Saudi Arabia: Soups Market 2024

Soups Market Size in Saudi Arabia

In 2021, the Saudi soups market decreased by -6.3% to $X for the first time since 2015, thus ending a five-year rising trend. Over the period under review, consumption continues to indicate a strong increase. Soups consumption peaked at $X in 2020, and then reduced in the following year.

Soups Production in Saudi Arabia

In value terms, soups production shrank to $X in 2021 estimated in export price. Over the period under review, production recorded a prominent expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by 153%. Over the period under review, production reached the peak level at $X in 2020, and then reduced in the following year.

Soups Exports

Exports from Saudi Arabia

In 2021, shipments abroad of soups and broths increased by 9.2% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 50% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, soups exports expanded to $X in 2021. Over the period under review, exports, however, showed a slight reduction. The most prominent rate of growth was recorded in 2020 with an increase of 60% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Kuwait (X tons), the United Arab Emirates (X tons) and Oman (X tons) were the main destinations of soups exports from Saudi Arabia, with a combined 58% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +111.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Kuwait ($X), the United Arab Emirates ($X) and Oman ($X) appeared to be the largest markets for soups exported from Saudi Arabia worldwide, together accounting for 65% of total exports.

In terms of the main countries of destination, Oman, with a CAGR of +116.5%, saw 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 average soups export price stood at $X per ton in 2021, reducing by -6.3% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 29% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Sudan ($X per ton), while the average price for exports to Yemen ($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 Bahrain (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.

Soups Imports

Imports into Saudi Arabia

Soups imports into Saudi Arabia contracted modestly to X tons in 2021, with a decrease of -4.7% on the previous year's figure. Overall, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +5.2% against 2019 indices. The growth pace was the most rapid in 2013 when imports increased by 150% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, soups imports reached $X in 2021. In general, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +9.2% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 127% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of soups to Saudi Arabia, with a 81% share of total imports. Moreover, soups imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Egypt (X tons), sixfold.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled +37.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (-2.1% per year) and Spain (-24.7% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of soups and broths to Saudi Arabia, comprising 82% of total imports. The second position in the ranking was taken by Egypt ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled +40.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+3.3% per year) and Spain (-24.3% per year).

Import Prices by Country

In 2021, the average soups import price amounted to $X per ton, rising by 5.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2017 an increase of 10% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Turkey ($X per ton) and the United Arab Emirates ($X per ton), while the price for Egypt ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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