MENA: Refined Cotton-Seed Oil Market 2024

Refined Cotton-Seed Oil Market Size in MENA

In 2022, the MENA's refined cotton-seed oil market increased by 0.3% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Cotton-Seed Oil Production in MENA

In value terms, refined cotton-seed oil production declined rapidly to $X in 2022 estimated in export price. Overall, production, however, posted a tangible increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by 52% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Cotton-Seed Oil Exports

Exports in MENA

Refined cotton-seed oil exports dropped sharply to X tons in 2022, waning by -44% on the previous year. Over the period under review, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2019 with an increase of 381%. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted dramatically in the following year.

In value terms, refined cotton-seed oil exports shrank significantly to $X in 2022. In general, exports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 313% against the previous year. The level of export peaked at $X in 2021, and then fell rapidly in the following year.

Exports by Country

Turkey prevails in exports structure, accounting for X tons, which was near 89% of total exports in 2022. It was distantly followed by Egypt (X tons), comprising a 4.8% share of total exports. Yemen (X tons) held a little share of total exports.

Turkey was also the fastest-growing in terms of the refined cotton-seed oil exports, with a CAGR of +22.4% from 2012 to 2022. At the same time, Egypt (+8.2%) displayed positive paces of growth. By contrast, Yemen (-18.5%) illustrated a downward trend over the same period. While the share of Turkey (+58 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Yemen (-38.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest refined cotton-seed oil supplier in MENA, comprising 91% of total exports. The second position in the ranking was held by Egypt ($X), with a 6% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +23.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Egypt (+12.0% per year) and Yemen (-38.9% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, increasing by 21% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 41% against the previous year. The level of export peaked 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 ($X per ton), while Yemen ($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 (+3.5%), while the other leaders experienced mixed trends in the export price figures.

Refined Cotton-Seed Oil Imports

Imports in MENA

In 2022, overseas purchases of refined cotton-seed oil were finally on the rise to reach X tons after three years of decline. Overall, imports, however, saw a pronounced decrease. The pace of growth appeared the most rapid in 2014 with an increase of 46% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, refined cotton-seed oil imports soared to $X in 2022. Over the period under review, imports, however, saw a pronounced descent. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons), Israel (X tons) and Syrian Arab Republic (X tons) was the major importer of refined cotton-seed oil in MENA, achieving 75% of total import. It was distantly followed by Libya (X tons), comprising a 9.9% share of total imports. The following importers - Egypt (X tons), Qatar (X tons) and Kuwait (X tons) - together made up 9.6% of total imports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +46.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Israel ($X), Turkey ($X) and Syrian Arab Republic ($X) were the countries with the highest levels of imports in 2022, with a combined 70% share of total imports.

Turkey, with a CAGR of +33.8%, saw the highest growth rate of the value of imports, among 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

The import price in MENA stood at $X per ton in 2022, picking up by 6.6% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 22%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 Kuwait ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform