Saudi Arabia: Groundnut Oil Market 2024

Groundnut Oil Market Size in Saudi Arabia

The Saudi groundnut oil market amounted to $X in 2021, increasing by 2.8% against the previous year. Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.5% against 2017 indices. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Groundnut Oil Production in Saudi Arabia

In value terms, groundnut oil production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 27% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Groundnut Oil Exports

Exports from Saudi Arabia

In 2021, the amount of groundnut oil exported from Saudi Arabia fell significantly to X tons, reducing by -26% on the previous year's figure. Overall, exports continue to indicate a significant decline. The smallest decline of -13.4% was in 2013. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, groundnut oil exports reduced remarkably to $X in 2021. Over the period under review, exports continue to indicate a sharp reduction. The smallest decline of -19.6% was in 2016. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for groundnut oil exports from Saudi Arabia, with a 96% share of total exports. It was followed by Oman (X tons), with a 3% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates totaled -27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (-57.5% per year) and Yemen (-51.4% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for groundnut oil exports from Saudi Arabia, comprising 98% of total exports. The second position in the ranking was held by Yemen ($X), with a 1.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates totaled -30.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-47.5% per year) and Oman (-64.1% per year).

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, declining by -7.6% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 15% against the previous year. As a result, the export price reached the peak level of $X per ton, and then contracted in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Yemen (+8.1%), while the prices for the other major destinations experienced a decline.

Groundnut Oil Imports

Imports into Saudi Arabia

In 2021, purchases abroad of groundnut oil increased by 3,777% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports recorded strong growth. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, groundnut oil imports surged to $X in 2021. Overall, imports continue to indicate strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Belgium (X tons) constituted the largest supplier of groundnut oil to Saudi Arabia, with a 82% share of total imports. Moreover, groundnut oil imports from Belgium exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+18,554.5% per year) and the United States (+0.3% per year).

In value terms, Belgium ($X) constituted the largest supplier of groundnut oil to Saudi Arabia, comprising 73% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.5% per year) and India (+1,230.8% per year).

Import Prices by Country

In 2021, the average groundnut oil import price amounted to $X per ton, waning by -20.3% against the previous year. Over the period under review, the import price, however, recorded a prominent expansion. The growth pace was the most rapid in 2019 an increase of 101%. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($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 (+17.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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