GCC: Spice Market 2024

Spice Market Size in GCC

In 2022, the GCC spice market decreased by X% to $X, falling for the second consecutive year after two years of growth. The total consumption indicated a resilient expansion 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 attained the peak level of $X; afterwards, it flattened through to 2022.

Spice Production in GCC

In value terms, spice production soared to $X in 2022 estimated in export price. In general, production recorded a significant increase. As a result, production reached the peak level and is likely to continue growth in the immediate term.

The United Arab Emirates (X tons) constituted the country with the largest volume of spice production, comprising approx. X% of total volume. It was followed by Kuwait (X tons), with a X% share of total production.

In the United Arab Emirates, spice production remained relatively stable over the period from 2012-2022.

In 2022, the average spice yield in GCC surged to X tons per ha, rising by X% compared with the previous year's figure. Over the period under review, the yield enjoyed a significant increase. As a result, the yield attained the peak level and is likely to continue growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of spices were harvested in GCC; stabilizing at 2021 figures. Over the period under review, the harvested area recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

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Spice Exports

Exports in GCC

In 2022, overseas shipments of spices increased by X% to X tons, rising for the third year in a row after two years of decline. In general, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, spice exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

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

The United Arab Emirates was also the fastest-growing in terms of the spices exports, with a CAGR of X% from 2012 to 2022. From 2012 to 2022, the share of the United Arab Emirates increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest spice supplier in GCC.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, waning by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2018 when the export price increased by X%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat 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 X% per year.

Spice Imports

Imports in GCC

After three years of growth, supplies from abroad of spices decreased by X% to X tons in 2022. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The volume of import peaked at X tons in 2021, and then reduced in the following year.

In value terms, spice imports shrank to $X in 2022. Total imports indicated strong 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 2013 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) dominates imports structure, together mixing up X% of total imports. Oman (X tons) took the next position in the ranking, followed by Kuwait (X tons). All these countries together held approx. X% share of total imports. Qatar (X tons) and Bahrain (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest spice importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), together accounting for X% of total imports.

Among the main importing countries, Kuwait, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2020; however, from 2021 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 Saudi Arabia ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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