MENA: Linseed Oil Market 2024

Linseed Oil Market Size in MENA

The MENA's linseed oil market reduced rapidly to $X in 2022, falling by -28.6% against the previous year. In general, consumption recorded a abrupt curtailment. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Linseed Oil Production in MENA

In value terms, linseed oil production contracted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2013 with an increase of 77%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Linseed Oil Exports

Exports in MENA

In 2022, overseas shipments of linseed oil increased by 12% to X tons, rising for the second consecutive year after two years of decline. Overall, exports recorded buoyant growth. The pace of growth was the most pronounced in 2014 with an increase of 102% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, linseed oil exports surged to $X in 2022. In general, exports saw a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the largest exporting country with an export of about X tons, which finished at 68% of total exports. It was distantly followed by the United Arab Emirates (X tons), committing a 28% share of total exports. Oman (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the linseed oil exports, with a CAGR of +12.2% from 2012 to 2022. At the same time, the United Arab Emirates (+6.3%) displayed positive paces of growth. Oman experienced a relatively flat trend pattern. While the share of Turkey (+28 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Oman (-2.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest linseed oil supplier in MENA, comprising 89% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey totaled +21.9%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-3.4% per year) and Oman (-3.4% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, growing by 86% against the previous year. Overall, the export price recorded a temperate increase. The level of export peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+8.6%), while the other leaders experienced a decline in the export price figures.

Linseed Oil Imports

Imports in MENA

In 2022, purchases abroad of linseed oil decreased by -12.4% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2020 when imports increased by 58%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, linseed oil imports declined to $X in 2022. In general, imports showed a deep reduction. The pace of growth was the most pronounced in 2020 when imports increased by 57%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Turkey (X tons) and Qatar (X tons) represented roughly 37% of total imports in 2022. Israel (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (11%), Kuwait (8.6%), Iran (7.3%), Egypt (6.8%) and Morocco (5.9%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Iran (with a CAGR of +12.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest linseed oil importing markets in MENA were Turkey ($X), Qatar ($X) and the United Arab Emirates ($X), together accounting for 47% of total imports. Israel, Egypt, Morocco, Kuwait and Iran lagged somewhat behind, together accounting for a further 41%.

Iran, with a CAGR of +14.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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 1.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 when the import price increased by 47% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual 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 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 Qatar (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform