MENA: Grand Piano Market 2024

Grand Piano Market Size in MENA

In 2021, after two years of decline, there was significant growth in the MENA's grand piano market, when its value increased by 152% to $X. In general, consumption saw strong growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Grand Piano Production in MENA

In value terms, grand piano production declined modestly to $X in 2021 estimated in export price. Overall, production showed a pronounced shrinkage. The pace of growth was the most pronounced in 2013 when the production volume increased by 657%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Grand Piano Exports

Exports in MENA

In 2021, approx. X tons of acoustic grand pianos were exported in MENA; with an increase of 4.8% compared with 2020 figures. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 119% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, grand piano exports fell slightly to $X in 2021. In general, exports showed a remarkable increase. The pace of growth was the most pronounced in 2014 when exports increased by 103% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the largest exporter of acoustic grand pianos in MENA, with the volume of exports reaching X tons, which was approx. 79% of total exports in 2021. Oman (X tons) held the second position in the ranking, followed by Turkey (X kg). All these countries together took near 16% share of total exports. Lebanon (X kg) followed a long way behind the leaders.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of acoustic grand pianos. At the same time, Turkey (+22.0%), Oman (+19.2%) and Lebanon (+16.0%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in MENA, with a CAGR of +22.0% from 2012-2021. While the share of Oman (+8.7 p.p.), Turkey (+4 p.p.) and Lebanon (+2.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-9.4 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest grand piano supplier in MENA, comprising 82% of total exports. The second position in the ranking was held by Oman ($X), with a 6.7% share of total exports. It was followed by Turkey, with a 6.7% share.

In the United Arab Emirates, grand piano exports expanded at an average annual rate of +6.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+12.5% per year) and Turkey (+30.3% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, shrinking by -7.4% against the previous year. Export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grand piano export price increased by +48.1% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 32% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

Prices varied noticeably country of origin: the country with the highest price was Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lebanon (+8.6%), while the other leaders experienced more modest paces of growth.

Grand Piano Imports

Imports in MENA

In 2021, the amount of acoustic grand pianos imported in MENA surged to X tons, rising by 124% on the year before. Over the period under review, imports posted a slight increase. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, grand piano imports soared to $X in 2021. Overall, imports posted a noticeable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates dominates imports structure, accounting for X tons, which was near 61% of total imports in 2021. Israel (X tons) took an 8.5% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (7.5%), Lebanon (5.7%) and Morocco (5.6%). Iraq (X tons) held a minor share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +12.8% from 2012 to 2021. At the same time, Iraq (+70.6%), Morocco (+8.2%) and Israel (+4.2%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in MENA, with a CAGR of +70.6% from 2012-2021. Lebanon experienced a relatively flat trend pattern. By contrast, Turkey (-6.9%) illustrated a downward trend over the same period. The United Arab Emirates (+37 p.p.), Iraq (+3.7 p.p.), Morocco (+2.4 p.p.) and Israel (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Turkey saw its share reduced by -9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported acoustic grand pianos in MENA, comprising 74% of total imports. The second position in the ranking was taken by Israel ($X), with an 8.2% share of total imports. It was followed by Turkey, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled +14.6%. In the other countries, the average annual rates were as follows: Israel (+3.5% per year) and Turkey (-7.9% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, jumping by 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2015 when the import price increased by 35% against the previous year. Over the period under review, import prices reached the maximum in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while Lebanon ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform