MENA: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in MENA

The MENA's soybean oilcake market reached $X in 2021, increasing by 6% against the previous year. Over the period under review, consumption recorded a mild reduction. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Soybean Oilcake Production in MENA

In value terms, soybean oilcake production contracted remarkably to $X in 2021 estimated in export price. In general, production recorded resilient growth. The most prominent rate of growth was recorded in 2018 with an increase of 68%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Soybean Oilcake Exports

Exports in MENA

Soybean oilcake exports surged to X tons in 2021, with an increase of 18% compared with 2020. Overall, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 405%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, soybean oilcake exports skyrocketed to $X in 2021. Over the period under review, exports showed a significant expansion. The growth pace was the most rapid in 2015 when exports increased by 307% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Exports by Country

Turkey dominates exports structure, accounting for X tons, which was near 80% of total exports in 2021. The United Arab Emirates (X tons) held the second position in the ranking, followed by Syrian Arab Republic (X tons) and Egypt (X tons). All these countries together held approx. 18% share of total exports.

Turkey was also the fastest-growing in terms of the soybean oilcake exports, with a CAGR of +59.0% from 2012 to 2021. At the same time, Egypt (+22.1%), Syrian Arab Republic (+17.0%) and the United Arab Emirates (+5.0%) displayed positive paces of growth. From 2012 to 2021, the share of Turkey increased by +68 percentage points.

In value terms, Turkey ($X) remains the largest soybean oilcake supplier in MENA, comprising 80% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 10% share of total exports. It was followed by Egypt, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +54.3%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+6.8% per year) and Egypt (+26.0% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per ton, growing by 29% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Syrian Arab Republic ($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 (+3.3%), while the other leaders experienced mixed trends in the export price figures.

Soybean Oilcake Imports

Imports in MENA

In 2021, the amount of soybean oilcake imported in MENA contracted remarkably to X tons, with a decrease of -21.3% on 2020. Over the period under review, imports showed a perceptible contraction. The most prominent rate of growth was recorded in 2013 with an increase of 18%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, soybean oilcake imports expanded modestly to $X in 2021. In general, imports recorded a pronounced decline. The pace of growth was the most pronounced in 2013 with an increase of 28%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The countries with the highest levels of soybean oilcake imports in 2021 were Iran (X tons), Turkey (X tons), Saudi Arabia (X tons), Morocco (X tons) and Iraq (X tons), together resulting at 69% of total import. Jordan (X tons) ranks next in terms of the total imports with a 5.6% share, followed by Israel (5.2%). Algeria (X tons), Yemen (X tons), Oman (X tons), the United Arab Emirates (X tons) and Lebanon (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Iraq (with a CAGR of +51.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oilcake importing markets in MENA were Iran ($X), Turkey ($X) and Saudi Arabia ($X), with a combined 49% share of total imports. These countries were followed by Morocco, Iraq, Jordan, Israel, Algeria, Oman, Lebanon, Yemen and the United Arab Emirates, which together accounted for a further 45%.

Iraq, with a CAGR of +48.1%, recorded 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 more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, surging by 29% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Israel ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform