Middle East: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in the Middle East

The Middle Eastern refined groundnut oil market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption saw a resilient increase. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in the Middle East

In value terms, refined groundnut oil production totaled $X in 2021 estimated in export price. Overall, production enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 81%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in the Middle East

Refined groundnut oil exports dropped dramatically to X tons in 2021, which is down by -88.6% against the previous year's figure. Overall, exports continue to indicate a sharp slump. The pace of growth appeared the most rapid in 2019 when exports increased by 7.9% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, refined groundnut oil exports shrank remarkably to $X in 2021. Over the period under review, exports saw a sharp reduction. The growth pace was the most rapid in 2019 when exports increased by 23% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) and Oman (X tons) dominates exports structure, together mixing up 82% of total exports. It was distantly followed by Israel (X tons) and the United Arab Emirates (X tons), together creating a 15% share of total exports. Iran (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were in Oman (with a CAGR of +15.1%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, the largest refined groundnut oil supplying countries in the Middle East were Saudi Arabia ($X), Oman ($X) and Israel ($X), with a combined 95% share of total exports.

Among the main exporting countries, Oman, with a CAGR of +9.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, declining by -7.1% against the previous year. Overall, the export price continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2018 when the export price increased by 26% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Saudi Arabia ($X per ton), while Iran ($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 (+0.9%), while the other leaders experienced more modest paces of growth.

Refined Groundnut Oil Imports

Imports in the Middle East

Refined groundnut oil imports was estimated at X tons in 2021, with an increase of 14% against the previous year's figure. Overall, imports showed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 70% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, refined groundnut oil imports surged to $X in 2021. In general, imports enjoyed a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of 45%. The level of import peaked in 2021 and is likely to see steady growth in years to come.

Imports by Country

Yemen represented the largest importing country with an import of about X tons, which amounted to 49% of total imports. The United Arab Emirates (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (11%) and Saudi Arabia (7.5%). The following importers - Qatar (X tons), Jordan (X tons) and Turkey (X tons) - each recorded a 5.1% share of total imports.

Imports into Yemen increased at an average annual rate of +65.2% from 2012 to 2021. At the same time, Qatar (+85.1%), Kuwait (+44.0%), the United Arab Emirates (+26.6%), Jordan (+14.6%), Turkey (+11.1%) and Saudi Arabia (+7.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +85.1% from 2012-2021. Yemen (+46 p.p.), Kuwait (+8.7 p.p.), the United Arab Emirates (+8 p.p.) and Qatar (+2 p.p.) significantly strengthened its position in terms of the total imports, while Turkey and Saudi Arabia saw its share reduced by -1.7% and -12.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported refined groundnut oil in the Middle East, comprising 38% of total imports. The second position in the ranking was taken by Kuwait ($X), with an 18% share of total imports. It was followed by Yemen, with a 12% share.

In the United Arab Emirates, refined groundnut oil imports expanded at an average annual rate of +28.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+39.7% per year) and Yemen (+38.4% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, picking up by 23% against the previous year. Overall, the import price, however, saw a perceptible shrinkage. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Turkey ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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