GCC: Animal Fats Market 2024

Animal Fats Market Size in GCC

The GCC animal fats market stood at $X in 2023, increasing by X% against the previous year. Overall, consumption recorded a resilient expansion. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Animal Fats Production in GCC

In value terms, animal fats production expanded remarkably to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of X%. The level of production peaked at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Animal Fats Exports

Exports in GCC

In 2023, shipments abroad of animal fats and oils decreased by X% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, showed a buoyant expansion. The growth pace was the most rapid in 2018 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2019 to 2023, the growth of the exports failed to regain momentum.

In value terms, animal fats exports expanded sharply to $X in 2023. Over the period under review, exports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia represented the key exporting country with an export of about X tons, which recorded X% of total exports. It was distantly followed by the United Arab Emirates (X tons), committing a X% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

Saudi Arabia was also the fastest-growing in terms of the animal fats and oils exports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) and Kuwait (X%) displayed positive paces of growth. Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total exports, while Kuwait saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) constituted the countries with the highest levels of exports in 2023, together accounting for X% of total exports.

Saudi Arabia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, rising by X% against the previous year. Over the period under review, the export price, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced mixed trends in the export price figures.

Animal Fats Imports

Imports in GCC

In 2023, the amount of animal fats and oils imported in GCC skyrocketed to X tons, growing by X% compared with the previous year. In general, imports, however, showed a abrupt decrease. The volume of import peaked at X tons in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, animal fats imports soared to $X in 2023. Over the period under review, imports, however, continue to indicate a deep reduction. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Saudi Arabia (X tons) represented the key importer of animal fats and oils, mixing up X% of total imports. It was distantly followed by Kuwait (X tons), achieving a X% share of total imports. The United Arab Emirates (X tons), Qatar (X tons) and Bahrain (X tons) took a relatively small share of total imports.

From 2012 to 2023, average annual rates of growth with regard to animal fats imports into Saudi Arabia stood at X%. At the same time, Kuwait (X%), the United Arab Emirates (X%) and Qatar (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Bahrain (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Kuwait, the United Arab Emirates and Qatar increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported animal fats and oils in GCC, comprising X% of total imports. The second position in the ranking was taken by Kuwait ($X), with an X% share of total imports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Saudi Arabia amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform