Saudi Arabia: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Saudi Arabia

In 2021, the Saudi frozen cuttlefishes market decreased by -23.6% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption recorded a abrupt decrease. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Frozen Cuttlefishes Production in Saudi Arabia

In value terms, frozen cuttlefishes production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, showed perceptible growth. The pace of growth was the most pronounced in 2020 when the production volume increased by 12% against the previous year. As a result, production reached the peak level of $X, and then dropped in the following year.

Frozen Cuttlefishes Exports

Exports from Saudi Arabia

For the third consecutive year, Saudi Arabia recorded growth in overseas shipments of frozen cuttlefishes, which increased by 31% to X tons in 2021. Overall, exports saw resilient growth. The growth pace was the most rapid in 2015 with an increase of 263%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes exports surged to $X in 2021. In general, exports showed a noticeable expansion. The most prominent rate of growth was recorded in 2015 with an increase of 257%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Egypt (X tons) was the main destination for frozen cuttlefishes exports from Saudi Arabia, accounting for a 66% share of total exports. Moreover, frozen cuttlefishes exports to Egypt exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by Vietnam (X tons), with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Egypt amounted to +19.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+7.3% per year) and Vietnam (+9.0% per year).

In value terms, Egypt ($X) remains the key foreign market for frozen cuttlefishes exports from Saudi Arabia, comprising 77% of total exports. The second position in the ranking was held by Vietnam ($X), with a 15% share of total exports. It was followed by Thailand, with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Egypt totaled +16.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+5.9% per year) and Thailand (-20.5% per year).

Export Prices by Country

In 2021, the average frozen cuttlefishes export price amounted to $X per ton, declining by -6.4% against the previous year. Overall, the export price saw a deep contraction. The growth pace was the most rapid in 2014 when the average export price increased by 35%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Vietnam ($X per ton), while the average price for exports to China ($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 Egypt (-2.4%), while the prices for the other major destinations experienced a decline.

Frozen Cuttlefishes Imports

Imports into Saudi Arabia

In 2018, overseas purchases of frozen cuttlefishes decreased by -18.1% to X tons, falling for the third consecutive year after two years of growth. In general, imports saw a noticeable slump. The growth pace was the most rapid in 2014 with an increase of 51%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2018, imports remained at a lower figure.

In value terms, frozen cuttlefishes imports fell to $X in 2018. Over the period under review, imports recorded a mild downturn. The growth pace was the most rapid in 2014 with an increase of 49%. Imports peaked at $X in 2016; however, from 2017 to 2018, imports stood at a somewhat lower figure.

Imports by Country

In 2018, China (X tons) constituted the largest frozen cuttlefishes supplier to Saudi Arabia, accounting for a 78% share of total imports. Moreover, frozen cuttlefishes imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), more than tenfold.

From 2012 to 2018, the average annual rate of growth in terms of volume from China stood at +4.5%.

In value terms, China ($X) constituted the largest supplier of frozen cuttlefishes to Saudi Arabia, comprising 81% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 10% share of total imports.

From 2012 to 2018, the average annual rate of growth in terms of value from China totaled +8.6%.

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2018, rising by 6.8% against the previous year. Over the last six years, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 17% against the previous year. The import price peaked in 2018 and is likely to continue growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Pakistan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2018, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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