Saudi Arabia: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Saudi Arabia

The Saudi refined groundnut oil market reduced to $X in 2021, remaining stable against the previous year. Overall, consumption posted a buoyant expansion. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in Saudi Arabia

In value terms, refined groundnut oil production fell to $X in 2021 estimated in export price. In general, production continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 158% against the previous year. Refined groundnut oil production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports from Saudi Arabia

For the ninth consecutive year, Saudi Arabia recorded decline in overseas shipments of refined groundnut oil, which decreased by -26% to X tons in 2021. Overall, exports recorded a dramatic decline. The smallest decline of -13.5% 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 failed to regain momentum.

In value terms, refined groundnut oil exports declined sharply to $X in 2021. In general, exports saw a sharp shrinkage. The smallest decline of -20% was in 2016. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for refined groundnut oil exports from Saudi Arabia, accounting for 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 rate of growth in terms of volume to the United Arab Emirates amounted to -27.6%. 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 ($X) remains the key foreign market for refined groundnut oil exports from Saudi Arabia, comprising 98% of total exports. The second position in the ranking was taken by Yemen ($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 stood at -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 refined groundnut oil export price stood at $X per ton in 2021, shrinking by -7.6% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 15% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably country of destination: 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.

Refined Groundnut Oil Imports

Imports into Saudi Arabia

In 2021, overseas purchases of refined groundnut oil were finally on the rise to reach X tons after two years of decline. Over the period under review, imports saw strong growth. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, refined groundnut oil imports surged to $X in 2021. In general, imports enjoyed prominent growth. As a result, imports attained 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 refined groundnut oil to Saudi Arabia, accounting for a 87% share of total imports. Moreover, refined groundnut oil imports from Belgium exceeded the figures recorded by the second-largest supplier, India (X tons), eightfold.

From 2012 to 2021, the average annual growth rate of volume from Belgium was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (0.0% per year) and the United States (-22.9% per year).

In value terms, Belgium ($X) constituted the largest supplier of refined groundnut oil to Saudi Arabia, comprising 85% of total imports. The second position in the ranking was taken by India ($X), with a 13% 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: India (0.0% per year) and the United States (-25.7% per year).

Import Prices by Country

The average refined groundnut oil import price stood at $X per ton in 2021, falling by -2.9% against the previous year. Overall, the import price, however, posted a temperate expansion. The pace of growth appeared the most rapid in 2019 an increase of 54% against the previous year. 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 country of origin: the country with the highest price was India ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+559.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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