GCC: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in GCC

The GCC refined maize oil market expanded sharply to $X in 2021, increasing by 9.7% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2021 and is likely to see gradual growth in years to come.

Refined Maize Oil Production in GCC

In value terms, refined maize oil production declined markedly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2020 when the production volume increased by 46% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports in GCC

In 2021, shipments abroad of refined maize (corn) oil decreased by -22% to X tons, falling for the fifth consecutive year after five years of growth. In general, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 69%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined maize oil exports contracted to $X in 2021. Over the period under review, exports saw a deep contraction. The pace of growth was the most pronounced in 2016 when exports increased by 50%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Saudi Arabia was the key exporter of refined maize (corn) oil in GCC, with the volume of exports recording X tons, which was near 71% of total exports in 2021. Oman (X tons) ranks second in terms of the total exports with a 16% share, followed by the United Arab Emirates (13%).

Exports from Saudi Arabia decreased at an average annual rate of -5.6% from 2012 to 2021. At the same time, the United Arab Emirates (+2.8%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in GCC, with a CAGR of +2.8% from 2012-2021. By contrast, Oman (-12.0%) illustrated a downward trend over the same period. The United Arab Emirates (+7.4 p.p.) and Saudi Arabia (+5.2 p.p.) significantly strengthened its position in terms of the total exports, while Oman saw its share reduced by -12% from 2012 to 2021, respectively.

In value terms, Saudi Arabia ($X) remains the largest refined maize oil supplier in GCC, comprising 74% of total exports. The second position in the ranking was held by Oman ($X), with a 15% share of total exports.

In Saudi Arabia, refined maize oil exports declined by an average annual rate of -5.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (-9.9% per year) and the United Arab Emirates (+4.5% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, with an increase of 19% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, 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 Oman (+2.4%), while the other leaders experienced more modest paces of growth.

Refined Maize Oil Imports

Imports in GCC

In 2021, supplies from abroad of refined maize (corn) oil was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -0.9% against 2017 indices. The pace of growth appeared the most rapid in 2015 with an increase of 31%. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, refined maize oil imports skyrocketed to $X in 2021. Total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Kuwait (X tons) was the largest importer of refined maize (corn) oil, mixing up 44% of total imports. It was distantly followed by the United Arab Emirates (X tons), Saudi Arabia (X tons), Qatar (X tons) and Oman (X tons), together committing a 54% share of total imports.

Imports into Kuwait increased at an average annual rate of +2.1% from 2012 to 2021. At the same time, Oman (+45.6%), Saudi Arabia (+10.0%) and Qatar (+9.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +45.6% from 2012-2021. By contrast, the United Arab Emirates (-4.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Oman, Saudi Arabia and Qatar increased by +9.2, +7.3 and +4.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kuwait ($X) constitutes the largest market for imported refined maize (corn) oil in GCC, comprising 45% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 22% share of total imports. It was followed by Saudi Arabia, with a 14% share.

In Kuwait, refined maize oil imports expanded at an average annual rate of +3.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (-2.7% per year) and Saudi Arabia (+16.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, with an increase of 38% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price attained 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 the United Arab Emirates ($X per ton) and Kuwait ($X per ton), while Qatar ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform