MENA: Cotton-Seed Oil Market 2024

Cotton-Seed Oil Market Size in MENA

In 2021, the MENA's cotton-seed oil market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, recorded a perceptible downturn. The pace of growth was the most pronounced in 2018 with an increase of 4.7%. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Cotton-Seed Oil Production in MENA

In value terms, cotton-seed oil production dropped modestly to $X in 2021 estimated in export price. In general, production, however, saw a noticeable curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 3.4%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Cotton-Seed Oil Exports

Exports in MENA

Cotton-seed oil exports soared to X tons in 2021, growing by 36% against the year before. Over the period under review, exports posted a remarkable increase. The growth pace was the most rapid in 2019 with an increase of 372% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, cotton-seed oil exports surged to $X in 2021. In general, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 310%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Turkey prevails in exports structure, finishing at X tons, which was approx. 92% of total exports in 2021. Egypt (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the cotton-seed oil exports, with a CAGR of +34.6% from 2012 to 2021. At the same time, Egypt (+12.1%) displayed positive paces of growth. While the share of Turkey (+65 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Egypt (-2.2 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest cotton-seed oil supplier in MENA, comprising 93% of total exports. The second position in the ranking was held by Egypt ($X), with a 4.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +33.7%.

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, growing by 44% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced downturn. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Egypt stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+2.2%).

Cotton-Seed Oil Imports

Imports in MENA

In 2021, purchases abroad of cotton-seed oil decreased by -21.6% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, imports, however, showed a prominent increase. The growth pace was the most rapid in 2020 when imports increased by 91% against the previous year. As a result, imports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, cotton-seed oil imports expanded markedly to $X in 2021. Over the period under review, imports, however, showed notable growth. The growth pace was the most rapid in 2014 when imports increased by 78% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Turkey dominates imports structure, accounting for X tons, which was near 66% of total imports in 2021. Israel (X tons) held an 8.5% share (based on physical terms) of total imports, which put it in second place, followed by Egypt (7.3%) and Syrian Arab Republic (6.5%). Libya (X tons), Kuwait (X tons) and Qatar (X tons) took a little share of total imports.

Turkey was also the fastest-growing in terms of the cotton-seed oil imports, with a CAGR of +87.7% from 2012 to 2021. At the same time, Egypt (+35.0%), Syrian Arab Republic (+17.0%), Libya (+12.4%) and Kuwait (+5.6%) displayed positive paces of growth. By contrast, Israel (-1.5%) and Qatar (-1.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey, Egypt and Syrian Arab Republic increased by +66, +6.3 and +3.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cotton-seed oil in MENA, comprising 58% of total imports. The second position in the ranking was held by Israel ($X), with a 12% share of total imports. It was followed by Syrian Arab Republic, with a 7.9% share.

In Turkey, cotton-seed oil imports expanded at an average annual rate of +59.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Israel (-1.6% per year) and Syrian Arab Republic (+11.2% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, growing by 35% against the previous year. In general, the import price, however, saw a abrupt decline. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Qatar ($X per ton), while Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Libya (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform