GCC: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in GCC

The GCC crude groundnut oil market dropped to $X in 2022, waning by -6.3% against the previous year. Over the period under review, consumption, however, enjoyed a temperate expansion. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Crude Groundnut Oil Production in GCC

In value terms, crude groundnut oil production declined to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a remarkable increase. The pace of growth was the most pronounced in 2017 when the production volume increased by 88%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Crude Groundnut Oil Exports

Exports in GCC

After three years of growth, shipments abroad of crude groundnut oil decreased by -3% to X tons in 2022. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 140%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude groundnut oil exports dropped slightly to $X in 2022. In general, exports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 213% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The biggest shipments were from Oman (X tons) and the United Arab Emirates (X tons), together amounting to 99.9% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Oman (with a CAGR of +40.9%).

In value terms, the United Arab Emirates ($X) and Oman ($X) were the countries with the highest levels of exports in 2022.

Among the main exporting countries, Oman, with a CAGR of +29.9%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, surging by 2.3% against the previous year. Overall, the export price, however, recorded a perceptible decrease. The pace of growth was the most pronounced in 2017 when the export price increased by 84% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 the United Arab Emirates ($X per ton), while Oman amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.4%).

Crude Groundnut Oil Imports

Imports in GCC

In 2022, after four years of decline, there was significant growth in purchases abroad of crude groundnut oil, when their volume increased by 14% to X tons. In general, imports, however, saw a deep slump. The pace of growth appeared the most rapid in 2017 with an increase of 274%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude groundnut oil imports expanded remarkably to $X in 2022. Overall, imports, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2017 with an increase of 439% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Qatar prevails in imports structure, reaching X tons, which was approx. 91% of total imports in 2022. Kuwait (X tons), Bahrain (X tons), Oman (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to crude groundnut oil imports into Qatar stood at -15.4%. At the same time, Oman (+14.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +14.6% from 2012-2022. By contrast, Bahrain (-4.2%), Kuwait (-11.7%) and the United Arab Emirates (-22.0%) illustrated a downward trend over the same period. Oman (+2 p.p.) and Bahrain (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates and Qatar saw its share reduced by -2.2% and -2.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Qatar ($X) constitutes the largest market for imported crude groundnut oil in GCC, comprising 93% of total imports. The second position in the ranking was held by Oman ($X), with a 3% share of total imports. It was followed by Bahrain, with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Qatar totaled -8.8%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+30.1% per year) and Bahrain (-3.8% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, declining by -5.5% against the previous year. Over the period under review, the import price, however, posted a strong expansion. The most prominent rate of growth was recorded in 2021 when the import price increased by 141% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while Kuwait ($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 (+13.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform