MENA: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in MENA

The MENA's refined groundnut oil market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption recorded a prominent expansion. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in MENA

In value terms, refined groundnut oil production rose slightly to $X in 2021 estimated in export price. Overall, production continues to indicate strong growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 79%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in MENA

In 2021, approx. X tons of refined groundnut oil were exported in MENA; falling by -87.8% on the previous year. Over the period under review, exports saw a dramatic downturn. The pace of growth appeared the most rapid in 2019 with an increase of 6.7%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined groundnut oil exports dropped notably to $X in 2021. In general, exports recorded a dramatic shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 22%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) and Oman (X tons) prevails in exports structure, together committing 77% of total exports. Israel (X tons) took the next position in the ranking, followed by the United Arab Emirates (X tons) and Morocco (X tons). All these countries together held near 19% share of total exports. The following exporters - Iran (X tons) and Egypt (X tons) - each resulted at a 4.2% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +15.1%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest refined groundnut oil supplying countries in MENA were Saudi Arabia ($X), Oman ($X) and Israel ($X), with a combined 90% share of total exports.

Among the main exporting countries, Oman, with a CAGR of +9.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, which is down by -9% against the previous year. Over the period under review, the export price showed a slight decline. The pace of growth appeared the most rapid in 2018 when the export price increased by 27%. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Egypt ($X per ton), while Morocco ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+5.8%), while the other leaders experienced more modest paces of growth.

Refined Groundnut Oil Imports

Imports in MENA

In 2021, approx. X tons of refined groundnut oil were imported in MENA; with an increase of 14% against the previous year's figure. In general, imports saw strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 70%. The volume of import peaked in 2021 and is likely to continue growth in the near future.

In value terms, refined groundnut oil imports surged to $X in 2021. Overall, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2016 when imports increased by 42%. The level of import peaked in 2021 and is likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Yemen (X tons) represented the main importer of refined groundnut oil, mixing up 48% of total imports. It was distantly followed by the United Arab Emirates (X tons), Kuwait (X tons) and Saudi Arabia (X tons), together making up a 40% share of total imports. The following importers - Qatar (X tons), Jordan (X tons) and Turkey (X tons) - each reached a 5.1% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to refined groundnut oil imports into Yemen stood at +65.2%. At the same time, Qatar (+85.1%), Kuwait (+44.0%), the United Arab Emirates (+26.6%), Jordan (+14.6%), Turkey (+11.1%) and Saudi Arabia (+7.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in MENA, with a CAGR of +85.1% from 2012-2021. Yemen (+45 p.p.), the United Arab Emirates (+9.5 p.p.), Kuwait (+8.8 p.p.) and Qatar (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -10.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported refined groundnut oil in MENA, comprising 37% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 17% share of total imports. It was followed by Yemen, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +28.1%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+39.7% per year) and Yemen (+38.4% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, increasing by 21% against the previous year. Overall, the import price, however, continues to indicate a deep setback. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Turkey ($X per ton), while Yemen ($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 (+3.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform