Algeria: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Algeria

The Algerian refined soybean oil market dropped to $X in 2022, which is down by -11.4% against the previous year. Over the period under review, consumption showed a pronounced downturn. Refined soybean oil consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Algeria

In value terms, refined soybean oil production contracted remarkably to $X in 2022 estimated in export price. In general, production recorded a deep slump. The growth pace was the most rapid in 2021 when the production volume increased by 116%. Refined soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Algeria

In 2022, exports of refined soybean oil and its fractions from Algeria shrank sharply to X tons, dropping by -31.9% against the previous year's figure. In general, exports showed a deep slump. The most prominent rate of growth was recorded in 2021 with an increase of 144% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports reduced markedly to $X in 2022. Over the period under review, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 50%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Libya (X tons) was the main destination for refined soybean oil exports from Algeria, accounting for a 82% share of total exports. Moreover, refined soybean oil exports to Libya exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sevenfold. The third position in this ranking was held by Niger (X tons), with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Libya stood at -5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-5.4% per year) and Niger (-23.7% per year).

In value terms, Libya ($X) remains the key foreign market for refined soybean oil and its fractions exports from Algeria, comprising 86% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total exports. It was followed by Benin, with a 1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Libya totaled -8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-11.3% per year) and Benin (0.0% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, picking up by 22% against the previous year. In general, the export price, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 25%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Libya ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Libya (-3.9%), while the prices for the other major destinations experienced a decline.

Refined Soybean Oil Imports

Imports into Algeria

In 2022, imports of refined soybean oil and its fractions into Algeria surged to X tons, growing by 21% on the previous year. Over the period under review, imports saw significant growth. The pace of growth appeared the most rapid in 2019 when imports increased by 211% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, refined soybean oil imports expanded slightly to $X in 2022. In general, imports recorded a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 96%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Egypt (X tons) constituted the largest refined soybean oil supplier to Algeria, accounting for a 74% share of total imports. Moreover, refined soybean oil imports from Egypt exceeded the figures recorded by the second-largest supplier, France (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Egypt amounted to +28.5%.

In value terms, Egypt ($X) constituted the largest supplier of refined soybean oil and its fractions to Algeria, comprising 71% of total imports. The second position in the ranking was taken by France ($X), with a 29% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Egypt amounted to +30.0%.

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, dropping by -15.8% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 41% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for Egypt totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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