Saudi Arabia: Linseed Oil Market 2024

Linseed Oil Market Size in Saudi Arabia

After three years of decline, the Saudi linseed oil market increased by 177% to $X in 2022. Over the period under review, consumption, however, recorded a deep downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Linseed Oil Production in Saudi Arabia

In value terms, linseed oil production declined slightly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 20% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Linseed Oil Exports

Exports from Saudi Arabia

In 2021, linseed oil exports from Saudi Arabia skyrocketed to X tons, growing by 11,999% compared with the previous year. Over the period under review, exports saw a strong increase. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, linseed oil exports surged to $X in 2021. In general, exports, however, showed a pronounced slump. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Bahrain (X tons) was the main destination for linseed oil exports from Saudi Arabia, accounting for a 72% share of total exports. Moreover, linseed oil exports to Bahrain exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sixfold. Yemen (X tons) ranked third in terms of total exports with a 6% share.

From 2012 to 2021, the average annual growth rate of volume to Bahrain totaled +33.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+13.4% per year) and Yemen (+10.2% per year).

In value terms, Bahrain ($X), the United Arab Emirates ($X) and Yemen ($X) were the largest markets for linseed oil exported from Saudi Arabia worldwide, with a combined 83% share of total exports.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +14.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2021, reducing by -36.5% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2014 when the average export price increased by 58%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Bahrain ($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 Iraq (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Saudi Arabia

Linseed oil imports into Saudi Arabia skyrocketed to X tons in 2014, jumping by 31% against the previous year's figure. Over the period under review, imports, however, showed a mild decline. Over the period under review, imports attained the peak figure at X tons in 2012; afterwards, it flattened through to 2014.

In value terms, linseed oil imports shrank to $X in 2014. In general, imports, however, continue to indicate a abrupt decrease. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2014, imports remained at a lower figure.

Imports by Country

Italy (X tons), Malaysia (X tons) and Greece (X tons) were the main suppliers of linseed oil imports to Saudi Arabia, with a combined 65% share of total imports.

From 2012 to 2014, the biggest increases were recorded for Italy (with a CAGR of +62.7%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Italy ($X) constituted the largest supplier of linseed oil to Saudi Arabia, comprising 33% of total imports. The second position in the ranking was held by Malaysia ($X), with a 14% share of total imports. It was followed by Greece, with a 14% share.

From 2012 to 2014, the average annual rate of growth in terms of value from Italy amounted to +61.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-32.5% per year) and Greece (-45.5% per year).

Import Prices by Country

In 2014, the average linseed oil import price amounted to $X per ton, with a decrease of -26.2% against the previous year. In general, the import price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2013 when the average import price decreased by -3.2% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2014, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2014, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2014, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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