GCC: Wood Barrel Market 2023

Wood Barrel Market Size in GCC

The GCC wood barrel market totaled $X in 2022, picking up by 2.7% against the previous year. Over the period under review, consumption saw a resilient expansion. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Wood Barrel Production in GCC

In value terms, wood barrel production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a buoyant increase. The pace of growth appeared the most rapid in 2017 when the production volume increased by 28%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Wood Barrel Exports

Exports in GCC

In 2022, exports of casks, barrels, vats, tubs, and coopers products of wood in GCC surged to X units, jumping by 203% against 2021 figures. In general, exports, however, recorded a abrupt curtailment. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wood barrel exports surged to $X in 2022. Overall, exports, however, recorded a deep setback. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the key exporter of casks, barrels, vats, tubs, and coopers products of wood in GCC, with the volume of exports recording X units, which was approx. 64% of total exports in 2022. It was distantly followed by Kuwait (X units) and the United Arab Emirates (X units), together achieving a 35% share of total exports.

Exports from Saudi Arabia decreased at an average annual rate of -8.8% from 2012 to 2022. Kuwait (-2.3%) and the United Arab Emirates (-22.7%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+19 p.p.) and Kuwait (+15 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-33.3 p.p.) displayed negative dynamics.

In value terms, the largest wood barrel supplying countries in GCC were Saudi Arabia ($X), Kuwait ($X) and the United Arab Emirates ($X), with a combined 98% share of total exports.

Among the main exporting countries, Kuwait, with a CAGR of +9.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, shrinking by -26.8% against the previous year. Over the period under review, the export price, however, posted noticeable growth. The pace of growth appeared the most rapid in 2016 when the export price increased by 62% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+11.8%), while the other leaders experienced mixed trends in the export price figures.

Wood Barrel Imports

Imports in GCC

In 2022, the amount of casks, barrels, vats, tubs, and coopers products of wood imported in GCC dropped markedly to X units, which is down by -52.1% against 2021. In general, imports continue to indicate a perceptible setback. The most prominent rate of growth was recorded in 2017 with an increase of 201% against the previous year. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, wood barrel imports dropped sharply to $X in 2022. Over the period under review, imports, however, showed a temperate increase. The most prominent rate of growth was recorded in 2021 with an increase of 88%. As a result, imports attained the peak of $X, and then dropped remarkably in the following year.

Imports by Country

In 2022, the United Arab Emirates (X units) was the largest importer of casks, barrels, vats, tubs, and coopers products of wood, mixing up 70% of total imports. Qatar (X units) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Oman (7.9%) and Kuwait (5.5%). Bahrain (X units) followed a long way behind the leaders.

Imports into the United Arab Emirates decreased at an average annual rate of -1.2% from 2012 to 2022. At the same time, Qatar (+18.6%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +18.6% from 2012-2022. By contrast, Kuwait (-5.8%), Bahrain (-9.1%) and Oman (-18.7%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+20 p.p.) and Qatar (+15 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (-32.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X), Qatar ($X) and Kuwait ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 95% of total imports.

Qatar, with a CAGR of +12.6%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, rising by 56% against the previous year. Overall, the import price recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 an increase of 102%. Over the period under review, import prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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