Saudi Arabia: Spice Market 2024

Spice Market Size in Saudi Arabia

The Saudi spice market was estimated at $X in 2022, with an increase of X% 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, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Spice Exports

Exports from Saudi Arabia

In 2022, the amount of spices exported from Saudi Arabia reduced remarkably to X tons, waning by X% on the year before. Overall, exports saw a deep setback. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, spice exports dropped to $X in 2022. Over the period under review, exports, however, saw a moderate expansion. The pace of growth appeared the most rapid in 2020 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Bahrain (X tons) was the main destination for spice exports from Saudi Arabia, with a X% share of total exports. Moreover, spice exports to Bahrain exceeded the volume sent to the second major destination, Yemen (X tons), threefold. Egypt (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Bahrain totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (X% per year) and Egypt (X% per year).

In value terms, Bahrain ($X) emerged as the key foreign market for spices exports from Saudi Arabia, comprising X% of total exports. The second position in the ranking was held by Yemen ($X), with a X% share of total exports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bahrain amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The average spice export price stood at $X per ton in 2022, picking up by X% against the previous year. In general, the export price posted a strong expansion. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

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

Spice Imports

Imports into Saudi Arabia

In 2022, the amount of spices imported into Saudi Arabia was estimated at X tons, picking up by X% on the year before. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, spice imports rose remarkably to $X in 2022. Overall, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), India (X tons) and Guatemala (X tons) were the main suppliers of spice imports to Saudi Arabia, together accounting for X% of total imports. Syrian Arab Republic, Jordan, Pakistan, Indonesia, Afghanistan, Bangladesh and Vietnam lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Afghanistan (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X) constituted the largest supplier of spices to Saudi Arabia, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Guatemala amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Indonesia (X% per year).

Import Prices by Country

The average spice import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spice import price decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, 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 Guatemala ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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