GCC: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in GCC

The GCC market for fish fillets and other fish meat fell dramatically to $X in 2022, declining by -31.5% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Fish Fillets and Other Fish Meat in GCC

In value terms, production of fish fillets and other fish meat skyrocketed to $X in 2022 estimated in export price. Over the period under review, production recorded a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 1,877,147,100%. The level of production peaked in 2022 and is expected to retain growth in the immediate term.

Exports of Fish Fillets and Other Fish Meat

Exports in GCC

In 2022, exports of fish fillets and other fish meat in GCC fell modestly to X tons, with a decrease of -1.6% on 2021 figures. Total exports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -26.5% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 32% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, exports of fish fillets and other fish meat dropped modestly to $X in 2022. Total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +5.4% against 2020 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 44% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the key exporter of fish fillets and other fish meat in GCC, with the volume of exports finishing at X tons, which was approx. 69% of total exports in 2022. Bahrain (X tons) took the second position in the ranking, followed by Oman (X tons). All these countries together held near 27% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

Exports from the United Arab Emirates increased at an average annual rate of +5.3% from 2012 to 2022. At the same time, Bahrain (+13.6%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +13.6% from 2012-2022. By contrast, Oman (-8.2%) and Saudi Arabia (-12.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Bahrain increased by +21 and +11 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest fish fillets and other fish meat supplier in GCC, comprising 75% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 13% share of total exports. It was followed by Oman, with an 8.9% share.

In the United Arab Emirates, exports of fish fillets and other fish meat increased at an average annual rate of +6.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (+16.6% per year) and Oman (-7.8% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, declining by -3.4% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 13%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+2.7%), while the other leaders experienced more modest paces of growth.

Imports of Fish Fillets and Other Fish Meat

Imports in GCC

In 2022, overseas purchases of fish fillets and other fish meat decreased by -45% to X tons, falling for the third year in a row after two years of growth. In general, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2014 when imports increased by 29%. Over the period under review, imports of attained the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of fish fillets and other fish meat dropped remarkably to $X in 2022. Overall, imports showed a slight slump. The most prominent rate of growth was recorded in 2014 with an increase of 22%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the key importing country with an import of about X tons, which recorded 70% of total imports. It was distantly followed by Qatar (X tons), Kuwait (X tons), Oman (X tons) and Bahrain (X tons), together committing a 30% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, Qatar (+6.8%) and Bahrain (+4.4%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +6.8% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, Kuwait (-3.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Qatar, Bahrain, Oman and Kuwait increased by +45, +7.4, +3.6, +2.9 and +2.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported fish fillets and other fish meat in GCC, comprising 76% of total imports. The second position in the ranking was held by Qatar ($X), with a 9.9% share of total imports. It was followed by Kuwait, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +4.0%. In the other countries, the average annual rates were as follows: Qatar (+11.6% per year) and Kuwait (-1.1% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, with an increase of 26% against the previous year. Import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for fish fillets and other fish meat increased by +98.0% against 2016 indices. As a result, import price attained the peak level and is likely to continue 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 the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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