GCC: Soybean Oil Market 2024

Soybean Oil Market Size in GCC

The GCC soybean oil market declined significantly to $X in 2022, which is down by -15.3% against the previous year. The total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +33.6% against 2020 indices. As a result, consumption reached the peak level of $X, and then fell sharply in the following year.

Soybean Oil Production in GCC

In value terms, soybean oil production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2014 with an increase of 15% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Soybean Oil Exports

Exports in GCC

In 2022, soybean oil exports in GCC rose to X tons, with an increase of 2.4% compared with the previous year. In general, exports, however, showed a perceptible setback. The most prominent rate of growth was recorded in 2018 with an increase of 18% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, soybean oil exports contracted to $X in 2022. Over the period under review, exports, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2021 with an increase of 30%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the main exporter of soybean oil in GCC, with the volume of exports finishing at X tons, which was approx. 74% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), achieving a 24% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to soybean oil exports from Saudi Arabia stood at -2.5%. The United Arab Emirates experienced a relatively flat trend pattern. Kuwait (-7.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +4.6 percentage points.

In value terms, Saudi Arabia ($X) remains the largest soybean oil supplier in GCC, comprising 70% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Saudi Arabia stood at -4.2%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-2.5% per year) and Kuwait (-11.3% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, which is down by -13.6% against the previous year. Overall, the export price saw a mild slump. The pace of growth appeared the most rapid in 2021 an increase of 43% against the previous year. The level of export peaked 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 the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-1.7%), while the other leaders experienced a decline in the export price figures.

Soybean Oil Imports

Imports in GCC

In 2022, approx. X tons of soybean oil were imported in GCC; waning by -14.1% compared with the previous year. Overall, imports showed a noticeable decline. The most prominent rate of growth was recorded in 2021 when imports increased by 36%. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports fell significantly to $X in 2022. In general, imports showed a pronounced downturn. The pace of growth was the most pronounced in 2021 with an increase of 83% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of soybean oil in GCC, with the volume of imports reaching X tons, which was approx. 47% of total imports in 2022. Oman (X tons) held a 25% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (13%) and Saudi Arabia (11%). Bahrain (X tons) and Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Qatar (with a CAGR of +36.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Oman ($X) and Kuwait ($X) were the countries with the highest levels of imports in 2022, together accounting for 79% of total imports. Saudi Arabia, Bahrain and Qatar lagged somewhat behind, together accounting for a further 21%.

Qatar, with a CAGR of +40.7%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, declining by -5.7% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 34% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+3.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform