GCC: Wheat Market 2024

Wheat Market Size in GCC

In 2022, the GCC wheat market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Wheat Production in GCC

In value terms, wheat production reached $X in 2022 estimated in export price. Over the period under review, production saw a mild curtailment. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

The country with the largest volume of wheat production was Saudi Arabia (X tons), comprising approx. X% of total volume.

From 2012 to 2022, the average annual growth rate of volume in Saudi Arabia totaled X%.

The average wheat yield fell slightly to X tons per ha in 2022, reducing by X% on the previous year. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the yield increased by X%. The level of yield peaked at X tons per ha in 2021, and then dropped modestly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the wheat harvested area in GCC shrank slightly to X ha, with a decrease of X% compared with the previous year's figure. Over the period under review, the harvested area saw a pronounced downturn. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to wheat production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Wheat Exports

Exports in GCC

In 2022, shipments abroad of wheat decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then declined notably in the following year.

In value terms, wheat exports contracted dramatically to $X in 2022. Overall, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then fell significantly in the following year.

Exports by Country

The biggest shipments were from the United Arab Emirates (X tons) and Oman (X tons), together finishing at X% of total export.

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

In value terms, the largest wheat supplying countries in GCC were the United Arab Emirates ($X) and Oman ($X).

Among the main exporting countries, Oman, with a CAGR of X%, recorded the highest growth rate of 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 X% against the previous year. Over the period under review, the export price recorded a noticeable decrease. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably 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 Oman amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Wheat Imports

Imports in GCC

In 2022, supplies from abroad of wheat decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of X%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, wheat imports expanded rapidly to $X in 2022. Total imports indicated a moderate 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, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2014; afterwards, it flattened through to 2022.

Imports by Country

The purchases of the three major importers of wheat, namely Saudi Arabia, the United Arab Emirates and Oman, represented more than two-thirds of total import. It was distantly followed by Kuwait (X tons), making up a X% share of total imports. Bahrain (X tons) held a little share of total imports.

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

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

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

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Bahrain ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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