GCC: Market for Fresh Or Chilled Salmonoids Meat 2024

Market Size for Fresh Or Chilled Salmonoids Meat in GCC

The GCC market for fresh or chilled salmonoids meat fell sharply to $X in 2022, which is down by -34.3% against the previous year. Over the period under review, consumption, however, continues to indicate strong growth. Over the period under review, the market hit record highs at $X in 2021, and then plummeted in the following year.

Production of Fresh Or Chilled Salmonoids Meat in GCC

In value terms, fresh or chilled salmonoids meat production totaled $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -8.1% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 49% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Fresh Or Chilled Salmonoids Meat

Exports in GCC

In 2022, shipments abroad of fresh or chilled salmonoids meat was finally on the rise to reach X tons after two years of decline. In general, exports showed significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 749% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, fresh or chilled salmonoids meat exports dropped slightly to $X in 2022. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,615%. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined slightly in the following year.

Exports by Country

The United Arab Emirates (X tons) represented roughly 100% of total exports in 2022.

The United Arab Emirates was also the fastest-growing in terms of the fresh or chilled salmonoids meat exports, with a CAGR of +26.3% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest fresh or chilled salmonoids meat supplier in GCC.

In the United Arab Emirates, fresh or chilled salmonoids meat exports expanded at an average annual rate of +36.0% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2018 an increase of 108% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +7.7% per year.

Imports of Fresh Or Chilled Salmonoids Meat

Imports in GCC

Fresh or chilled salmonoids meat imports shrank rapidly to X tons in 2022, reducing by -25.9% on the previous year's figure. Overall, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 1,487% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, fresh or chilled salmonoids meat imports dropped sharply to $X in 2022. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 390%. Over the period under review, imports attained the peak figure at $X in 2021, and then declined sharply in the following year.

Imports by Country

In 2022, Kuwait (X tons) represented the key importer of fresh or chilled salmonoids meat, making up 67% of total imports. It was distantly followed by Saudi Arabia (X tons), mixing up a 32% share of total imports.

Kuwait was also the fastest-growing in terms of the fresh or chilled salmonoids meat imports, with a CAGR of +51.0% from 2012 to 2022. At the same time, Saudi Arabia (+47.1%) displayed positive paces of growth. While the share of Kuwait (+54 p.p.) and Saudi Arabia (+32 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kuwait ($X) constitutes the largest market for imported fresh or chilled salmonoids meat in GCC, comprising 77% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Kuwait stood at +56.9%.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, declining by -12% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 311% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while Saudi Arabia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+3.9%).

Source: IndexBox Platform

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