GCC: Oleo Oils Market 2024

Oleo Oils Market Size in GCC

The GCC oleo oils market surged to $X in 2021, growing by 58% against the previous year. Overall, consumption, however, showed a abrupt descent. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Oleo Oils Production in GCC

In value terms, oleo oils production dropped slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 19%. The level of production peaked at $X in 2020, and then contracted modestly in the following year.

Oleo Oils Exports

Exports in GCC

In 2021, overseas shipments of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil increased by 29% to X tons for the first time since 2016, thus ending a four-year declining trend. Over the period under review, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of 240% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, oleo oils exports declined to $X in 2021. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 196% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Oman (X tons) and the United Arab Emirates (X tons) represented the major exporters of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil in 2021, resulting at approx. 44% and 32% of total exports, respectively. Saudi Arabia (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Kuwait (6%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the United Arab Emirates (with a CAGR of +32.3%), while the other leaders experienced a decline in the exports figures.

In value terms, the United Arab Emirates ($X) remains the largest oleo oils supplier in GCC, comprising 56% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 28% share of total exports. It was followed by Oman, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled +41.9%. In the other countries, the average annual rates were as follows: Saudi Arabia (-12.0% per year) and Oman (-23.1% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, which is down by -26% against the previous year. Overall, the export price, however, continues to indicate a buoyant increase. The growth pace was the most rapid in 2013 an increase of 103%. Over the period under review, the export prices hit record highs at $X per ton in 2020, and then declined remarkably in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+9.5%), while the other leaders experienced mixed trends in the export price figures.

Oleo Oils Imports

Imports in GCC

In 2021, overseas purchases of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil increased by 419% to X tons, rising for the third year in a row after two years of decline. Overall, imports, however, faced a abrupt descent. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, oleo oils imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2019 when imports increased by 219% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Kuwait dominates imports structure, resulting at X tons, which was near 97% of total imports in 2021. Oman (X tons) followed a long way behind the leaders.

Kuwait was also the fastest-growing in terms of the lard stearin, lard oil, oleostearin, oleo-oil and tallow oil imports, with a CAGR of +7.9% from 2012 to 2021. Oman (-20.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Kuwait increased by +78 percentage points.

In value terms, Kuwait ($X) constitutes the largest market for imported lard stearin, lard oil, oleostearin, oleo-oil and tallow oil in GCC, comprising 94% of total imports. The second position in the ranking was held by Oman ($X), with a 4.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Kuwait stood at +5.2%.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, waning by -43.5% against the previous year. In general, the import price, however, posted a perceptible increase. The pace of growth appeared the most rapid in 2014 an increase of 148%. Over the period under review, import prices reached the peak figure at $X per ton in 2020, and then contracted markedly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Oman ($X per ton), while Kuwait totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+5.9%).

Source: IndexBox Platform