Middle East: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in the Middle East

The Middle Eastern crude groundnut oil market fell to $X in 2022, which is down by -7.3% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Crude Groundnut Oil Production in the Middle East

In value terms, crude groundnut oil production fell to $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.5% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 41%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Crude Groundnut Oil Exports

Exports in the Middle East

In 2022, approx. X tons of crude groundnut oil were exported in the Middle East; which is down by -28.6% compared with the previous year. In general, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2018 with an increase of 511%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude groundnut oil exports declined dramatically to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 453%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Iraq dominates exports structure, resulting at X tons, which was approx. 97% of total exports in 2022. Israel (X tons) held a little share of total exports.

Iraq was also the fastest-growing in terms of the crude groundnut oil exports, with a CAGR of +82.1% from 2012 to 2022. At the same time, Israel (+49.3%) displayed positive paces of growth. From 2012 to 2022, the share of Iraq and Israel increased by +85 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iraq ($X) remains the largest crude groundnut oil supplier in the Middle East, comprising 92% of total exports. The second position in the ranking was taken by Israel ($X), with a 4.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Iraq totaled +66.3%.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, growing by 1.9% against the previous year. Over the period under review, the export price, however, saw a deep reduction. The pace of growth was the most pronounced in 2013 when the export price increased by 50% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while Iraq stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+7.5%).

Crude Groundnut Oil Imports

Imports in the Middle East

In 2022, overseas purchases of crude groundnut oil decreased by -55.7% to X tons, falling for the fifth year in a row after two years of growth. In general, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 270% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, crude groundnut oil imports shrank notably to $X in 2022. Overall, imports continue to indicate a perceptible shrinkage. The growth pace was the most rapid in 2017 when imports increased by 423% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Jordan (X tons), Qatar (X tons) and Israel (X tons) represented the main importer of crude groundnut oil in the Middle East, making up 96% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Jordan (with a CAGR of +86.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest crude groundnut oil importing markets in the Middle East were Qatar ($X), Jordan ($X) and Israel ($X), with a combined 96% share of total imports.

Among the main importing countries, Jordan, with a CAGR of +72.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, picking up by 14% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude groundnut oil import price increased by +114.0% against 2019 indices. The pace of growth was the most pronounced in 2015 when the import price increased by 44% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Jordan ($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 (+7.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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