GCC: Vitamin Market 2024

Vitamin Exports

Exports in GCC

In 2021, overseas shipments of provitamins and vitamins increased by 18% to X tons, rising for the second consecutive year after three years of decline. Overall, exports saw a temperate increase. The growth pace was the most rapid in 2016 with an increase of 71%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, vitamin exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 56%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates dominates exports structure, finishing at X tons, which was approx. 87% of total exports in 2021. Saudi Arabia (X tons) ranks second in terms of the total exports with a 6.7% share, followed by Oman (5.6%).

Exports from the United Arab Emirates increased at an average annual rate of +3.1% from 2012 to 2021. At the same time, Oman (+36.3%) and Saudi Arabia (+4.3%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +36.3% from 2012-2021. Oman (+5.1 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -5.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest vitamin supplier in GCC, comprising 87% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an 8.5% share of total exports.

In the United Arab Emirates, vitamin exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+1.3% per year) and Oman (+27.5% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, approximately mirroring the previous year. Overall, the export price, however, saw a pronounced decline. The growth pace was the most rapid in 2017 when the export price increased by 57%. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 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 Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-2.8%), while the other leaders experienced a decline in the export price figures.

Vitamin Imports

Imports in GCC

In 2021, vitamin imports in GCC contracted to X tons, with a decrease of -2.1% against the year before. Overall, imports saw a mild setback. The most prominent rate of growth was recorded in 2020 with an increase of 49%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, vitamin imports stood at $X in 2021. Total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +90.9% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of 32% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the main importer of provitamins and vitamins, making up 59% of total imports. It was distantly followed by Kuwait (X tons), Saudi Arabia (X tons), Qatar (X tons) and Oman (X tons), together generating a 39% share of total imports. Bahrain (X tons) held a little share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +7.6% from 2012 to 2021. At the same time, Kuwait (+22.1%), Oman (+14.1%), Qatar (+12.4%) and Bahrain (+6.9%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +22.1% from 2012-2021. By contrast, Saudi Arabia (-20.4%) illustrated a downward trend over the same period. The United Arab Emirates (+33 p.p.), Kuwait (+13 p.p.), Qatar (+5.2 p.p.) and Oman (+4.9 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -56.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported provitamins and vitamins in GCC, comprising 53% of total imports. The second position in the ranking was held by Kuwait ($X), with an 18% share of total imports. It was followed by Qatar, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +9.1%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+25.1% per year) and Qatar (+37.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, rising by 17% against the previous year. Import price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +8.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 47%. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+22.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform