GCC: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in GCC

The GCC soybean oilcake market reached $X in 2021, remaining relatively unchanged against the previous year. The total consumption indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +12.6% against 2019 indices. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Soybean Oilcake Production in GCC

In value terms, soybean oilcake production dropped to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 38%. The level of production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Soybean Oilcake Exports

Exports in GCC

In 2021, the amount of soybean oilcake exported in GCC fell dramatically to X tons, with a decrease of -15.7% compared with the previous year. Overall, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2015 when exports increased by 572%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, soybean oilcake exports expanded remarkably to $X in 2021. Over the period under review, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2015 with an increase of 487%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) represented roughly 98% of total exports in 2021.

The United Arab Emirates was also the fastest-growing in terms of the soybean oilcake exports, with a CAGR of +5.0% from 2012 to 2021. While the share of the United Arab Emirates (-1.7 p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest soybean oilcake supplier in GCC.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to +6.8%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, rising by 29% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +1.7% per year.

Soybean Oilcake Imports

Imports in GCC

In 2021, the amount of soybean oilcake imported in GCC contracted dramatically to X tons, waning by -15.9% compared with the previous year's figure. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.0% 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 -24.2% against 2019 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 37%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, soybean oilcake imports expanded remarkably to $X in 2021. The total import value increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 40%. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Imports by Country

Saudi Arabia was the main importing country with an import of around X tons, which accounted for 67% of total imports. Oman (X tons) took the second position in the ranking, followed by the United Arab Emirates (X tons) and Kuwait (X tons). All these countries together took approx. 29% share of total imports. Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to soybean oilcake imports into Saudi Arabia stood at +9.6%. At the same time, Qatar (+118.2%) and Oman (+13.7%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +118.2% from 2012-2021. Kuwait experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-8.7%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+22 p.p.), Oman (+6.6 p.p.) and Qatar (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Kuwait (-3.4 p.p.) and the United Arab Emirates (-27.6 p.p.) displayed negative dynamics.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported soybean oilcake in GCC, comprising 66% of total imports. The second position in the ranking was taken by Oman ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia stood at +9.4%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+13.2% per year) and the United Arab Emirates (-9.9% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, surging by 34% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform