Bahrain: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Bahrain

The Bahraini refined soybean oil market skyrocketed to $X in 2022, increasing by 42% against the previous year. Overall, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +35.0% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Refined Soybean Oil Production in Bahrain

In value terms, refined soybean oil production shrank dramatically to $X in 2022 estimated in export price. Over the period under review, production recorded a mild downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 786%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Bahrain

In 2022, overseas shipments of refined soybean oil and its fractions decreased by -39.9% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 611%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports contracted to $X in 2022. Overall, exports saw a abrupt decline. The pace of growth was the most pronounced in 2016 when exports increased by 351%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for refined soybean oil exports from Bahrain, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia stood at -4.4%.

In value terms, Saudi Arabia ($X) emerged as the key foreign market for refined soybean oil and its fractions exports from Bahrain.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia amounted to +1.1%.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, increasing by 44% against the previous year. Over the period under review, the export price, however, recorded a pronounced contraction. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Saudi Arabia.

From 2012 to 2022, the rate of growth in terms of prices for Saudi Arabia amounted to +5.7% per year.

Refined Soybean Oil Imports

Imports into Bahrain

In 2022, the amount of refined soybean oil and its fractions imported into Bahrain surged to X tons, jumping by 49% on the year before. In general, imports enjoyed a tangible expansion. The growth pace was the most rapid in 2014 when imports increased by 107%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, refined soybean oil imports surged to $X in 2022. Overall, imports posted buoyant growth. The pace of growth was the most pronounced in 2014 when imports increased by 289%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest refined soybean oil supplier to Bahrain, with a 75% share of total imports. Moreover, refined soybean oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was taken by Oman (X tons), with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+50.3% per year) and Oman (+4.7% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of refined soybean oil and its fractions to Bahrain, comprising 74% of total imports. The second position in the ranking was held by the United States ($X), with a 21% share of total imports. It was followed by Oman, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates stood at +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+51.4% per year) and Oman (+8.7% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, rising by 23% against the previous year. In general, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +88.7% against 2019 indices. The growth pace was the most rapid in 2014 an increase of 88% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.

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 ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform