GCC: Preserved Salmon Market 2024

Preserved Salmon Market Size in GCC

In 2021, the GCC preserved salmon market increased by 7% to $X for the first time since 2018, thus ending a two-year declining trend. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +9.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -10.3% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Preserved Salmon Production in GCC

In value terms, preserved salmon production expanded sharply to $X in 2021 estimated in export price. Overall, production enjoyed a resilient increase. The pace of growth was the most pronounced in 2013 when the production volume increased by 40%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Preserved Salmon Exports

Exports in GCC

After two years of decline, overseas shipments of salmon (prepared or preserved) increased by 94% to X tons in 2021. Over the period under review, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 123%. 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, preserved salmon exports soared to $X in 2021. In general, exports enjoyed a significant expansion. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, resulting at X tons, which was near 91% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), constituting a 4.6% share of total exports. Bahrain (X tons) took a minor share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the salmon (prepared or preserved) exports, with a CAGR of +30.7% from 2012 to 2021. At the same time, Saudi Arabia (+2.7%) displayed positive paces of growth. By contrast, Bahrain (-7.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +50 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest preserved salmon supplier in GCC, comprising 91% of total exports. The second position in the ranking was held by Bahrain ($X), with a 4.7% share of total exports.

In the United Arab Emirates, preserved salmon exports increased at an average annual rate of +31.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Bahrain (+2.1% per year) and Saudi Arabia (+14.2% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, increasing by 50% against the previous year. Export price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved salmon export price increased by +132.8% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Saudi Arabia ($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 (+11.2%), while the other leaders experienced more modest paces of growth.

Preserved Salmon Imports

Imports in GCC

In 2021, approx. X tons of salmon (prepared or preserved) were imported in GCC; surging by 13% on the year before. In general, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 55%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, preserved salmon imports stood at $X in 2021. Overall, imports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2016 with an increase of 89%. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Kuwait (X tons) and Qatar (X tons) represented roughly 89% of total imports in 2021. It was distantly followed by Bahrain (X tons), creating a 7.6% share of total imports. Oman (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Kuwait (with a CAGR of +12.9%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest preserved salmon importing markets in GCC were Qatar ($X), Kuwait ($X) and the United Arab Emirates ($X), with a combined 89% share of total imports.

Kuwait, with a CAGR of +13.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, declining by -9.8% against the previous year. Import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved salmon import price decreased by -12.0% against 2016 indices. The most prominent rate of growth was recorded in 2016 an increase of 56% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, 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 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 (+9.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform