GCC: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in GCC

After six years of growth, the GCC waffle and wafer market decreased by -6.1% to $X in 2021. Over the period under review, consumption, however, continues to indicate a resilient increase. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Waffle And Wafer Production in GCC

In value terms, waffle and wafer production shrank to $X in 2021 estimated in export price. Overall, production, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2014 with an increase of 52%. Over the period under review, production reached the maximum level at $X in 2020, and then contracted in the following year.

Waffle And Wafer Exports

Exports in GCC

For the fifth year in a row, GCC recorded growth in shipments abroad of waffles and wafers, which increased by 4.7% to X tons in 2021. Total exports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +30.4% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 31%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, waffle and wafer exports totaled $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +19.5% against 2016 indices. The pace of growth appeared the most rapid in 2014 when exports increased by 34%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

The United Arab Emirates dominates exports structure, resulting at X tons, which was near 93% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), comprising a 5.9% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the waffles and wafers exports, with a CAGR of +5.5% from 2012 to 2021. At the same time, Saudi Arabia (+1.5%) displayed positive paces of growth. From 2012 to 2021, the share of the United Arab Emirates increased by +6.6 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest waffle and wafer supplier in GCC, comprising 94% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 5.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to +9.3%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, dropping by -2.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.9%. The pace of growth was the most pronounced in 2013 an increase of 45%. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+9.4%).

Waffle And Wafer Imports

Imports in GCC

In 2021, supplies from abroad of waffles and wafers increased by 4.8% to X tons, rising for the seventh consecutive year after two years of decline. Total imports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +4.7% 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 +70.2% against 2014 indices. The growth pace was the most rapid in 2015 when imports increased by 29%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, waffle and wafer imports shrank to $X in 2021. Total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +86.6% against 2014 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 28%. The level of import peaked at $X in 2020, and then declined slightly in the following year.

Imports by Country

Saudi Arabia was the major importing country with an import of about X tons, which amounted to 54% of total imports. Oman (X tons) ranks second in terms of the total imports with a 16% share, followed by the United Arab Emirates (14%) and Kuwait (8.6%). Bahrain (X tons) and Qatar (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to waffle and wafer imports into Saudi Arabia stood at +4.9%. At the same time, Oman (+23.3%), Bahrain (+15.9%) and Qatar (+13.3%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +23.3% from 2012-2021. By contrast, the United Arab Emirates (-1.2%) and Kuwait (-2.8%) illustrated a downward trend over the same period. Oman (+13 p.p.), Bahrain (+2.5 p.p.) and Qatar (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Kuwait and the United Arab Emirates saw its share reduced by -8.2% and -9.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported waffles and wafers in GCC, comprising 60% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 15% share of total imports. It was followed by Kuwait, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value in Saudi Arabia totaled +8.1%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+2.3% per year) and Kuwait (+2.4% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, reducing by -5.1% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2013 an increase of 9%. Over the period under review, import prices attained the maximum at $X per ton in 2020, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform