GCC: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in GCC

In 2021, the GCC sauce and seasoning market increased by 4.6% to $X, rising for the second consecutive year after four years of decline. The market value increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Sauce And Seasoning Production in GCC

In value terms, sauce and seasoning production fell slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 29%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Sauce And Seasoning Exports

Exports in GCC

In 2021, overseas shipments of sauces and seasonings increased by 7.7% to X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2013 with an increase of 16% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, sauce and seasoning exports expanded significantly to $X in 2021. The total export value increased at an average annual rate of +6.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 16%. The level of export peaked in 2021 and is likely to continue growth in the near future.

Exports by Country

Oman (X tons) and the United Arab Emirates (X tons) represented roughly 74% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), making up a 22% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Kuwait (with a CAGR of +19.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest sauce and seasoning supplying countries in GCC were Oman ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), with a combined 97% share of total exports. Kuwait lagged somewhat behind, accounting for a further 3.1%.

Among the main exporting countries, Kuwait, with a CAGR of +17.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, growing by 2.3% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2020 an increase of 18% against the previous year. Over the period under review, the export prices reached the peak figure in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.3%), while the other leaders experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports in GCC

In 2021, approx. X tons of sauces and seasonings were imported in GCC; increasing by 17% on the previous year. The total import volume increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sauce and seasoning imports surged to $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +52.5% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) were the largest importers of sauces and seasonings in 2021, recording approx. 36% and 33% of total imports, respectively. Kuwait (X tons) took the next position in the ranking, distantly followed by Qatar (X tons) and Oman (X tons). All these countries together took near 27% share of total imports. Bahrain (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Oman (with a CAGR of +11.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) were the countries with the highest levels of imports in 2021, together accounting for 82% of total imports. Qatar, Oman and Bahrain lagged somewhat behind, together comprising a further 18%.

In terms of the main importing countries, Oman, with a CAGR of +12.5%, 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 2021, with an increase of 2.4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.5%. The pace of growth appeared the most rapid in 2020 when the import price increased by 9.6% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Qatar ($X per ton) and Bahrain ($X per ton), while Kuwait ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform