Middle East: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in the Middle East

After two years of growth, the Middle Eastern crude soybean oil market decreased by -7.8% to $X in 2022. In general, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in the Middle East

In value terms, crude soybean oil production expanded sharply to $X in 2022 estimated in export price. In general, production showed resilient growth. The pace of growth appeared the most rapid in 2015 with an increase of 62% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports in the Middle East

For the fifth year in a row, the Middle East recorded growth in overseas shipments of crude soybean oil, which increased by 7.7% to X tons in 2022. Over the period under review, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 95%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, crude soybean oil exports surged to $X in 2022. Overall, exports showed a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 94% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, Turkey (X tons) represented the key exporter of crude soybean oil, comprising 83% of total exports. It was distantly followed by Saudi Arabia (X tons), mixing up a 16% share of total exports.

Turkey was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of +61.8% from 2012 to 2022. Saudi Arabia (-2.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +80 percentage points.

In value terms, Turkey ($X) remains the largest crude soybean oil supplier in the Middle East, comprising 87% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +63.7%.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, rising by 19% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +97.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 59%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.2%).

Crude Soybean Oil Imports

Imports in the Middle East

In 2022, imports of crude soybean oil in the Middle East shrank markedly to X tons, waning by -29.1% on the previous year's figure. Overall, imports showed a abrupt descent. The pace of growth was the most pronounced in 2021 when imports increased by 114% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports reduced remarkably to $X in 2022. Over the period under review, imports recorded a deep contraction. The pace of growth appeared the most rapid in 2021 when imports increased by 214% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Iran (X tons) represented the largest importer of crude soybean oil, mixing up 50% of total imports. Iraq (X tons) ranks second in terms of the total imports with an 18% share, followed by the United Arab Emirates (14%) and Jordan (6.1%). The following importers - Oman (X tons), Israel (X tons) and Saudi Arabia (X tons) - together made up 8.8% of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude soybean oil imports into Iran stood at -14.4%. At the same time, Iraq (+53.7%), Oman (+21.5%), Israel (+8.5%) and Jordan (+3.1%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +53.7% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-7.8%) illustrated a downward trend over the same period. While the share of Iraq (+18 p.p.), Jordan (+4.5 p.p.), Oman (+3.6 p.p.), the United Arab Emirates (+2.9 p.p.) and Israel (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Iran (-33 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) constitutes the largest market for imported crude soybean oil in the Middle East, comprising 47% of total imports. The second position in the ranking was taken by Iraq ($X), with a 17% share of total imports. It was followed by the United Arab Emirates, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Iran totaled -15.4%. The remaining importing countries recorded the following average annual rates of imports growth: Iraq (+49.1% per year) and the United Arab Emirates (-9.4% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, which is down by -2.8% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 46%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Jordan ($X per ton), while the United Arab Emirates ($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 (+1.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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