GCC: Market for Yoghurt and Fermented Milk 2024

Market Size for Yoghurt and Fermented Milk in GCC

In 2023, after six years of growth, there was significant decline in the GCC yoghurt and fermented milk market, when its value decreased by X% to $X. In general, consumption, however, recorded a noticeable expansion. Over the period under review, the market attained the peak level at $X in 2022, and then dropped in the following year.

Production of Yoghurt and Fermented Milk in GCC

In value terms, yoghurt and fermented milk production shrank to $X in 2023 estimated in export price. Overall, production showed mild growth. The growth pace was the most rapid in 2018 with an increase of X%. The level of production peaked at $X in 2022, and then shrank in the following year.

Saudi Arabia (X tons) remains the largest yoghurt and fermented milk producing country in GCC, comprising approx. X% of total volume. It was followed by the United Arab Emirates (X tons), with a X% share of total production.

From 2012 to 2023, the average annual rate of growth in terms of volume in Saudi Arabia was relatively modest.

Exports of Yoghurt and Fermented Milk

Exports in GCC

In 2023, after four years of decline, there was significant growth in overseas shipments of yoghurt and fermented milk, when their volume increased by X% to X tons. Overall, exports, however, showed a drastic downturn. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2023, the exports remained at a lower figure.

In value terms, yoghurt and fermented milk exports shrank modestly to $X in 2023. Over the period under review, exports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Saudi Arabia (X tons) was the largest exporter of yoghurt and fermented milk, constituting X% of total exports. The United Arab Emirates (X tons) ranks second in terms of the total exports with an X% share, followed by Kuwait (X%). Bahrain (X tons) followed a long way behind the leaders.

Exports from Saudi Arabia decreased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%), the United Arab Emirates (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. While the share of the United Arab Emirates (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

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

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, shrinking by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Kuwait ($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 mixed trends in the export price figures.

Imports of Yoghurt and Fermented Milk

Imports in GCC

Yoghurt and fermented milk imports dropped to X tons in 2023, which is down by X% compared with 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, yoghurt and fermented milk imports declined to $X in 2023. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2023, imports failed to regain momentum.

Imports by Country

Kuwait (X tons), the United Arab Emirates (X tons), Oman (X tons) and Bahrain (X tons) represented roughly X% of total imports in 2023. Saudi Arabia (X tons) followed a long way behind the leaders.

From 2012 to 2023, 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 yoghurt and fermented milk importing markets in GCC were Kuwait ($X), the United Arab Emirates ($X) and Bahrain ($X), together accounting for X% of total imports.

In terms of the main importing countries, Kuwait, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

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 under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 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 a decline in the import price figures.

Source: IndexBox Platform