MENA: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in MENA

The MENA's crude soybean oil market expanded to $X in 2022, with an increase of 1.7% against the previous year. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Crude Soybean Oil Production in MENA

In value terms, crude soybean oil production expanded markedly to $X in 2022 estimated in export price. In general, production enjoyed a strong expansion. The growth pace was the most rapid in 2015 with an increase of 40% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports in MENA

In 2022, overseas shipments of crude soybean oil decreased by -6.2% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2016 with an increase of 71% against the previous year. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, crude soybean oil exports expanded sharply to $X in 2022. In general, exports, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2021 when exports increased by 80%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

In 2022, Turkey (X tons) was the key exporter of crude soybean oil, generating 78% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with a 15% share, followed by Egypt (6%).

Turkey was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of +61.8% from 2012 to 2022. At the same time, Egypt (+7.8%) displayed positive paces of growth. By contrast, Saudi Arabia (-2.9%) illustrated a downward trend over the same period. While the share of Turkey (+75 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Egypt (-4.2 p.p.) and Saudi Arabia (-57.5 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest crude soybean oil supplier in MENA, comprising 81% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +63.7%. In the other countries, the average annual rates were as follows: Saudi Arabia (-4.6% per year) and Egypt (+9.9% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, rising by 19% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +106.2% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 59%. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+1.9%), while the other leaders experienced mixed trends in the export price figures.

Crude Soybean Oil Imports

Imports in MENA

In 2022, approx. X tons of crude soybean oil were imported in MENA; which is down by -3.2% compared with 2021 figures. The total import volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 35% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports contracted to $X in 2022. Total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.4% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 72%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Algeria (X tons) was the main importer of crude soybean oil, achieving 49% of total imports. Morocco (X tons) took a 30% share (based on physical terms) of total imports, which put it in second place, followed by Tunisia (6.7%) and Iran (6.1%). Egypt (X tons), Iraq (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Iraq (with a CAGR of +53.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X), Morocco ($X) and Tunisia ($X) were the countries with the highest levels of imports in 2022, together comprising 85% of total imports. Iran, Egypt, Iraq and the United Arab Emirates lagged somewhat behind, together accounting for a further 12%.

Among the main importing countries, Iraq, with a CAGR of +49.1%, saw 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, therefore, remained relatively stable against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 62% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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 Morocco ($X per ton), while Algeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform