GCC: Soups Market 2024

Soups Market Size in GCC

In 2021, after five years of growth, there was decline in the GCC soups market, when its value decreased by -3.3% to $X. Over the period under review, consumption showed a resilient expansion. The level of consumption peaked at $X in 2020, and then reduced modestly in the following year.

Soups Production in GCC

In value terms, soups production fell modestly to $X in 2021 estimated in export price. Over the period under review, production showed a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 77% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then declined slightly in the following year.

Soups Exports

Exports in GCC

For the third year in a row, GCC recorded growth in overseas shipments of soups and broths, which increased by 6.5% to X tons in 2021. Over the period under review, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2013 when exports increased by 96% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in years to come.

In value terms, soups exports totaled $X in 2021. Overall, exports saw significant growth. The pace of growth was the most pronounced in 2016 when exports increased by 133%. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of around X tons, which finished at 84% of total exports. It was distantly followed by Oman (X tons), constituting a 13% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the soups and broths exports, with a CAGR of +43.7% from 2012 to 2021. At the same time, Oman (+4.7%) displayed positive paces of growth. Saudi Arabia experienced a relatively flat trend pattern. The United Arab Emirates (+62 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and Oman saw its share reduced by -18.4% and -44.2% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest soups supplier in GCC, comprising 90% of total exports. The second position in the ranking was held by Oman ($X), with a 7.7% share of total exports.

In the United Arab Emirates, soups exports increased at an average annual rate of +57.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (+5.5% per year) and Saudi Arabia (-1.2% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, shrinking by -5.1% against the previous year. Export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the export price increased by 29% against the previous year. The level of export peaked at $X per ton in 2020, and then fell in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.2%), while the other leaders experienced mixed trends in the export price figures.

Soups Imports

Imports in GCC

In 2021, the amount of soups and broths imported in GCC expanded to X tons, surging by 3.5% on 2020 figures. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 78% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, soups imports rose modestly to $X in 2021. The total import value increased at an average annual rate of +6.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 69% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the immediate term.

Imports by Country

Saudi Arabia represented the main importing country with an import of about X tons, which amounted to 53% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 14% share, followed by Oman (13%), Kuwait (12%) and Qatar (5.2%). Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to soups imports into Saudi Arabia stood at +5.8%. At the same time, Oman (+9.0%), Bahrain (+7.6%) and Kuwait (+4.3%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +9.0% from 2012-2021. By contrast, Qatar (-1.5%) and the United Arab Emirates (-3.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia and Oman increased by +9.2 and +4.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported soups and broths in GCC, comprising 53% of total imports. The second position in the ranking was held by Kuwait ($X), with a 17% share of total imports. It was followed by the United Arab Emirates, with a 10% share.

In Saudi Arabia, soups imports increased at an average annual rate of +7.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (+11.8% per year) and the United Arab Emirates (-2.2% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, approximately reflecting the previous year. Over the last nine-year period, it increased at an average annual rate of +2.6%. The pace of growth was the most pronounced in 2017 when the import price increased by 7.8%. The level of import peaked in 2021 and is likely to see gradual 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 Kuwait ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+7.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform