GCC: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in GCC

The GCC crude maize oil market reduced rapidly to $X in 2022, which is down by -19.1% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then declined remarkably in the following year.

Crude Maize Oil Production in GCC

In value terms, crude maize oil production expanded significantly to $X in 2022 estimated in export price. In general, production continues to indicate significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 113% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Maize Oil Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of crude maize (corn) oil, when their volume decreased by -80.5% to X tons. In general, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 326%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, crude maize oil exports fell sharply to $X in 2022. Over the period under review, exports recorded a abrupt setback. The pace of growth was the most pronounced in 2020 with an increase of 468% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the main exporter of crude maize (corn) oil, generating 79% of total exports. It was distantly followed by Oman (X tons), generating a 21% share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of crude maize (corn) oil. Oman (-7.5%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+43 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest crude maize oil supplying countries in GCC were Oman ($X) and the United Arab Emirates ($X).

In terms of the main exporting countries, Oman, with a CAGR of +2.9%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, reducing by -40.6% against the previous year. Overall, the export price recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2019 when the export price increased by 42%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+11.2%).

Crude Maize Oil Imports

Imports in GCC

In 2022, the amount of crude maize (corn) oil imported in GCC shrank remarkably to X tons, which is down by -17.1% against the previous year's figure. Over the period under review, imports continue to indicate a slight downturn. The growth pace was the most rapid in 2021 when imports increased by 43% against the previous year. As a result, imports reached the peak of X tons, and then declined sharply in the following year.

In value terms, crude maize oil imports reduced markedly to $X in 2022. Overall, imports recorded a perceptible contraction. The pace of growth was the most pronounced in 2021 with an increase of 123% against the previous year. As a result, imports attained the peak of $X, and then declined remarkably in the following year.

Imports by Country

Saudi Arabia (X tons) and Kuwait (X tons) prevails in imports structure, together comprising 88% of total imports. It was distantly followed by Qatar (X tons), generating a 5.1% share of total imports. The following importers - the United Arab Emirates (X tons) and Oman (X tons) - together made up 6.8% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Qatar (with a CAGR of +39.3%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest crude maize oil importing markets in GCC were Kuwait ($X), Saudi Arabia ($X) and Qatar ($X), together comprising 94% of total imports.

Qatar, with a CAGR of +40.0%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, dropping by -11.9% against the previous year. Overall, the import price recorded a mild shrinkage. The pace of growth was the most pronounced in 2021 an increase of 55%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, 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 the United Arab Emirates (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform