GCC: Wool Grease Market 2025

Wool Grease Market Size in GCC

After two years of growth, the GCC wool grease market decreased by -9.8% to $X in 2022. Over the period under review, consumption, however, saw a perceptible reduction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Wool Grease Production in GCC

In value terms, wool grease production expanded modestly to $X in 2022 estimated in export price. In general, production showed a mild slump. The growth pace was the most rapid in 2014 when the production volume increased by 17% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Wool Grease Exports

Exports in GCC

In 2022, shipments abroad of wool grease and fatty substances was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports posted significant growth. The pace of growth was the most pronounced in 2015 with an increase of 4,219% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, wool grease exports skyrocketed to $X in 2022. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 5,140%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the largest exporter of wool grease and fatty substances in GCC, with the volume of exports finishing at X tons, which was approx. 72% of total exports in 2022. It was distantly followed by Kuwait (X tons), committing a 28% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +22.7% from 2012 to 2022. At the same time, Kuwait (+72.7%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +72.7% from 2012-2022. From 2012 to 2022, the share of Kuwait increased by +27 percentage points.

In value terms, the United Arab Emirates ($X) emerged as the largest wool grease supplier in GCC, comprising 79% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +19.8%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, with an increase of 12% against the previous year. In general, the export price, however, showed a perceptible slump. The pace of growth appeared the most rapid in 2016 when the export price increased by 59%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices remained at a somewhat lower figure.

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 Kuwait amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-2.4%).

Wool Grease Imports

Imports in GCC

In 2022, supplies from abroad of wool grease and fatty substances increased by 39% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, saw a perceptible curtailment. The pace of growth was the most pronounced in 2013 when imports increased by 161%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, wool grease imports stood at $X in 2022. Over the period under review, imports, however, saw a noticeable downturn. The pace of growth was the most pronounced in 2013 with an increase of 106% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the main importer of wool grease and fatty substances in GCC, with the volume of imports accounting for X tons, which was near 77% of total imports in 2022. Oman (X tons) ranks second in terms of the total imports with a 14% share, followed by Kuwait (8.6%).

From 2012 to 2022, average annual rates of growth with regard to wool grease imports into the United Arab Emirates stood at +3.0%. At the same time, Oman (+47.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +47.5% from 2012-2022. By contrast, Kuwait (-9.0%) illustrated a downward trend over the same period. The United Arab Emirates (+41 p.p.) and Oman (+14 p.p.) significantly strengthened its position in terms of the total imports, while Kuwait saw its share reduced by -5.2% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported wool grease and fatty substances in GCC, comprising 86% of total imports. The second position in the ranking was taken by Kuwait ($X), with an 8% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +6.5%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+0.7% per year) and Oman (+45.6% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, dropping by -26.3% against the previous year. In general, the import price, however, recorded pronounced growth. The pace of growth appeared the most rapid in 2021 when the import price increased by 72% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped significantly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+10.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform