Middle East: Soybean Oil Market 2024

Soybean Oil Market Size in the Middle East

The Middle Eastern soybean oil market reduced to $X in 2022, waning by -5.6% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Soybean Oil Production in the Middle East

In value terms, soybean oil production expanded modestly to $X in 2022 estimated in export price. In general, production enjoyed a strong increase. The growth pace was the most rapid in 2015 with an increase of 109%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports in the Middle East

Soybean oil exports expanded slightly to X tons in 2022, surging by 3% on 2021 figures. Over the period under review, exports saw a prominent expansion. The pace of growth was the most pronounced in 2020 when exports increased by 46% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, soybean oil exports soared to $X in 2022. Overall, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2021 when exports increased by 90%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Turkey was the major exporting country with an export of around X tons, which amounted to 76% of total exports. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by the United Arab Emirates (X tons). All these countries together took approx. 23% share of total exports.

Turkey was also the fastest-growing in terms of the soybean oil exports, with a CAGR of +57.3% from 2012 to 2022. The United Arab Emirates experienced a relatively flat trend pattern. Saudi Arabia (-2.5%) illustrated a downward trend over the same period. Turkey (+73 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates and Saudi Arabia saw its share reduced by -12.3% and -52.6% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest soybean oil supplier in the Middle East, comprising 81% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 13% share of total exports.

In Turkey, soybean oil exports expanded at an average annual rate of +58.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-4.2% per year) and the United Arab Emirates (-2.5% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, growing by 16% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 53% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.5%), while the other leaders experienced a decline in the export price figures.

Soybean Oil Imports

Imports in the Middle East

In 2022, approx. X tons of soybean oil were imported in the Middle East; reducing by -22.6% against the previous year. Overall, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2021 when imports increased by 95%. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports shrank remarkably to $X in 2022. Over the period under review, imports continue to indicate a deep slump. The growth pace was the most rapid in 2021 when imports increased by 170% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Iran was the key importing country with an import of around X tons, which reached 34% of total imports. Jordan (X tons) ranks second in terms of the total imports with a 15% share, followed by the United Arab Emirates (13%), Iraq (12%), Oman (6.7%) and Israel (5.2%). Kuwait (X tons) followed a long way behind the leaders.

Imports into Iran decreased at an average annual rate of -14.3% from 2012 to 2022. At the same time, Iraq (+47.2%), Oman (+12.1%), Israel (+6.6%) and Jordan (+4.9%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +47.2% from 2012-2022. Kuwait experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-5.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Iraq, Jordan, Oman, Israel, the United Arab Emirates and Kuwait increased by +12, +11, +5.7, +3.9, +2.2 and +2.1 percentage points, respectively.

In value terms, the largest soybean oil importing markets in the Middle East were Iran ($X), Jordan ($X) and the United Arab Emirates ($X), with a combined 60% share of total imports. Iraq, Israel, Oman and Kuwait lagged somewhat behind, together accounting for a further 28%.

Iraq, with a CAGR of +42.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, leveling off at the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 38% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: 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 (+2.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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