Middle East: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in the Middle East

In 2021, the Middle Eastern soybean oilcake market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Soybean Oilcake Production in the Middle East

In value terms, soybean oilcake production shrank remarkably to $X in 2021 estimated in export price. Over the period under review, production showed a buoyant increase. The pace of growth appeared the most rapid in 2018 with an increase of 73%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Soybean Oilcake Exports

Exports in the Middle East

In 2021, the amount of soybean oilcake exported in the Middle East skyrocketed to X tons, picking up by 18% against the previous year. Overall, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 406% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, soybean oilcake exports skyrocketed to $X in 2021. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 307%. The level of export peaked in 2021 and is likely to continue growth in years to come.

Exports by Country

Turkey prevails in exports structure, recording X tons, which was near 84% of total exports in 2021. The United Arab Emirates (X tons) held the second position in the ranking, followed by Syrian Arab Republic (X tons). All these countries together held approx. 14% share of total exports.

Turkey was also the fastest-growing in terms of the soybean oilcake exports, with a CAGR of +59.0% from 2012 to 2021. At the same time, Syrian Arab Republic (+17.0%) and the United Arab Emirates (+5.0%) displayed positive paces of growth. From 2012 to 2021, the share of Turkey increased by +70 percentage points.

In value terms, Turkey ($X) remains the largest soybean oilcake supplier in the Middle East, comprising 84% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +54.3%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+6.8% per year) and Syrian Arab Republic (+13.6% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, growing by 29% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.7%), while the other leaders experienced a decline in the export price figures.

Soybean Oilcake Imports

Imports in the Middle East

In 2021, the amount of soybean oilcake imported in the Middle East shrank to X tons, waning by -13.9% against the previous year's figure. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 25%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, soybean oilcake imports totaled $X in 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 30%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Iran (X tons), Turkey (X tons) and Saudi Arabia (X tons) represented the main importer of soybean oilcake in the Middle East, creating 60% of total import. It was distantly followed by Iraq (X tons), Jordan (X tons) and Israel (X tons), together constituting a 24% share of total imports. Yemen (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Iraq (with a CAGR of +51.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Iran ($X), Turkey ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 58% of total imports. These countries were followed by Iraq, Jordan, Israel and Yemen, which together accounted for a further 29%.

Among the main importing countries, Iraq, with a CAGR of +48.1%, 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

In 2021, the import price in the Middle East amounted to $X per ton, with an increase of 27% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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