Middle East: Oleo Oils Market 2024

Oleo Oils Market Size in the Middle East

The Middle Eastern oleo oils market surged to $X in 2021, rising by 43% against the previous year. In general, consumption, however, showed a abrupt decrease. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Oleo Oils Production in the Middle East

In value terms, oleo oils production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 21% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Oleo Oils Exports

Exports in the Middle East

In 2021, after four years of decline, there was significant growth in shipments abroad of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil, when their volume increased by 73% to X tons. In general, exports, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2016 with an increase of 130% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, oleo oils exports surged to $X in 2021. Overall, exports, however, saw a pronounced decline. The pace of growth appeared the most rapid in 2016 with an increase of 99%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Iran was the major exporter of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil in the Middle East, with the volume of exports recording X tons, which was approx. 67% of total exports in 2021. Oman (X tons) ranks second in terms of the total exports with a 10% share, followed by the United Arab Emirates (7.5%). Saudi Arabia (X tons), Israel (X tons), Turkey (X tons) and Lebanon (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to oleo oils exports from Iran stood at +12.7%. At the same time, the United Arab Emirates (+32.3%), Turkey (+25.4%) and Lebanon (+18.0%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +32.3% from 2012-2021. By contrast, Oman (-2.0%), Saudi Arabia (-11.7%) and Israel (-19.2%) illustrated a downward trend over the same period. While the share of Iran (+50 p.p.), Oman (+10 p.p.), the United Arab Emirates (+7 p.p.), Israel (+3.7 p.p.), Turkey (+3.2 p.p.) and Lebanon (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-5.1 p.p.) displayed negative dynamics.

In value terms, the largest oleo oils supplying countries in the Middle East were Iran ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), together comprising 82% of total exports.

The United Arab Emirates, with a CAGR of +41.9%, saw the highest growth rate of the value of exports, among the main exporting countries 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 2021, shrinking by -28% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 51% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+10.2%), while the other leaders experienced more modest paces of growth.

Oleo Oils Imports

Imports in the Middle East

In 2021, after seven years of decline, there was significant growth in overseas purchases of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil, when their volume increased by 244% to X tons. In general, imports, however, faced a abrupt decline. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, oleo oils imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2013 when imports increased by 134% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Kuwait (X tons) represented the largest importer of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil, making up 77% of total imports. It was distantly followed by Turkey (X tons), comprising a 13% share of total imports. The following importers - Yemen (X tons), Iran (X tons) and Oman (X tons) - together made up 7.7% of total imports.

Kuwait was also the fastest-growing in terms of the lard stearin, lard oil, oleostearin, oleo-oil and tallow oil imports, with a CAGR of +7.9% from 2012 to 2021. Yemen (-8.7%), Turkey (-9.2%), Iran (-10.5%) and Oman (-20.5%) illustrated a downward trend over the same period. While the share of Kuwait (+63 p.p.) and Turkey (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Oman (-3.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kuwait ($X) constitutes the largest market for imported lard stearin, lard oil, oleostearin, oleo-oil and tallow oil in the Middle East, comprising 66% of total imports. The second position in the ranking was held by Turkey ($X), with a 17% share of total imports. It was followed by Oman, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value in Kuwait amounted to +5.2%. In the other countries, the average annual rates were as follows: Turkey (-7.6% per year) and Oman (-15.8% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, waning by -34.9% against the previous year. Overall, the import price, however, continues to indicate a measured expansion. The growth pace was the most rapid in 2017 an increase of 58%. Over the period under review, import prices reached the maximum at $X per ton in 2020, and then reduced sharply in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+5.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :