Middle East: Ghee Market 2024

Ghee Market Size in the Middle East

In 2022, the Middle Eastern ghee market decreased by -9.6% to $X, falling for the fourth year in a row after two years of growth. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Ghee Production in the Middle East

In value terms, ghee production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production showed a buoyant expansion. As a result, production attained the peak level and is likely to continue growth in the immediate term.

The countries with the highest volumes of production in 2022 were Saudi Arabia (X tons), Yemen (X tons) and Syrian Arab Republic (X tons), together accounting for 84% of total production. Israel, Oman and Turkey lagged somewhat behind, together comprising a further 16%.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +5.9%), while production for the other leaders experienced more modest paces of growth.

Ghee Exports

Exports in the Middle East

In 2022, ghee exports in the Middle East skyrocketed to X tons, with an increase of 57% against the year before. Overall, exports showed a notable expansion. The pace of growth appeared the most rapid in 2020 with an increase of 103%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, ghee exports soared to $X in 2022. In general, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 152%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

The United Arab Emirates (X tons) and Israel (X tons) were the key exporters of ghee in 2022, finishing at near 28% and 25% of total exports, respectively. Syrian Arab Republic (X tons) held the next position in the ranking, followed by Turkey (X tons) and Saudi Arabia (X tons). All these countries together held near 42% share of total exports. Palestine (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Turkey (with a CAGR of +51.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest ghee supplying countries in the Middle East were Israel ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), with a combined 73% share of total exports. Turkey, Syrian Arab Republic and Palestine lagged somewhat behind, together accounting for a further 26%.

Among the main exporting countries, Turkey, with a CAGR of +54.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, picking up by 1.5% against the previous year. Export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +9.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee export price increased by +20.5% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 95% against the previous year. 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.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Syrian Arab Republic ($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 (+11.3%), while the other leaders experienced more modest paces of growth.

Ghee Imports

Imports in the Middle East

In 2022, overseas purchases of ghee decreased by -11.9% to X tons, falling for the fourth year in a row after two years of growth. Over the period under review, imports continue to indicate a mild decline. The most prominent rate of growth was recorded in 2017 with an increase of 24%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, ghee imports dropped to $X in 2022. Total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 -33.0% against 2018 indices. The pace of growth was the most pronounced in 2017 when imports increased by 70%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) represented the key importer of ghee, generating 37% of total imports. Kuwait (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (11%), Iraq (9.4%), Oman (6.9%), Iran (6.3%) and Lebanon (4.8%).

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of ghee. At the same time, Qatar (+38.5%), Iran (+34.8%) and Iraq (+17.1%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +38.5% from 2012-2022. Oman and Lebanon experienced a relatively flat trend pattern. By contrast, Kuwait (-4.7%) illustrated a downward trend over the same period. Qatar (+11 p.p.), Iraq (+7.7 p.p.), the United Arab Emirates (+7.3 p.p.) and Iran (+6 p.p.) significantly strengthened its position in terms of the total imports, while Kuwait saw its share reduced by -4.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported ghee in the Middle East, comprising 39% of total imports. The second position in the ranking was held by Qatar ($X), with a 13% share of total imports. It was followed by Kuwait, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +5.6%. In the other countries, the average annual rates were as follows: Qatar (+40.4% per year) and Kuwait (-1.2% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, with an increase of 9.6% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee import price increased by +17.4% against 2020 indices. The pace of growth was the most pronounced in 2017 an increase of 37%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

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 Qatar ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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