Iraq: Fructose Market 2024

Fructose Market Size in Iraq

The Iraqi fructose market skyrocketed to $X in 2021, with an increase of 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2012; afterwards, it flattened through to 2021.

Fructose Exports

Exports from Iraq

In 2021, overseas shipments of fructose and fructose syrup increased by 35% to X tons, rising for the fourth year in a row after two years of decline. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 194% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the immediate term.

In value terms, fructose exports dropped dramatically to $X in 2021. Over the period under review, exports recorded a resilient increase. The pace of growth was the most pronounced in 2013 when exports increased by 212% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020, and then fell notably in the following year.

Exports by Country

The United Arab Emirates (X tons), the United States (X tons) and Sweden (X tons) were the main destinations of fructose exports from Iraq, together accounting for 85% of total exports. These countries were followed by Turkey, Canada and Australia, which together accounted for a further 15%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +25.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for fructose exported from Iraq were Sweden ($X), the United States ($X) and the United Arab Emirates ($X), together accounting for 79% of total exports. Turkey, Canada and Australia lagged somewhat behind, together comprising a further 20%.

Turkey, with a CAGR of +19.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average fructose export price amounted to $X per ton, waning by -41.3% against the previous year. Over the period under review, the export price recorded a noticeable setback. The pace of growth appeared the most rapid in 2015 an increase of 44% against the previous year. The export price peaked at $X per ton in 2020, and then shrank notably in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+10.9%), while the prices for the other major destinations experienced a decline.

Fructose Imports

Imports into Iraq

In 2021, overseas purchases of fructose and fructose syrup increased by 18% to X tons, rising for the fifth consecutive year after two years of decline. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +120.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 36%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, fructose imports soared to $X in 2021. In general, imports, however, recorded a mild shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 44% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of fructose to Iraq, accounting for a 75% share of total imports. Moreover, fructose imports from Turkey exceeded the figures recorded by the second-largest supplier, India (X tons), sevenfold. Jordan (X tons) ranked third in terms of total imports with a 3% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+5.8% per year) and Jordan (+23.6% per year).

In value terms, Turkey ($X) constituted the largest supplier of fructose and fructose syrup to Iraq, comprising 53% of total imports. The second position in the ranking was taken by India ($X), with an 8.3% share of total imports. It was followed by Saudi Arabia, with a 0.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey totaled -6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+7.0% per year) and Saudi Arabia (-21.0% per year).

Import Prices by Country

The average fructose import price stood at $X per ton in 2021, rising by 7.1% against the previous year. Overall, the import price, however, continues to indicate a noticeable setback. The pace of growth appeared the most rapid in 2019 when the average import price increased by 34% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the price for Jordan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+11.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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