MENA: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in MENA

The MENA's industrial oleic acid market dropped to $X in 2021, declining by -6.9% against the previous year. The total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +9.9% against 2019 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Industrial Oleic Acid Production in MENA

In value terms, industrial oleic acid production shrank dramatically to $X in 2021 estimated in export price. The total production indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +36.8% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 74% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Industrial Oleic Acid Exports

Exports in MENA

In 2021, exports of industrial oleic acid in MENA expanded sharply to X tons, picking up by 13% compared with 2020. In general, exports, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 118% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, industrial oleic acid exports soared to $X in 2021. Over the period under review, exports, however, saw a abrupt setback. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of about X tons, which resulted at 54% of total exports. Morocco (X tons) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (13%), Jordan (5.2%) and Saudi Arabia (5.1%). Tunisia (X tons) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the industrial oleic acid exports, with a CAGR of +17.5% from 2012 to 2021. At the same time, Jordan (+14.1%), Morocco (+5.4%), Turkey (+3.4%) and Saudi Arabia (+3.4%) displayed positive paces of growth. By contrast, Tunisia (-41.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+49 p.p.), Morocco (+16 p.p.), Turkey (+9.5 p.p.), Jordan (+4.6 p.p.) and Saudi Arabia (+3.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Tunisia (-75.3 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of exports in 2021, with a combined 91% share of total exports.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of +13.9%, 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

In 2021, the export price in MENA amounted to $X per ton, surging by 53% against the previous year. Export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, industrial oleic acid export price increased by +121.4% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tunisia (+11.8%), while the other leaders experienced more modest paces of growth.

Industrial Oleic Acid Imports

Imports in MENA

Industrial oleic acid imports surged to X tons in 2021, rising by 192% compared with the previous year's figure. Over the period under review, imports enjoyed a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, industrial oleic acid imports surged to $X in 2021. In general, imports recorded buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey was the largest importer of industrial oleic acid in MENA, with the volume of imports resulting at X tons, which was approx. 57% of total imports in 2021. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 20% share, followed by Saudi Arabia (16%). The following importers - Algeria (X tons) and Israel (X tons) - each finished at a 3.8% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to industrial oleic acid imports into Turkey stood at +24.5%. At the same time, Saudi Arabia (+37.8%), Israel (+33.1%), the United Arab Emirates (+29.6%) and Algeria (+28.9%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in MENA, with a CAGR of +37.8% from 2012-2021. From 2012 to 2021, the share of Turkey, Saudi Arabia and the United Arab Emirates increased by +21, +12 and +11 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported industrial oleic acid in MENA, comprising 58% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 19% share of total imports. It was followed by the United Arab Emirates, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +25.2%. In the other countries, the average annual rates were as follows: Saudi Arabia (+39.2% per year) and the United Arab Emirates (+29.3% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, surging by 54% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Saudi Arabia ($X per ton), while Israel ($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 (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform