GCC: Vanilla Market 2023

Vanilla Exports

Exports in GCC

In 2022, vanilla exports in GCC rose markedly to X tons, increasing by 6.1% against 2021 figures. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 1,686%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, vanilla exports amounted to $X in 2022. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 1,171% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the largest exporting country with an export of about X tons, which accounted for 61% of total exports. It was distantly followed by the United Arab Emirates (X tons), achieving a 39% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United Arab Emirates (with a CAGR of +31.0%).

In value terms, Saudi Arabia ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2022.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +37.1%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, waning by -4.3% against the previous year. Overall, the export price, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2015 when the export price increased by 173% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+12.1%).

Vanilla Imports

Imports in GCC

After two years of growth, supplies from abroad of vanilla decreased by -3.7% to X tons in 2022. Overall, imports, however, saw a prominent expansion. The growth pace was the most rapid in 2015 when imports increased by 204% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped slightly in the following year.

In value terms, vanilla imports shrank modestly to $X in 2022. In general, imports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 115%. Over the period under review, imports hit record highs at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Saudi Arabia (X tons) was the main importer of vanilla, creating 70% of total imports. It was distantly followed by the United Arab Emirates (X tons), Qatar (X tons) and Kuwait (X tons), together achieving a 24% share of total imports. The following importers - Oman (X tons) and Bahrain (X tons) - each recorded a 5.8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to vanilla imports into Saudi Arabia stood at +11.2%. At the same time, Qatar (+30.3%), the United Arab Emirates (+17.3%) and Kuwait (+16.6%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +30.3% from 2012-2022. By contrast, Bahrain (-4.7%) and Oman (-5.3%) illustrated a downward trend over the same period. Qatar (+6.2 p.p.), the United Arab Emirates (+4.3 p.p.), Oman (+3.1 p.p.) and Kuwait (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and Bahrain saw its share reduced by -4.4% and -10.9% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported vanilla in GCC, comprising 57% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 23% share of total imports. It was followed by Qatar, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at +35.7%. In the other countries, the average annual rates were as follows: Saudi Arabia (+8.9% per year) and Qatar (+46.6% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the import price recorded a remarkable increase. The pace of growth was the most pronounced in 2014 when the import price increased by 79%. Over the period under review, import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, 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 Oman (+18.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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