GCC: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in GCC

The GCC chemically modified oils market reached $X in 2022, picking up by 6.2% against the previous year. Overall, consumption enjoyed prominent growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chemically Modified Oils Production in GCC

In value terms, chemically modified oils production stood at $X in 2022 estimated in export price. In general, production enjoyed a strong increase. The pace of growth was the most pronounced in 2017 when the production volume increased by 45% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Chemically Modified Oils Exports

Exports in GCC

After three years of growth, shipments abroad of animal or vegetable fats and oils chemically modified decreased by -8.1% to X tons in 2022. In general, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 142% against the previous year. The volume of export peaked at X tons in 2021, and then fell in the following year.

In value terms, chemically modified oils exports plummeted to $X in 2022. Overall, exports, however, posted a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 132% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then fell rapidly in the following year.

Exports by Country

Saudi Arabia was the largest exporter of animal or vegetable fats and oils chemically modified in GCC, with the volume of exports recording X tons, which was near 49% of total exports in 2022. The United Arab Emirates (X tons) held a 30% share (based on physical terms) of total exports, which put it in second place, followed by Kuwait (12%) and Qatar (5.9%). Oman (X tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Kuwait (with a CAGR of +44.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest chemically modified oils supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X), with a combined 89% share of total exports. Qatar and Oman lagged somewhat behind, together accounting for a further 11%.

In terms of the main exporting countries, Qatar, with a CAGR of +57.0%, recorded the highest growth rate of 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 2022, with a decrease of -12.8% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 43%. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+33.6%), while the other leaders experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports in GCC

In 2022, the amount of animal or vegetable fats and oils chemically modified imported in GCC contracted slightly to X tons, falling by -3% compared with the year before. Over the period under review, imports, however, saw a resilient increase. The growth pace was the most rapid in 2014 with an increase of 120%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports expanded notably to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.0% against 2016 indices. The most prominent rate of growth was recorded in 2014 with an increase of 82%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

The United Arab Emirates prevails in imports structure, recording X tons, which was near 87% of total imports in 2022. It was distantly followed by Qatar (X tons), achieving a 5.9% share of total imports. Oman (X tons) and Kuwait (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the animal or vegetable fats and oils chemically modified imports, with a CAGR of +12.2% from 2012 to 2022. At the same time, Oman (+7.2%) and Qatar (+4.9%) displayed positive paces of growth. By contrast, Kuwait (-1.7%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+37 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Kuwait (-3.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in GCC, comprising 81% of total imports. The second position in the ranking was taken by Qatar ($X), with a 10% share of total imports. It was followed by Oman, with a 4.3% share.

In the United Arab Emirates, chemically modified oils imports increased at an average annual rate of +12.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+9.5% per year) and Oman (+2.1% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, rising by 12% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 26% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

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 Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform