GCC: Natural Cork Market 2024

Natural Cork Market Size in GCC

The GCC natural cork market dropped modestly to $X in 2022, remaining stable against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Natural Cork Production in GCC

In value terms, natural cork production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Natural Cork Exports

Exports in GCC

In 2022, overseas shipments of natural cork debacked or roughly squared increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, natural cork exports surged to $X in 2022. In general, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) prevails in exports structure, together achieving X% of total exports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest natural cork supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), with a combined X% share of total exports.

Oman, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, falling by X% against the previous year. Export price indicated a buoyant expansion from 2012 to 2022: its price 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, natural cork export price decreased by X% against 2019 indices. The growth pace was the most rapid in 2013 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Natural Cork Imports

Imports in GCC

In 2022, after eight years of decline, there was significant growth in supplies from abroad of natural cork debacked or roughly squared, when their volume increased by X% to X tons. Overall, imports showed a moderate expansion. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, natural cork imports soared to $X in 2022. Over the period under review, imports saw a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Qatar dominates imports structure, reaching X tons, which was near X% of total imports in 2022. It was distantly followed by Bahrain (X tons), making up an X% share of total imports. The following importers - the United Arab Emirates (X tons) and Oman (X tons) - each amounted to a X% share of total imports.

Imports into Qatar increased at an average annual rate of X% from 2012 to 2022. At the same time, Bahrain (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, Oman (X%) illustrated a downward trend over the same period. Qatar (X p.p.) and Bahrain (X p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Qatar ($X) constitutes the largest market for imported natural cork debacked or roughly squared in GCC, comprising X% of total imports. The second position in the ranking was held by Bahrain ($X), with a X% share of total imports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Qatar stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Bahrain (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price showed a pronounced increase. The most prominent rate of growth was recorded in 2018 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in years to come.

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 Oman ($X per ton), while Bahrain ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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