Morocco: Soybean Oil Market 2024

Soybean Oil Market Size in Morocco

The Moroccan soybean oil market surged to $X in 2022, jumping by 18% against the previous year. Overall, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +78.7% against 2013 indices. Soybean oil consumption peaked in 2022 and is expected to retain growth in the near future.

Soybean Oil Production in Morocco

In value terms, soybean oil production soared to $X in 2022 estimated in export price. Over the period under review, production, however, saw a deep setback. The pace of growth appeared the most rapid in 2020 when the production volume increased by 233% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Morocco

In 2022, overseas shipments of soybean oil increased by 6.2% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2020 when exports increased by 300%. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, soybean oil exports skyrocketed to $X in 2022. Overall, exports enjoyed a resilient increase. The growth pace was the most rapid in 2020 with an increase of 321% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Syrian Arab Republic (X tons), Senegal (X tons) and Mauritania (X tons) were the main destinations of soybean oil exports from Morocco, together comprising 85% of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +25.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Morocco were Syrian Arab Republic ($X), Senegal ($X) and Mauritania ($X), together accounting for 86% of total exports.

Senegal, with a CAGR of +29.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, growing by 41% against the previous year. Over the period under review, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +110.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 42%. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Syrian Arab Republic ($X per ton) and Libya ($X per ton), while the average price for exports to Equatorial Guinea ($X per ton) and Mauritania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Libya (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Morocco

In 2022, after two years of decline, there was growth in purchases abroad of soybean oil, when their volume increased by 3.6% to X tons. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 18% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports soared to $X in 2022. Overall, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 56%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Spain (X tons), Argentina (X tons) and the Netherlands (X tons) were the main suppliers of soybean oil imports to Morocco, together accounting for 84% of total imports. Italy, France, Portugal, Germany, Egypt and the United States lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +73.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Argentina ($X) and Italy ($X) were the largest soybean oil suppliers to Morocco, together accounting for 85% of total imports. The Netherlands, France, Portugal, Germany, Egypt and the United States lagged somewhat behind, together comprising a further 15%.

Among the main suppliers, France, with a CAGR of +71.9%, saw the highest growth rate of 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

The average soybean oil import price stood at $X per ton in 2022, surging by 20% against the previous year. Overall, the import price continues to indicate noticeable growth. The pace of growth was the most pronounced in 2021 an increase of 69% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+23.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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