GCC: Preserved Tuna Market 2024

Preserved Tuna Market Size in GCC

The GCC preserved tuna market contracted dramatically to $X in 2021, with a decrease of -27% against the previous year. The total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Preserved Tuna Production in GCC

In value terms, preserved tuna production declined significantly to $X in 2021 estimated in export price. In general, production, however, posted a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 206%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Preserved Tuna Exports

Exports in GCC

In 2021, shipments abroad of tuna (prepared or preserved) decreased by -19% to X tons, falling for the third year in a row after four years of growth. In general, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2018 with an increase of 49% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, preserved tuna exports shrank remarkably to $X in 2021. Over the period under review, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2018 when exports increased by 77%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Oman represented the largest exporting country with an export of around X tons, which amounted to 57% of total exports. It was distantly followed by Saudi Arabia (X tons) and the United Arab Emirates (X tons), together constituting a 39% share of total exports. Bahrain (X tons) followed a long way behind the leaders.

Exports from Oman decreased at an average annual rate of -11.7% from 2012 to 2021. At the same time, Saudi Arabia (+54.2%), Bahrain (+25.4%) and the United Arab Emirates (+2.7%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +54.2% from 2012-2021. From 2012 to 2021, the share of Saudi Arabia, the United Arab Emirates and Bahrain increased by +20, +11 and +2.2 percentage points, respectively.

In value terms, Oman ($X) remains the largest preserved tuna supplier in GCC, comprising 58% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 22% share of total exports. It was followed by the United Arab Emirates, with a 16% share.

In Oman, preserved tuna exports plunged by an average annual rate of -10.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+59.8% per year) and the United Arab Emirates (-0.4% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, shrinking by -4.7% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 19%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Saudi Arabia ($X per ton) and Oman ($X per ton), while the United Arab Emirates ($X per ton) and Bahrain ($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 (+3.6%), while the other leaders experienced more modest paces of growth.

Preserved Tuna Imports

Imports in GCC

In 2021, purchases abroad of tuna (prepared or preserved) decreased by -28% to X tons for the first time since 2017, thus ending a three-year rising trend. Total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 28% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020, and then declined remarkably in the following year.

In value terms, preserved tuna imports fell markedly to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 16%. Over the period under review, imports attained the peak figure at $X in 2020, and then contracted markedly in the following year.

Imports by Country

Saudi Arabia was the major importer of tuna (prepared or preserved) in GCC, with the volume of imports recording X tons, which was near 64% of total imports in 2021. The United Arab Emirates (X tons) held the second position in the ranking, followed by Kuwait (X tons) and Oman (X tons). All these countries together held approx. 33% share of total imports. Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to preserved tuna imports into Saudi Arabia stood at +2.6%. At the same time, Kuwait (+6.4%) and Oman (+4.5%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +6.4% from 2012-2021. Qatar experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-3.5%) illustrated a downward trend over the same period. While the share of Kuwait (+4.1 p.p.) and Saudi Arabia (+3.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-8.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported tuna (prepared or preserved) in GCC, comprising 64% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total imports. It was followed by Kuwait, with a 13% share.

In Saudi Arabia, preserved tuna imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (-4.7% per year) and Kuwait (+5.5% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, picking up by 3.1% against the previous year. In general, the import price, however, showed a slight decrease. The pace of growth appeared the most rapid in 2017 when the import price increased by 7.5% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (-0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform