MENA: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in MENA

In 2022, after two years of decline, there was growth in the MENA's chemically modified oils market, when its value increased by 1.1% to $X. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.4% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Chemically Modified Oils Production in MENA

In value terms, chemically modified oils production fell to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.2% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 29%. As a result, production reached the peak level of $X; afterwards, it flattened through to 2022.

Chemically Modified Oils Exports

Exports in MENA

After three years of growth, overseas shipments of animal or vegetable fats and oils chemically modified decreased by -9.3% to X tons in 2022. Overall, exports, however, saw resilient growth. The most prominent rate of growth was recorded in 2019 when exports increased by 45%. Over the period under review, the exports reached the maximum at X tons in 2021, and then contracted in the following year.

In value terms, chemically modified oils exports fell to $X in 2022. Over the period under review, exports, however, posted buoyant growth. The growth pace was the most rapid in 2021 when exports increased by 78% against the previous year. As a result, the exports reached the peak of $X, and then declined in the following year.

Exports by Country

In 2022, Saudi Arabia (X tons), distantly followed by the United Arab Emirates (X tons), Egypt (X tons) and Kuwait (X tons) represented the largest exporters of animal or vegetable fats and oils chemically modified, together achieving 77% of total exports. The following exporters - Qatar (X tons), Morocco (X tons), Turkey (X tons), Lebanon (X tons), Oman (X tons), Iraq (X tons) and Israel (X tons) - together made up 21% of total exports.

From 2012 to 2022, the biggest increases were recorded for Israel (with a CAGR of +79.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Egypt ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 66% of total exports. Turkey, Kuwait, Morocco, Qatar, Israel, Iraq, Lebanon and Oman lagged somewhat behind, together comprising a further 33%.

In terms of the main exporting countries, Israel, with a CAGR of +84.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, which is down by -2.9% against the previous year. Export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils export price increased by +58.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 42% against the previous year. As a result, the export price reached the peak level of $X per ton, and then contracted slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Oman ($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 (+33.6%), while the other leaders experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports in MENA

In 2022, imports of animal or vegetable fats and oils chemically modified in MENA skyrocketed to X tons, increasing by 17% against the previous year's figure. In general, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 24%. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, chemically modified oils imports soared to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Palestine (X tons), the United Arab Emirates (X tons), Turkey (X tons), Egypt (X tons) and Israel (X tons) was the largest importer of animal or vegetable fats and oils chemically modified in MENA, achieving 88% of total import. The following importers - Iraq (X tons) and Algeria (X tons) - each reached a 3.3% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Algeria (with a CAGR of +18.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Egypt ($X) and the United Arab Emirates ($X) were the countries with the highest levels of imports in 2022, with a combined 57% share of total imports. Palestine, Israel, Iraq and Algeria lagged somewhat behind, together comprising a further 32%.

Among the main importing countries, Algeria, with a CAGR of +13.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, growing by 7.5% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 24%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Palestine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform