GCC: Sunflower Oilcake Market 2024

Sunflower Oilcake Market Size in GCC

The GCC sunflower oilcake market shrank rapidly to $X in 2021, with a decrease of -24.4% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then plummeted in the following year.

Sunflower Oilcake Production in GCC

In value terms, sunflower oilcake production contracted sharply to $X in 2021 estimated in export price. The total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +42.8% against 2017 indices. The growth pace was the most rapid in 2020 with an increase of 50%. As a result, production reached the peak level of $X, and then declined dramatically in the following year.

Sunflower Oilcake Exports

Exports in GCC

In 2021, overseas shipments of sunflower oilcake decreased by -32.3% to X tons, falling for the fifth consecutive year after three years of growth. Over the period under review, exports recorded a deep slump. The pace of growth was the most pronounced in 2016 when exports increased by 296% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, sunflower oilcake exports reduced notably to $X in 2021. Overall, exports showed a pronounced downturn. The most prominent rate of growth was recorded in 2016 with an increase of 233%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) was the largest exporter of sunflower oilcake in GCC, constituting 99% of total export.

The United Arab Emirates was also the fastest-growing in terms of the sunflower oilcake exports, with a CAGR of +3.3% from 2012 to 2021. While the share of the United Arab Emirates (+58 p.p.) increased 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 sunflower oilcake supplier in GCC.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +5.2%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2021, surging by 20% against the previous year. Export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sunflower oilcake export price increased by +104.8% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 59%. The level of export peaked in 2021 and is expected to retain growth in years to come.

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 +1.8% per year.

Sunflower Oilcake Imports

Imports in GCC

In 2021, approx. X tons of sunflower oilcake were imported in GCC; waning by -97.9% on 2020 figures. Over the period under review, imports continue to indicate a precipitous setback. The pace of growth was the most pronounced in 2014 with an increase of 733% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, sunflower oilcake imports shrank significantly to $X in 2021. Overall, imports recorded a precipitous slump. The most prominent rate of growth was recorded in 2014 when imports increased by 653%. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons) and Oman (X tons) represented roughly 79% of total imports in 2021. It was distantly followed by Qatar (X tons), achieving a 20% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Qatar (with a CAGR of +31.8%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest sunflower oilcake importing markets in GCC were the United Arab Emirates ($X), Oman ($X) and Qatar ($X), together accounting for 96% of total imports.

In terms of the main importing countries, Qatar, with a CAGR of +15.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, with an increase of 29% against the previous year. Import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sunflower oilcake import price increased by +57.7% against 2017 indices. The pace of growth appeared the most rapid in 2013 when the import price increased by 42%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Oman (+3.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform