GCC: Sugars Market 2024

Sugars Market Size in GCC

In 2021, the GCC sugars market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. The total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% 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 -25.1% against 2017 indices. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Sugars Production in GCC

In value terms, sugars production stood at $X in 2021 estimated in export price. The total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -36.5% against 2017 indices. The growth pace was the most rapid in 2017 with an increase of 51% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Sugars Exports

Exports in GCC

In 2021, overseas shipments of sugars, sugar ethers and salts increased by 10% to X tons, rising for the second consecutive year after two years of decline. In general, exports saw resilient growth. The pace of growth was the most pronounced in 2017 when exports increased by 123% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, sugars exports reached $X in 2021. Over the period under review, exports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 432% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of 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 90% of total exports in 2021. It was distantly followed by Bahrain (X tons), committing a 9.8% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the sugars, sugar ethers and salts exports, with a CAGR of +18.3% from 2012 to 2021. Bahrain (-14.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +58 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest sugars supplier in GCC, comprising 86% of total exports. The second position in the ranking was held by Bahrain ($X), with a 14% share of total exports.

In the United Arab Emirates, sugars exports increased at an average annual rate of +12.3% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, declining by -8.7% against the previous year. Over the period under review, the export price, however, showed a perceptible expansion. The pace of growth appeared the most rapid in 2017 when the export price increased by 139%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

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 the United Arab Emirates totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+26.0%).

Sugars Imports

Imports in GCC

In 2021, overseas purchases of sugars, sugar ethers and salts increased by 43% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, continue to indicate a slight decline. The growth pace was the most rapid in 2020 with an increase of 78% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, sugars imports soared to $X in 2021. Overall, imports, however, continue to indicate a mild contraction. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the key importer of sugars, sugar ethers and salts in GCC, with the volume of imports finishing at X tons, which was near 76% of total imports in 2021. Oman (X tons) held the second position in the ranking, followed by Kuwait (X tons). All these countries together took near 23% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +4.1% from 2012 to 2021. At the same time, Oman (+45.7%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +45.7% from 2012-2021. Kuwait experienced a relatively flat trend pattern. From 2012 to 2021, the share of the United Arab Emirates and Oman increased by +28 and +14 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported sugars, sugar ethers and salts in GCC, comprising 71% of total imports. The second position in the ranking was held by Kuwait ($X), with a 19% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at +1.4%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+4.8% per year) and Oman (+35.3% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, increasing by 16% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 21%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: 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 Kuwait (+4.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform