Bahrain: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Bahrain

In 2022, the Bahraini rapeseed oil market increased by 37% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption showed a significant increase. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the near future.

Rapeseed Oil Production in Bahrain

In value terms, rapeseed oil production stood at $X in 2022 estimated in export price. In general, production saw a precipitous decrease. The growth pace was the most rapid in 2013 when the production volume decreased by 99.9% against the previous year. Rapeseed oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Rapeseed Oil Exports

Exports from Bahrain

In 2022, overseas shipments of rapeseed oil decreased by -94.7% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports showed a sharp downturn. The most prominent rate of growth was recorded in 2018 with an increase of 23,358%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, rapeseed oil exports fell remarkably to $X in 2022. In general, exports saw a sharp curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by 17,115%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Oman (X kg) was the main destination for rapeseed oil exports from Bahrain, with a 46% share of total exports. Moreover, rapeseed oil exports to Oman exceeded the volume sent to the second major destination, Jordan (X kg), twofold. Saudi Arabia (X kg) ranked third in terms of total exports with a 20% share.

From 2012 to 2022, the average annual growth rate of volume to Oman amounted to +48.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (+40.7% per year) and Saudi Arabia (-16.4% per year).

In value terms, Oman ($X), Saudi Arabia ($X) and Jordan ($X) were the largest markets for rapeseed oil exported from Bahrain worldwide, with a combined 85% share of total exports.

Jordan, with a CAGR of +86.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average rapeseed oil export price stood at $X per ton in 2022, increasing by 190% against the previous year. Over the period under review, the export price showed a buoyant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Saudi Arabia ($X per ton) and Niger ($X per ton), while the average price for exports to Oman ($X per ton) and Jordan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+41.2%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Bahrain

In 2022, purchases abroad of rapeseed oil increased by 19% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports showed resilient growth. The growth pace was the most rapid in 2018 when imports increased by 47% against the previous year. Imports peaked at X tons in 2019; afterwards, it flattened through to 2022.

In value terms, rapeseed oil imports skyrocketed to $X in 2022. In general, imports showed resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by 41% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Bangladesh (X tons) constituted the largest rapeseed oil supplier to Bahrain, accounting for a 36% share of total imports. Moreover, rapeseed oil imports from Bangladesh exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. Saudi Arabia (X tons) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bangladesh stood at +25.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+22.2% per year) and Saudi Arabia (+60.0% per year).

In value terms, Bangladesh ($X), India ($X) and Saudi Arabia ($X) appeared to be the largest rapeseed oil suppliers to Bahrain, together accounting for 52% of total imports.

Saudi Arabia, with a CAGR of +59.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average rapeseed oil import price amounted to $X per ton, increasing by 16% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform