GCC: Frozen Crustaceans Market 2024

Frozen Crustaceans Market Size in GCC

In 2023, the GCC frozen crustaceans market decreased by X% to $X, falling for the third year in a row after four years of growth. The total consumption indicated tangible growth from 2012 to 2023: its value 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, consumption decreased by X% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2023, consumption stood at a somewhat lower figure.

Frozen Crustaceans Production in GCC

In value terms, frozen crustaceans production fell slightly to $X in 2023 estimated in export price. Over the period under review, production, however, continues to indicate prominent growth. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Frozen Crustaceans Exports

Exports in GCC

Frozen crustaceans exports shrank slightly to X tons in 2023, which is down by X% compared with the year before. Over the period under review, exports, however, posted buoyant growth. The growth pace was the most rapid in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, frozen crustaceans exports fell to $X in 2023. Overall, exports, however, enjoyed resilient growth. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, the United Arab Emirates (X tons) and Saudi Arabia (X tons) represented the major exporters of frozen crustaceans in GCC, together amounting to near X% of total exports. It was distantly followed by Bahrain (X tons), committing a X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Saudi Arabia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Bahrain ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, approximately reflecting the previous year. Over the last eleven years, it increased at an average annual rate of X%. The growth pace was the most rapid in 2015 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2023, the export prices remained at a 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 the United Arab Emirates ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2023, 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 export price figures.

Frozen Crustaceans Imports

Imports in GCC

In 2023, imports of frozen crustaceans in GCC contracted to X tons, shrinking by X% against the previous year's figure. Total imports indicated slight growth from 2012 to 2023: its volume 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 2021 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, frozen crustaceans imports expanded remarkably to $X in 2023. Total imports indicated a noticeable expansion from 2012 to 2023: its value 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, imports decreased by X% against 2018 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2023, imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the largest importing country with an import of around X tons, which resulted at X% of total imports. It was distantly followed by Kuwait (X tons), Qatar (X tons), Saudi Arabia (X tons) and Oman (X tons), together making up a X% share of total imports. Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to frozen crustaceans imports into the United Arab Emirates stood at X%. 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. Bahrain experienced a relatively flat trend pattern. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates, Kuwait, Qatar and Oman increased by X, 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 ($X) constitutes the largest market for imported frozen crustaceans in GCC, comprising X% of total imports. The second position in the ranking was taken by Kuwait ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, increasing by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Saudi Arabia ($X per ton) and Kuwait ($X per ton), while Oman ($X per ton) and Qatar ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform