MENA: Maize Oil Market 2024

Maize Oil Market Size in MENA

The MENA's maize oil market reduced markedly to $X in 2022, declining by -23% against the previous year. Overall, consumption recorded a deep slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Maize Oil Production in MENA

In value terms, maize oil production expanded modestly to $X in 2022 estimated in export price. The total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.5% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 8.5% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Maize Oil Exports

Exports in MENA

Maize oil exports dropped dramatically to X tons in 2022, reducing by -16.6% compared with 2021 figures. Over the period under review, exports showed a noticeable reduction. The pace of growth appeared the most rapid in 2016 when exports increased by 66%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, maize oil exports contracted to $X in 2022. In general, exports showed a noticeable decline. The growth pace was the most rapid in 2016 when exports increased by 63% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkey represented the key exporter of maize oil in MENA, with the volume of exports resulting at X tons, which was approx. 49% of total exports in 2022. Saudi Arabia (X tons) ranks second in terms of the total exports with a 17% share, followed by Tunisia (15%) and Egypt (4.6%). Oman (X tons), the United Arab Emirates (X tons) and Israel (X tons) followed a long way behind the leaders.

Exports from Turkey increased at an average annual rate of +9.8% from 2012 to 2022. At the same time, Israel (+66.6%), the United Arab Emirates (+3.3%) and Egypt (+2.6%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in MENA, with a CAGR of +66.6% from 2012-2022. By contrast, Saudi Arabia (-4.0%), Oman (-8.7%) and Tunisia (-14.3%) illustrated a downward trend over the same period. Turkey (+35 p.p.), Israel (+2.7 p.p.), Egypt (+2 p.p.) and the United Arab Emirates (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia, Oman and Tunisia saw its share reduced by -1.9%, -3.6% and -37.4% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest maize oil supplier in MENA, comprising 51% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 20% share of total exports. It was followed by Tunisia, with a 14% share.

In Turkey, maize oil exports expanded at an average annual rate of +10.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-4.5% per year) and Tunisia (-15.8% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, growing by 8.3% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 18% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Israel ($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 (+1.2%), while the other leaders experienced more modest paces of growth.

Maize Oil Imports

Imports in MENA

In 2022, imports of maize oil in MENA dropped to X tons, declining by -13.3% against the previous year's figure. Overall, imports saw a pronounced shrinkage. The pace of growth was the most pronounced in 2016 when imports increased by 22%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, maize oil imports contracted markedly to $X in 2022. Over the period under review, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2021 with an increase of 61% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Kuwait (X tons), Saudi Arabia (X tons), Tunisia (X tons) and Libya (X tons) represented roughly 68% of total imports in 2022. The United Arab Emirates (X tons) took the next position in the ranking, followed by Turkey (X tons) and Qatar (X tons). All these countries together held approx. 19% 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 Qatar (with a CAGR of +14.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Kuwait ($X), Libya ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 51% of total imports. Tunisia, the United Arab Emirates, Qatar and Turkey lagged somewhat behind, together comprising a further 32%.

Qatar, with a CAGR of +11.5%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, dropping by -8.3% against the previous year. Over the period under review, the import price showed a slight slump. The pace of growth was the most pronounced in 2021 when the import price increased by 40% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Turkey ($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 (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform