Middle East: Grand Piano Market 2024

Grand Piano Market Size in the Middle East

The Middle Eastern grand piano market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption enjoyed a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Grand Piano Production in the Middle East

In value terms, grand piano production contracted to $X in 2021 estimated in export price. In general, production continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 1.7%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Grand Piano Exports

Exports in the Middle East

In 2021, grand piano exports in the Middle East rose modestly to X tons, surging by 4.8% against 2020. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 120% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, grand piano exports dropped modestly to $X in 2021. Over the period under review, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 108%. 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 major exporting country with an export of around X tons, which amounted to 79% of total exports. It was distantly followed by Oman (X tons) and Turkey (X tons), together making up a 16% share of total exports. Lebanon (X kg) held a minor share of total exports.

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 the Middle East, with a CAGR of +22.0% from 2012-2021. While the share of Oman (+8.7 p.p.), Turkey (+4.1 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 (-11 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest grand piano supplier in the Middle East, comprising 82% of total exports. The second position in the ranking was held by Oman ($X), with a 6.8% share of total exports. It was followed by Turkey, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +6.7%. In the other countries, the average annual rates were as follows: Oman (+12.5% per year) and Turkey (+30.3% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, reducing by -7.4% against the previous year. Export price indicated strong 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 +48.7% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 32%. As a result, the export price reached the peak level of $X per ton, and then shrank in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 the Middle East

In 2021, approx. X tons of acoustic grand pianos were imported in the Middle East; jumping by 124% against the year before. In general, imports recorded a slight expansion. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, grand piano imports skyrocketed to $X in 2021. Overall, imports showed a measured 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, finishing at X tons, which was near 66% of total imports in 2021. Israel (X tons) took a 9.1% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (8.1%) and Lebanon (6.1%). Iraq (X tons) followed a long way behind the leaders.

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%) and Israel (+4.2%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, 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. From 2012 to 2021, the share of the United Arab Emirates, Iraq and Israel increased by +41, +4 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported acoustic grand pianos in the Middle East, comprising 78% of total imports. The second position in the ranking was taken by Israel ($X), with an 8.7% share of total imports. It was followed by Turkey, with a 6.3% share.

In the United Arab Emirates, grand piano imports increased at an average annual rate of +14.6% over the period from 2012-2021. 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

In 2021, the import price in the Middle East amounted to $X per ton, surging by 21% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2015 when the import price increased by 38% against the previous year. The level of import peaked 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

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