MENA: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in MENA

In 2022, the MENA's refined soybean oil market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refined Soybean Oil Production in MENA

In value terms, refined soybean oil production shrank to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 -0.8% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 39%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in MENA

In 2022, after three years of growth, there was significant decline in shipments abroad of refined soybean oil and its fractions, when their volume decreased by -51.7% to X tons. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 60%. As a result, the exports reached the peak of X tons, and then reduced markedly in the following year.

In value terms, refined soybean oil exports fell dramatically to $X in 2022. Over the period under review, exports, however, showed a modest expansion. The pace of growth appeared the most rapid in 2021 with an increase of 113% against the previous year. As a result, the exports reached the peak of $X, and then contracted markedly in the following year.

Exports by Country

The biggest shipments were from Morocco (X tons), Egypt (X tons) and the United Arab Emirates (X tons), together accounting for 83% of total export. It was distantly followed by Saudi Arabia (X tons), mixing up a 12% share of total exports. Iran (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Morocco (with a CAGR of +12.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil supplying countries in MENA were Morocco ($X), Egypt ($X) and the United Arab Emirates ($X), with a combined 88% share of total exports.

Morocco, with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries 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 2022, with an increase of 20% against the previous year. Export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +90.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 34% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Morocco ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+3.4%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in MENA

After four years of growth, overseas purchases of refined soybean oil and its fractions decreased by -1.1% to X tons in 2022. Total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +94.1% against 2017 indices. The pace of growth was the most pronounced in 2018 with an increase of 27%. The volume of import peaked at X tons in 2021, and then contracted slightly in the following year.

In value terms, refined soybean oil imports contracted modestly to $X in 2022. In general, imports, however, showed moderate growth. The most prominent rate of growth was recorded in 2021 when imports increased by 66%. As a result, imports attained the peak of $X, and then contracted slightly in the following year.

Imports by Country

In 2022, Jordan (X tons) and Algeria (X tons) represented the key importers of refined soybean oil and its fractions in MENA, together committing 47% of total imports. Oman (X tons) ranks next in terms of the total imports with a 10% share, followed by Israel (8.1%), the United Arab Emirates (7.9%), Kuwait (7.3%) and Lebanon (5.8%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Algeria (with a CAGR of +29.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil importing markets in MENA were Jordan ($X), Algeria ($X) and Israel ($X), together accounting for 57% of total imports.

In terms of the main importing countries, Algeria, with a CAGR of +30.9%, recorded the highest rates of growth with regard to the value of imports, 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, flattening at the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 34%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Israel ($X per ton), while Oman ($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 (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform