Middle East: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in the Middle East

In 2022, after two years of decline, there was significant growth in the Middle Eastern rapeseed oil market, when its value increased by 17% to $X. Overall, consumption continues to indicate a moderate increase. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Rapeseed Oil Production in the Middle East

In value terms, rapeseed oil production expanded markedly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 40% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Rapeseed Oil Exports

Exports in the Middle East

In 2022, shipments abroad of rapeseed oil decreased by -12.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +67.8% against 2018 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 26%. The volume of export peaked at X tons in 2021, and then contracted in the following year.

In value terms, rapeseed oil exports reduced notably to $X in 2022. Overall, exports, however, posted temperate growth. The most prominent rate of growth was recorded in 2021 with an increase of 64%. As a result, the exports attained the peak of $X, and then shrank sharply in the following year.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X tons, which was near 97% of total exports in 2022. Turkey (X tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to rapeseed oil exports from the United Arab Emirates stood at +4.9%. At the same time, Turkey (+30.9%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +30.9% from 2012-2022. From 2012 to 2022, the share of Turkey increased by +2.8 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest rapeseed oil supplier in the Middle East, comprising 94% of total exports. The second position in the ranking was taken by Turkey ($X), with a 5.4% share of total exports.

In the United Arab Emirates, rapeseed oil exports increased at an average annual rate of +3.0% over the period from 2012-2022.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, dropping by -5.9% against the previous year. In general, the export price continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2021 when the export price increased by 34%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.3%).

Rapeseed Oil Imports

Imports in the Middle East

In 2022, approx. X tons of rapeseed oil were imported in the Middle East; picking up by 13% compared with 2021. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.7% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by 38%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, rapeseed oil imports skyrocketed to $X in 2022. Overall, imports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2021 when imports increased by 67%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Israel represented the key importing country with an import of around X tons, which amounted to 67% of total imports. It was distantly followed by Turkey (X tons) and the United Arab Emirates (X tons), together mixing up a 20% share of total imports. Saudi Arabia (X tons), Iran (X tons) and Jordan (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to rapeseed oil imports into Israel stood at +7.2%. At the same time, Turkey (+58.7%), Jordan (+9.4%), the United Arab Emirates (+6.1%) and Saudi Arabia (+4.3%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +58.7% from 2012-2022. By contrast, Iran (-15.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Israel increased by +16 and +6.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Israel ($X) constitutes the largest market for imported rapeseed oil in the Middle East, comprising 73% of total imports. The second position in the ranking was held by Turkey ($X), with a 12% share of total imports. It was followed by the United Arab Emirates, with a 4.5% share.

In Israel, rapeseed oil imports increased at an average annual rate of +11.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+52.6% per year) and the United Arab Emirates (+3.6% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, with an increase of 22% against the previous year. Import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +64.7% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+3.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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