Morocco: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Morocco

In 2022, the Moroccan chemically modified oils market decreased by -2% to $X, falling for the second consecutive year after two years of growth. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.6% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Chemically Modified Oils Production in Morocco

In value terms, chemically modified oils production expanded slightly to $X in 2022 estimated in export price. Overall, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 -1.7% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 38% against the previous year. Chemically modified oils production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chemically Modified Oils Exports

Exports from Morocco

Chemically modified oils exports from Morocco surged to X tons in 2022, rising by 32% on 2021. Over the period under review, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 39%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, chemically modified oils exports surged to $X in 2022. Overall, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 100%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

France (X tons) was the main destination for chemically modified oils exports from Morocco, accounting for a 81% share of total exports. Moreover, chemically modified oils exports to France exceeded the volume sent to the second major destination, Portugal (X tons), ninefold. The third position in this ranking was held by Italy (X tons), with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume to France stood at +58.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+23.6% per year) and Italy (+1,223.4% per year).

In value terms, France ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Morocco, comprising 83% of total exports. The second position in the ranking was taken by Portugal ($X), with an 8.6% share of total exports. It was followed by Italy, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to France stood at +71.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+29.6% per year) and Italy (+1,356.7% per year).

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, picking up by 29% against the previous year. In general, the export price posted a strong increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 46%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Morocco

Chemically modified oils imports into Morocco expanded markedly to X tons in 2022, surging by 9.4% compared with 2021 figures. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 185% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports surged to $X in 2022. Overall, imports continue to indicate perceptible growth. The most prominent rate of growth was recorded in 2019 with an increase of 128% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Belgium (X tons), Italy (X tons) and Germany (X tons) were the main suppliers of chemically modified oils imports to Morocco, with a combined 82% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +62.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Italy ($X) and Germany ($X) were the largest chemically modified oils suppliers to Morocco, together comprising 78% of total imports.

In terms of the main suppliers, Italy, with a CAGR of +71.2%, 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 2022, the average chemically modified oils import price amounted to $X per ton, jumping by 18% against the previous year. Over the period under review, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +105.0% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 51%. The import price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Spain ($X per ton) and Germany ($X per ton), while the price for Belgium ($X per ton) and Italy ($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 (+12.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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