Middle East: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in the Middle East

In 2022, the Middle Eastern chemically modified oils market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Chemically Modified Oils Production in the Middle East

In value terms, chemically modified oils production declined slightly to $X in 2022 estimated in export price. In general, production, however, saw a resilient increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 29%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Chemically Modified Oils Exports

Exports in the Middle East

In 2022, after three years of growth, there was significant decline in overseas shipments of animal or vegetable fats and oils chemically modified, when their volume decreased by -10.5% to X tons. Over the period under review, exports, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2019 with an increase of 41% against the previous year. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, chemically modified oils exports shrank notably to $X in 2022. In general, exports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2021 with an increase of 83% against the previous year. As a result, the exports reached the peak of $X, and then shrank rapidly in the following year.

Exports by Country

In 2022, Saudi Arabia (X tons) was the key exporter of animal or vegetable fats and oils chemically modified, achieving 43% of total exports. It was distantly followed by the United Arab Emirates (X tons), Kuwait (X tons), Qatar (X tons) and Turkey (X tons), together committing a 46% share of total exports. The following exporters - Lebanon (X tons) and Oman (X tons) - each recorded a 5.8% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Kuwait (with a CAGR of +44.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest chemically modified oils supplying countries in the Middle East were Saudi Arabia ($X), the United Arab Emirates ($X) and Turkey ($X), together comprising 74% of total exports. Kuwait, Qatar, Lebanon and Oman lagged somewhat behind, together comprising a further 20%.

In terms of the main exporting countries, Qatar, with a CAGR of +57.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, falling by -9.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2021 when the export price increased by 42% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+33.6%), while the other leaders experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports in the Middle East

In 2022, approx. X tons of animal or vegetable fats and oils chemically modified were imported in the Middle East; increasing by 15% compared with 2021. In general, imports, however, continue to indicate a mild contraction. The pace of growth appeared the most rapid in 2018 with an increase of 24% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible setback. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Palestine (X tons), the United Arab Emirates (X tons), Turkey (X tons) and Israel (X tons) was the main importer of animal or vegetable fats and oils chemically modified in the Middle East, mixing up 90% of total import. The following importers - Iraq (X tons), Iran (X tons) and Qatar (X tons) - each amounted to a 5.5% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Palestine (with a CAGR of +15.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Palestine ($X) constituted the countries with the highest levels of imports in 2022, with a combined 72% share of total imports.

Among the main importing countries, the United Arab Emirates, with a CAGR of +12.3%, saw 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 the Middle East amounted to $X per ton, surging by 4.2% against the previous year. In general, the import price, however, showed a slight downturn. The pace of growth was the most pronounced in 2021 when the import price increased by 25%. Over the period under review, import prices hit record highs 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 Qatar ($X per ton), while Palestine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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