GCC: Refined Cotton-Seed Oil Market 2024

Refined Cotton-Seed Oil Market Size in GCC

The GCC refined cotton-seed oil market was estimated at $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Cotton-Seed Oil Production in GCC

In value terms, refined cotton-seed oil production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the production volume increased by 28%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Cotton-Seed Oil Exports

Exports in GCC

In 2022, the amount of refined cotton-seed oil exported in GCC declined significantly to X tons, waning by -41.3% against 2021. Over the period under review, exports continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2014 when exports increased by 245% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined cotton-seed oil exports shrank notably to $X in 2022. Overall, exports faced a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 221%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X tons, which was approx. 96% of total exports in 2022. The following exporters - Kuwait (X tons) and Oman (X tons) - each finished at a 4.1% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refined cotton-seed oil exports from the United Arab Emirates stood at -16.0%. Kuwait (-9.2%) and Oman (-13.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +2.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest refined cotton-seed oil supplier in GCC, comprising 96% of total exports. The second position in the ranking was taken by Oman ($X), with a 1.9% share of total exports.

In the United Arab Emirates, refined cotton-seed oil exports shrank by an average annual rate of -17.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (-8.8% per year) and Kuwait (-18.6% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, shrinking by -5.8% against the previous year. Overall, the export price saw a slight slump. The most prominent rate of growth was recorded in 2017 when the export price increased by 42%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, 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 (+5.2%), while the other leaders experienced a decline in the export price figures.

Refined Cotton-Seed Oil Imports

Imports in GCC

In 2022, overseas purchases of refined cotton-seed oil decreased by -9.1% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, imports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2016 when imports increased by 159% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, refined cotton-seed oil imports stood at $X in 2022. In general, imports saw a abrupt descent. The pace of growth appeared the most rapid in 2016 with an increase of 159%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Qatar (X tons) and Kuwait (X tons) represented roughly 71% of total imports in 2022. Bahrain (X tons) ranks next in terms of the total imports with an 18% share, followed by the United Arab Emirates (9.8%).

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +6.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Kuwait ($X), Bahrain ($X) and Qatar ($X) constituted the countries with the highest levels of imports in 2022, with a combined 81% share of total imports. The United Arab Emirates lagged somewhat behind, comprising a further 18%.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +13.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, with an increase of 12% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined cotton-seed oil import price increased by +86.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 44%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Qatar ($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 (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform