GCC: Spice Market 2024

Spice Market Size in GCC

In 2023, the GCC spice market decreased by X% to $X, falling for the third year in a row after two years of growth. The total consumption indicated pronounced growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2023, the growth of the market remained at a lower figure.

Spice Production in GCC

In value terms, spice production soared to $X in 2023 estimated in export price. Over the period under review, production, however, showed significant growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Saudi Arabia (X tons) constituted the country with the largest volume of spice production, accounting for X% of total volume. Moreover, spice production in Saudi Arabia exceeded the figures recorded by the second-largest producer, Kuwait (X tons), tenfold.

From 2012 to 2023, the average annual rate of growth in terms of volume in Saudi Arabia amounted to X%. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Bahrain (X% per year).

The average spice yield reduced markedly to X tons per ha in 2023, with a decrease of X% against the previous year's figure. Overall, the yield, however, recorded significant growth. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, the yield attained the peak level of X tons per ha, and then dropped markedly 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 2023, the spice harvested area in GCC amounted to X ha, almost unchanged from 2022 figures. In general, the harvested area showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, the harvested area dedicated to spice production attained the maximum at X ha in 2012; however, from 2013 to 2023, the harvested area stood at a somewhat lower figure.

Spice Exports

Exports in GCC

Spice exports soared to X tons in 2023, with an increase of X% compared with 2022 figures. Total exports indicated prominent growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2013 when exports increased by X%. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, spice exports soared to $X in 2023. Overall, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates dominates exports structure, finishing at X tons, which was near X% of total exports in 2023. It was distantly followed by Oman (X tons), achieving a X% share of total exports. Kuwait (X tons), Bahrain (X tons) and Saudi Arabia (X tons) held a relatively small share of total exports.

From 2012 to 2023, average annual rates of growth with regard to spice exports from the United Arab Emirates stood at X%. At the same time, Oman (X%), Bahrain (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates and Oman increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest spice supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Bahrain ($X), with a X% share of total exports. It was followed by Kuwait, with a X% share.

In the United Arab Emirates, spice exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Kuwait (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, reducing by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2020 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2023, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced more modest paces of growth.

Spice Imports

Imports in GCC

In 2023, supplies from abroad of spices increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of import peaked at X tons in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

In value terms, spice imports soared to $X in 2023. Total imports indicated moderate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2020 indices. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, the United Arab Emirates (X tons) represented the largest importer of spices, generating X% of total imports. Saudi Arabia (X tons) held an X% share (based on physical terms) of total imports, which put it in second place, followed by Oman (X%) and Kuwait (X%). Qatar (X tons) and Bahrain (X tons) followed a long way behind the leaders.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%), Qatar (X%) and Oman (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Saudi Arabia (X%) and Bahrain (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates, Kuwait and Oman increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates stood at X%. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, picking up by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The level of import peaked at $X per ton in 2020; however, from 2021 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform