Middle East: Polyphenols And Phenol-Alcohols Market 2024

Polyphenols And Phenol-Alcohols Market Size in the Middle East

For the third year in a row, the Middle Eastern polyphenols and phenol-alcohols market recorded growth in sales value, which increased by 1.1% to $X in 2022. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +41.6% against 2017 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Polyphenols And Phenol-Alcohols Production in the Middle East

In value terms, polyphenols and phenol-alcohols production dropped to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 142%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Polyphenols And Phenol-Alcohols Exports

Exports in the Middle East

After five years of growth, shipments abroad of polyphenols and phenol-alcohols decreased by -2.7% to X tons in 2022. Over the period under review, exports, however, showed a resilient increase. The pace of growth was the most pronounced in 2013 when exports increased by 154% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, polyphenols and phenol-alcohols exports expanded modestly to $X in 2022. In general, exports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2018 when exports increased by 121% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia was the main exporter of polyphenols and phenol-alcohols in the Middle East, with the volume of exports accounting for X tons, which was near 69% of total exports in 2022. Turkey (X tons) took a 16% share (based on physical terms) of total exports, which put it in second place, followed by Jordan (6.9%). Israel (X tons), Iran (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to polyphenols and phenol-alcohols exports from Saudi Arabia stood at +10.7%. At the same time, Iran (+33.4%), Turkey (+28.2%) and Jordan (+4.2%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +33.4% from 2012-2022. Israel experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-18.4%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+21 p.p.), Turkey (+13 p.p.) and Iran (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Jordan (-1.8 p.p.), Israel (-3.6 p.p.) and the United Arab Emirates (-29.7 p.p.) displayed negative dynamics.

In value terms, the largest polyphenols and phenol-alcohols supplying countries in the Middle East were Turkey ($X), Saudi Arabia ($X) and Jordan ($X), together accounting for 90% of total exports.

Among the main exporting countries, Turkey, with a CAGR of +32.4%, recorded the highest growth rate of 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, increasing by 6.7% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 163% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+13.5%), while the other leaders experienced more modest paces of growth.

Polyphenols And Phenol-Alcohols Imports

Imports in the Middle East

Polyphenols and phenol-alcohols imports expanded markedly to X tons in 2022, increasing by 6.3% against the previous year's figure. Total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +9.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -0.2% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 76% against the previous year. The volume of import peaked at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, polyphenols and phenol-alcohols imports reached $X in 2022. In general, imports saw prominent growth. The growth pace was the most rapid in 2013 when imports increased by 94%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, Saudi Arabia (X tons) was the largest importer of polyphenols and phenol-alcohols, constituting 45% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 17% share, followed by Turkey (17%) and Israel (12%). The following importers - Lebanon (X tons) and Iran (X tons) - together made up 6.9% of total imports.

Imports into Saudi Arabia increased at an average annual rate of +16.0% from 2012 to 2022. At the same time, Lebanon (+29.0%), Israel (+24.7%), the United Arab Emirates (+19.4%) and Turkey (+3.0%) displayed positive paces of growth. Moreover, Lebanon emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +29.0% from 2012-2022. By contrast, Iran (-12.0%) illustrated a downward trend over the same period. Saudi Arabia (+21 p.p.), the United Arab Emirates (+10 p.p.), Israel (+8.6 p.p.) and Lebanon (+3.1 p.p.) significantly strengthened its position in terms of the total imports, while Turkey and Iran saw its share reduced by -13.3% and -23.9% from 2012 to 2022, respectively.

In value terms, the largest polyphenols and phenol-alcohols importing markets in the Middle East were Saudi Arabia ($X), Turkey ($X) and the United Arab Emirates ($X), with a combined 72% share of total imports. Israel, Iran and Lebanon lagged somewhat behind, together accounting for a further 25%.

In terms of the main importing countries, Lebanon, with a CAGR of +33.8%, recorded 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

The import price in the Middle East stood at $X per ton in 2022, with an increase of 2.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The pace of growth was the most pronounced in 2019 when the import price increased by 13%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the import prices remained at a somewhat lower figure.

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 Iran ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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