GCC: Whey Market 2024

Whey Market Size in GCC

In 2022, the GCC whey market decreased by -31.3% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, posted a resilient increase. The level of consumption peaked at $X in 2021, and then contracted dramatically in the following year.

Whey Production in GCC

In value terms, whey production skyrocketed to $X in 2022 estimated in export price. In general, production continues to indicate a significant increase. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Whey Exports

Exports in GCC

In 2022, the amount of whey exported in GCC contracted dramatically to X tons, dropping by -36.8% compared with the previous year. In general, exports saw a mild shrinkage. The growth pace was the most rapid in 2013 with an increase of 441% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, whey exports declined notably to $X in 2022. Over the period under review, exports, however, recorded slight growth. The most prominent rate of growth was recorded in 2013 when exports increased by 541% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the major exporter of whey, committing 78% of total exports. It was distantly followed by Saudi Arabia (X tons), achieving an 18% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the whey exports, with a CAGR of +1.4% from 2012 to 2022. Kuwait (-4.7%) and Saudi Arabia (-6.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +18 percentage points.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X) were the countries with the highest levels of exports in 2022, with a combined 99.9% share of total exports.

Among the main exporting countries, Saudi Arabia, with a CAGR of +6.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, rising by 21% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+13.4%), while the other leaders experienced a decline in the export price figures.

Whey Imports

Imports in GCC

Whey imports reduced markedly to X tons in 2022, which is down by -36.3% on the previous year. Total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -38.4% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 67% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, whey imports declined dramatically to $X in 2022. In general, imports, however, saw a tangible expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 76% against the previous year. The level of import peaked at $X in 2021, and then fell remarkably in the following year.

Imports by Country

The United Arab Emirates dominates imports structure, amounting to X tons, which was near 86% of total imports in 2022. Bahrain (X tons), Qatar (X tons), Kuwait (X tons) and Oman (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the whey imports, with a CAGR of +9.5% from 2012 to 2022. At the same time, Bahrain (+6.8%) and Qatar (+3.5%) displayed positive paces of growth. By contrast, Kuwait (-8.1%) and Oman (-14.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +44 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported whey in GCC, comprising 89% of total imports. The second position in the ranking was taken by Qatar ($X), with a 5% share of total imports. It was followed by Bahrain, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at +11.0%. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+9.8% per year) and Bahrain (-7.6% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, surging by 6.7% against the previous year. Import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whey import price increased by +58.5% against 2018 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 40%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform