Middle East: Cotton-Seed Oil Market 2024

Cotton-Seed Oil Market Size in the Middle East

In 2021, the Middle Eastern cotton-seed oil market increased by 1.9% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2018 when the market value increased by 2.4% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Cotton-Seed Oil Production in the Middle East

In value terms, cotton-seed oil production amounted to $X in 2021 estimated in export price. Overall, production, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 0.9%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Cotton-Seed Oil Exports

Exports in the Middle East

Cotton-seed oil exports skyrocketed to X tons in 2021, picking up by 35% on the previous year. In general, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2019 with an increase of 457% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, cotton-seed oil exports soared to $X in 2021. Overall, exports showed buoyant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 393%. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

The shipments of the one major exporters of cotton-seed oil, namely Turkey, represented more than two-thirds of total export.

Turkey was also the fastest-growing in terms of the cotton-seed oil exports, with a CAGR of +34.6% from 2012 to 2021. While the share of Turkey (+67 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) also remains the largest cotton-seed oil supplier in the Middle East.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +33.7%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, jumping by 45% against the previous year. In general, the export price, however, recorded a pronounced setback. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2012 to 2021, the rate of growth in terms of prices for Turkey amounted to -0.7% per year.

Cotton-Seed Oil Imports

Imports in the Middle East

In 2021, overseas purchases of cotton-seed oil decreased by -27.8% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 184% against the previous year. As a result, imports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, cotton-seed oil imports stood at $X in 2021. Over the period under review, imports, however, saw moderate growth. The most prominent rate of growth was recorded in 2014 with an increase of 80%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Turkey prevails in imports structure, resulting at X tons, which was near 75% of total imports in 2021. Israel (X tons) took the second position in the ranking, followed by Syrian Arab Republic (X tons). All these countries together held near 17% share of total imports. The following importers - Kuwait (X tons), Qatar (X tons) and Jordan (X tons) - each resulted at a 6.3% share of total imports.

Turkey was also the fastest-growing in terms of the cotton-seed oil imports, with a CAGR of +87.7% from 2012 to 2021. At the same time, Syrian Arab Republic (+17.0%), Jordan (+9.8%) and Kuwait (+5.6%) displayed positive paces of growth. By contrast, Israel (-1.5%) and Qatar (-1.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey and Syrian Arab Republic increased by +74 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported cotton-seed oil in the Middle East, comprising 64% of total imports. The second position in the ranking was held by Israel ($X), with a 14% share of total imports. It was followed by Syrian Arab Republic, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +59.2%. The remaining importing countries recorded the following average annual rates of imports growth: Israel (-1.6% per year) and Syrian Arab Republic (+11.2% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, picking up by 41% against the previous year. Over the period under review, the import price, however, showed a deep downturn. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Qatar ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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