GCC: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in GCC

The GCC crude rapeseed oil market soared to $X in 2022, picking up by 52% against the previous year. In general, consumption showed a strong increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crude Rapeseed Oil Production in GCC

In value terms, crude rapeseed oil production rose notably to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 47% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Crude Rapeseed Oil Exports

Exports in GCC

After three years of growth, shipments abroad of crude rape, colza or mustard oil decreased by -18.7% to X tons in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +56.7% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 29% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped sharply in the following year.

In value terms, crude rapeseed oil exports dropped to $X in 2022. Over the period under review, exports, however, posted a tangible expansion. The pace of growth was the most pronounced in 2021 when exports increased by 65% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

The biggest shipments were from the United Arab Emirates (X tons), together accounting for 99.9% of total export.

The United Arab Emirates was also the fastest-growing in terms of the crude rape, colza or mustard oil exports, with a CAGR of +3.2% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest crude rapeseed oil supplier in GCC.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +3.2%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, jumping by 15% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 31%. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +0.0% per year.

Crude Rapeseed Oil Imports

Imports in GCC

Crude rapeseed oil imports expanded rapidly to X tons in 2022, increasing by 10% compared with the previous year. In general, imports recorded a prominent expansion. The growth pace was the most rapid in 2017 with an increase of 427%. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, crude rapeseed oil imports skyrocketed to $X in 2022. Overall, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 266% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Saudi Arabia represented the main importer of crude rape, colza or mustard oil in GCC, with the volume of imports accounting for X tons, which was approx. 66% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 15% share, followed by Qatar (12%). Bahrain (X tons) and Kuwait (X tons) took a little share of total imports.

Saudi Arabia was also the fastest-growing in terms of the crude rape, colza or mustard oil imports, with a CAGR of +27.2% from 2012 to 2022. At the same time, Qatar (+9.3%), the United Arab Emirates (+4.8%) and Bahrain (+3.6%) displayed positive paces of growth. By contrast, Kuwait (-3.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Saudi Arabia increased by +44 percentage points.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported crude rape, colza or mustard oil in GCC, comprising 51% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 24% share of total imports. It was followed by Qatar, with a 14% share.

In Saudi Arabia, crude rapeseed oil imports expanded at an average annual rate of +26.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+10.4% per year) and Qatar (+10.1% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, surging by 4.8% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 29% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat 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 Kuwait ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform