MENA: Iodine Market 2024

Iodine Market Size in MENA

In 2022, after two years of decline, there was significant growth in the MENA's iodine market, when its value increased by 33% to $X. Over the period under review, consumption, however, saw a abrupt decline. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Iodine Production in MENA

In value terms, iodine production amounted to $X in 2022 estimated in export price. In general, production, however, enjoyed tangible growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 51%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Iodine Exports

Exports in MENA

In 2022, shipments abroad of iodine decreased by -14.9% to X tons for the first time since 2013, thus ending a eight-year rising trend. In general, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 113%. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, iodine exports reduced to $X in 2022. Overall, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 67% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

Iran was the major exporting country with an export of around X tons, which amounted to 54% of total exports. It was distantly followed by the United Arab Emirates (X tons) and Turkey (X tons), together generating a 46% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +50.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest iodine supplying countries in MENA were Iran ($X), the United Arab Emirates ($X) and Turkey ($X), with a combined 100% share of total exports.

Turkey, with a CAGR of +40.0%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, picking up by 7.6% against the previous year. In general, the export price, however, saw a perceptible descent. The growth pace was the most rapid in 2019 an increase of 50%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.0%), while the other leaders experienced a decline in the export price figures.

Iodine Imports

Imports in MENA

In 2022, purchases abroad of iodine was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, showed a slight decrease. The pace of growth appeared the most rapid in 2018 with an increase of 94% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, iodine imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 116% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the three major importers of iodine, namely Turkey, Iran and the United Arab Emirates, represented more than two-thirds of total import. Israel (X tons) took a 5.8% share (based on physical terms) of total imports, which put it in second place, followed by Iraq (5%) and Egypt (4.7%).

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +22.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported iodine in MENA, comprising 42% of total imports. The second position in the ranking was taken by Iran ($X), with a 20% share of total imports. It was followed by the United Arab Emirates, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +19.3%. In the other countries, the average annual rates were as follows: Iran (+4.0% per year) and the United Arab Emirates (-11.0% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, surging by 23% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 53%. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform