GCC: Refined Groundnut Oil Market 2025

Refined Groundnut Oil Market Size in GCC

The GCC refined groundnut oil market shrank to $X in 2021, approximately reflecting the previous year. Over the period under review, consumption continues to indicate a strong expansion. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in GCC

In value terms, refined groundnut oil production declined slightly to $X in 2021 estimated in export price. Overall, production saw buoyant growth. The pace of growth was the most pronounced in 2016 when the production volume increased by 128%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports in GCC

In 2021, refined groundnut oil exports in GCC dropped notably to X tons, reducing by -37.3% compared with 2020 figures. Over the period under review, exports saw a significant decline. The smallest decline of -13.7% was in 2013. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, refined groundnut oil exports fell markedly to $X in 2021. Overall, exports showed a sharp reduction. The smallest decline of -19.1% was in 2015. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) and Oman (X tons) dominates exports structure, together generating 93% of total exports. It was distantly followed by the United Arab Emirates (X tons), constituting a 7.1% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Oman (with a CAGR of +15.1%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest refined groundnut oil supplying countries in GCC were Saudi Arabia ($X), Oman ($X) and the United Arab Emirates ($X).

Oman, with a CAGR of +9.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, jumping by 21% against the previous year. Over the period under review, the export price, however, saw a mild contraction. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.9%), while the other leaders experienced mixed trends in the export price figures.

Refined Groundnut Oil Imports

Imports in GCC

In 2021, approx. X tons of refined groundnut oil were imported in GCC; with an increase of 15% against 2020 figures. In general, imports recorded a strong expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 93%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, refined groundnut oil imports soared to $X in 2021. Overall, imports saw a significant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 95% against the previous year. The level of import peaked in 2021 and is likely to continue growth in years to come.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the largest importer of refined groundnut oil, achieving 49% of total imports. It was distantly followed by Kuwait (X tons) and Saudi Arabia (X tons), together achieving a 40% share of total imports. The following importers - Qatar (X tons), Bahrain (X tons) and Oman (X tons) - together made up 11% of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +26.6% from 2012 to 2021. At the same time, Qatar (+85.1%), Kuwait (+44.0%), Bahrain (+38.6%) and Saudi Arabia (+7.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +85.1% from 2012-2021. By contrast, Oman (-13.2%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+27 p.p.), Kuwait (+20 p.p.), Qatar (+4.3 p.p.) and Bahrain (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Saudi Arabia (-15.4 p.p.) and Oman (-38.5 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported refined groundnut oil in GCC, comprising 50% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 23% share of total imports. It was followed by Saudi Arabia, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +28.1%. In the other countries, the average annual rates were as follows: Kuwait (+39.7% per year) and Saudi Arabia (+11.9% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, picking up by 36% against the previous year. Over the last nine years, it increased at an average annual rate of +3.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Qatar ($X per ton) and the United Arab Emirates ($X per ton), while Oman ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform