Middle East: Refined Palm Oil Market 2025

Refined Palm Oil Market Size in the Middle East

In 2022, the Middle Eastern refined palm oil market decreased by -6.8% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Refined Palm Oil Production in the Middle East

In value terms, refined palm oil production totaled $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.0% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 22%. Over the period under review, production reached the peak level at $X in 2017; afterwards, it flattened through to 2022.

Refined Palm Oil Exports

Exports in the Middle East

In 2022, shipments abroad of refined palm oil increased by 13% to X tons, rising for the fifth consecutive year after two years of decline. Over the period under review, exports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2019 with an increase of 62%. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, refined palm oil exports soared to $X in 2022. In general, exports continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2021 when exports increased by 52%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Turkey was the main exporting country with an export of around X tons, which resulted at 59% of total exports. Oman (X tons) took the second position in the ranking, followed by the United Arab Emirates (X tons) and Saudi Arabia (X tons). All these countries together held near 41% share of total exports.

Turkey was also the fastest-growing in terms of the refined palm oil exports, with a CAGR of +85.3% from 2012 to 2022. At the same time, Oman (+12.9%) and Saudi Arabia (+4.2%) displayed positive paces of growth. By contrast, the United Arab Emirates (-3.2%) illustrated a downward trend over the same period. Turkey (+58 p.p.) and Oman (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia and the United Arab Emirates saw its share reduced by -4.7% and -51.4% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest refined palm oil supplier in the Middle East, comprising 60% of total exports. The second position in the ranking was taken by Oman ($X), with a 17% share of total exports. It was followed by the United Arab Emirates, with a 16% share.

In Turkey, refined palm oil exports increased at an average annual rate of +80.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+9.1% per year) and the United Arab Emirates (-4.7% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, surging by 4.9% against the previous year. Overall, the export price, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2021 when the export price increased by 33%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+0.9%), while the other leaders experienced a decline in the export price figures.

Refined Palm Oil Imports

Imports in the Middle East

In 2022, the amount of refined palm oil imported in the Middle East contracted to X tons, dropping by -10.5% against 2021. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 42% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, refined palm oil imports fell to $X in 2022. Over the period under review, imports, however, enjoyed a modest increase. The most prominent rate of growth was recorded in 2021 with an increase of 105% against the previous year. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Turkey (X tons), distantly followed by Iran (X tons), the United Arab Emirates (X tons), Yemen (X tons), Oman (X tons) and Iraq (X tons) were the major importers of refined palm oil, together generating 94% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Iraq (with a CAGR of +50.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported refined palm oil in the Middle East, comprising 42% of total imports. The second position in the ranking was held by Iran ($X), with a 20% share of total imports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +10.6%. The remaining importing countries recorded the following average annual rates of imports growth: Iran (-3.3% per year) and the United Arab Emirates (-0.8% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, flattening at the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 44% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Turkey ($X per ton) and Oman ($X per ton), while Iraq ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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