increase of 137%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, natural cork exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a pronounced decline. The pace of growth was the most pronounced in 2013 when exports increased by 135% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the largest exporting country with an export of around X tons, which accounted for 63% of total exports. It was distantly followed by the United Arab Emirates (X tons), creating a 33% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Saudi Arabia (with a CAGR of +0.5%), while the other leaders experienced a decline in the exports figures.

In value terms, Saudi Arabia ($X) remains the largest natural cork supplier in GCC, comprising 65% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 28% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-8.7% per year) and Kuwait (-2.4% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, declining by -5.8% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 65% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+13.0%), while the other leaders experienced mixed trends in the export price figures.

Natural Cork Imports

Imports in GCC

In 2021, overseas purchases of natural cork debacked or roughly squared decreased by -22.3% to X tons, falling for the third consecutive year after two years of growth. Overall, imports showed a abrupt slump. The growth pace was the most rapid in 2017 when imports increased by 172%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, natural cork imports surged to $X in 2021. Over the period under review, imports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2017 with an increase of 199% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Bahrain (X tons) was the largest importer of natural cork debacked or roughly squared, committing 51% of total imports. It was distantly followed by Qatar (X tons), the United Arab Emirates (X tons) and Oman (X tons), together committing a 47% share of total imports. Kuwait (X tons) followed a long way behind the leaders.

Bahrain was also the fastest-growing in terms of the natural cork debacked or roughly squared imports, with a CAGR of +15.1% from 2012 to 2021. At the same time, Kuwait (+12.4%) and the United Arab Emirates (+6.9%) displayed positive paces of growth. By contrast, Oman (-11.8%) and Qatar (-23.9%) illustrated a downward trend over the same period. Bahrain (+48 p.p.), the United Arab Emirates (+14 p.p.), Oman (+5.6 p.p.) and Kuwait (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Qatar saw its share reduced by -21.6% from 2012 to 2021, respectively.

In value terms, the largest natural cork importing markets in GCC were Bahrain ($X), the United Arab Emirates ($X) and Qatar ($X), with a combined 83% share of total imports.

Bahrain, with a CAGR of +22.4%, saw the highest growth rate of the value of imports, among the main importing countries 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 2021, jumping by 49% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform