Saudi Arabia: Composite Laboratory Reagents Market 2024

Composite Laboratory Reagents Market Size in Saudi Arabia

The Saudi composite laboratory reagents market expanded slightly to $X in 2022, picking up by 4.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed buoyant growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Composite Laboratory Reagents Exports

Exports from Saudi Arabia

After three years of decline, shipments abroad of composite diagnostic or laboratory reagents decreased by -50% to X tons in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 423% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, composite laboratory reagents exports dropped notably to $X in 2022. Overall, exports saw a precipitous slump. The most prominent rate of growth was recorded in 2015 when exports increased by 56% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ireland (X tons), the United Arab Emirates (X tons) and the Philippines (X tons) were the main destinations of composite laboratory reagents exports from Saudi Arabia, with a combined 52% share of total exports. Bahrain, Sudan, Jordan, Oman, Pakistan, Bangladesh and Turkey lagged somewhat behind, together comprising a further 36%.

From 2012 to 2021, the biggest increases were recorded for Bahrain (with a CAGR of +29.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for composite laboratory reagents exported from Saudi Arabia were the United Arab Emirates ($X), Jordan ($X) and Bahrain ($X), together accounting for 42% of total exports. The Philippines, Oman, Ireland, Pakistan, Bangladesh, Sudan and Turkey lagged somewhat behind, together comprising a further 12%.

Ireland, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average composite laboratory reagents export price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the export price faced a sharp decline. The most prominent rate of growth was recorded in 2013 when the average export price increased by 64% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Ireland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (-20.3%), while the prices for the other major destinations experienced a decline.

Composite Laboratory Reagents Imports

Imports into Saudi Arabia

In 2022, purchases abroad of composite diagnostic or laboratory reagents decreased by -12.4% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.7% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 33% against the previous year. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, composite laboratory reagents imports skyrocketed to $X in 2022. In general, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 89%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of composite laboratory reagents to Saudi Arabia, accounting for a 29% share of total imports. Moreover, composite laboratory reagents imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by France (X tons), with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany amounted to +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+17.4% per year) and France (+0.9% per year).

In value terms, Germany ($X) constituted the largest supplier of composite diagnostic or laboratory reagents to Saudi Arabia, comprising 18% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 6.6% share of total imports. It was followed by Hong Kong SAR, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+45.9% per year) and Hong Kong SAR (+212.6% per year).

Import Prices by Country

In 2022, the average composite laboratory reagents import price amounted to $X per ton, rising by 32% against the previous year. Over the period under review, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, composite laboratory reagents import price decreased by -24.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 62% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+19.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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