MENA: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in MENA

In 2022, the MENA's crude palm oil market decreased by -72.7% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, showed a abrupt downturn. As a result, consumption attained the peak level of $X, and then dropped significantly in the following year.

Crude Palm Oil Production in MENA

In value terms, crude palm oil production skyrocketed to $X in 2022 estimated in export price. In general, production continues to indicate significant growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Crude Palm Oil Exports

Exports in MENA

In 2022, overseas shipments of crude palm oil decreased by -94% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 457%. The volume of export peaked at X tons in 2021, and then reduced dramatically in the following year.

In value terms, crude palm oil exports shrank dramatically to $X in 2022. Overall, exports saw a abrupt decline. The pace of growth appeared the most rapid in 2020 when exports increased by 468% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank significantly in the following year.

Exports by Country

The United Arab Emirates represented the main exporter of crude palm oil in MENA, with the volume of exports finishing at X tons, which was near 66% of total exports in 2022. Saudi Arabia (X tons) took the second position in the ranking, followed by Iran (X tons). All these countries together took near 18% share of total exports. Egypt (X tons), Lebanon (X tons), Jordan (X tons) and Oman (X tons) followed a long way behind the leaders.

Exports from the United Arab Emirates decreased at an average annual rate of -14.4% from 2012 to 2022. At the same time, Egypt (+13.9%), Iran (+6.1%) and Lebanon (+4.0%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing exporter exported in MENA, with a CAGR of +13.9% from 2012-2022. By contrast, Jordan (-4.9%), Oman (-8.7%) and Saudi Arabia (-15.0%) illustrated a downward trend over the same period. Iran (+4.7 p.p.), Egypt (+3.7 p.p.), Lebanon (+2.4 p.p.) and Jordan (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -2.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest crude palm oil supplier in MENA, comprising 52% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 23% share of total exports. It was followed by Egypt, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled -13.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-10.9% per year) and Egypt (+14.8% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, picking up by 7.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2015 when the export price increased by 28% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+5.9%), while the other leaders experienced more modest paces of growth.

Crude Palm Oil Imports

Imports in MENA

Crude palm oil imports contracted remarkably to X tons in 2022, waning by -78.9% against the year before. Overall, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 when imports increased by 26% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell sharply in the following year.

In value terms, crude palm oil imports fell sharply to $X in 2022. In general, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2021 when imports increased by 75%. As a result, imports reached the peak of $X, and then dropped sharply in the following year.

Imports by Country

Algeria (X tons) and Morocco (X tons) represented the major importers of crude palm oil in 2022, reaching near 42% and 35% of total imports, respectively. Qatar (X tons) took the next position in the ranking, followed by Oman (X tons). All these countries together took approx. 18% share of total imports. Kuwait (X tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Kuwait (with a CAGR of +62.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude palm oil importing markets in MENA were Morocco ($X), Algeria ($X) and Qatar ($X), together comprising 91% of total imports. Oman and Kuwait lagged somewhat behind, together comprising a further 7%.

In terms of the main importing countries, Kuwait, with a CAGR of +61.1%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, increasing by 8.3% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 43% against the previous year. The level of import peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

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 Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+2.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform