Saudi Arabia: Ghee Market 2024

Ghee Market Size in Saudi Arabia

In 2022, the Saudi ghee market decreased by 99.9% to less than $X, falling for the fourth consecutive year after three years of growth. Overall, consumption saw a moderate expansion. Ghee consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Ghee Production in Saudi Arabia

In value terms, ghee production amounted to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. Ghee production peaked in 2022 and is expected to retain growth in the immediate term.

Ghee Exports

Exports from Saudi Arabia

Ghee exports from Saudi Arabia soared to X tons in 2022, picking up by 171% compared with 2021. In general, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 657% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, ghee exports skyrocketed to $X in 2022. Overall, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 595%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Jordan (X tons) was the main destination for ghee exports from Saudi Arabia, with a 67% share of total exports. Moreover, ghee exports to Jordan exceeded the volume sent to the second major destination, Bahrain (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Jordan stood at +45.4%.

In value terms, Jordan ($X) emerged as the key foreign market for ghee exports from Saudi Arabia, comprising 75% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Jordan totaled +48.6%.

Export Prices by Country

In 2022, the average ghee export price amounted to $X per ton, dropping by -4.1% against the previous year. Over the period under review, the export price, however, posted a remarkable increase. The growth pace was the most rapid in 2013 an increase of 84% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then reduced modestly in the following year.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Bahrain totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+4.9%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into Saudi Arabia

After two years of growth, supplies from abroad of ghee decreased by -41.5% to X tons in 2021. Over the period under review, total imports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 27%. Imports peaked at X tons in 2020, and then reduced dramatically in the following year.

In value terms, ghee imports dropped rapidly to $X in 2021. Overall, imports, however, continue to indicate tangible growth. The pace of growth was the most pronounced in 2017 with an increase of 100% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

France (X tons), New Zealand (X tons) and India (X tons) were the main suppliers of ghee imports to Saudi Arabia, together comprising 56% of total imports. The United States, Syrian Arab Republic, Poland, Germany, Spain, Canada, Egypt, Portugal, Jordan and the UK lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +38.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of ghee to Saudi Arabia, comprising 38% of total imports. The second position in the ranking was taken by New Zealand ($X), with an 18% share of total imports. It was followed by India, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from France totaled +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+0.3% per year) and India (+36.9% per year).

Import Prices by Country

In 2021, the average ghee import price amounted to $X per ton, declining by -6% against the previous year. Overall, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ghee import price decreased by -25.0% against 2018 indices. The growth pace was the most rapid in 2017 when the average import price increased by 58% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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