Saudi Arabia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Saudi Arabia

The Saudi refined palm oil market fell notably to $X in 2022, waning by -27.8% against the previous year. Overall, consumption saw a abrupt contraction. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Refined Palm Oil Production in Saudi Arabia

In value terms, refined palm oil production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.1% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 62%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Refined Palm Oil Exports

Exports from Saudi Arabia

In 2022, after four years of growth, there was decline in overseas shipments of refined palm oil, when their volume decreased by -3% to X tons. Overall, exports, however, continue to indicate a noticeable increase. The pace of growth was the most pronounced in 2018 when exports increased by 159%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports shrank modestly to $X in 2022. In general, exports, however, continue to indicate resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 129% against the previous year. The exports peaked at $X in 2021, and then fell slightly in the following year.

Exports by Country

Bahrain (X tons), Jordan (X tons) and Egypt (X tons) were the main destinations of refined palm oil exports from Saudi Arabia, together accounting for 99.9% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of +55.6%), while the other leaders experienced more modest paces of growth.

In value terms, Bahrain ($X), Jordan ($X) and Egypt ($X) constituted the largest markets for refined palm oil exported from Saudi Arabia worldwide, together accounting for 99.9% of total exports.

Bahrain, with a CAGR of +50.5%, recorded the highest rates of growth with regard to the value of exports, in terms of 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

The average refined palm oil export price stood at $X per ton in 2022, declining by -1.7% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by 33% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Bahrain ($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 Jordan (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Palm Oil Imports

Imports into Saudi Arabia

In 2021, purchases abroad of refined palm oil decreased by -29.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2019 with an increase of 25%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, refined palm oil imports declined to $X in 2021. In general, imports showed a drastic downturn. The pace of growth was the most pronounced in 2019 when imports increased by 34%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Oman (X tons), the United Arab Emirates (X tons) and Indonesia (X tons) were the main suppliers of refined palm oil imports to Saudi Arabia, with a combined 99% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of -3.6%), while purchases for the other leaders experienced a decline.

In value terms, the largest refined palm oil suppliers to Saudi Arabia were Oman ($X), the United Arab Emirates ($X) and Indonesia ($X), with a combined 99% share of total imports.

Indonesia, with a CAGR of -2.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average refined palm oil import price amounted to $X per ton, increasing by 33% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Oman ($X per ton) and the United Arab Emirates ($X per ton), while the price for Malaysia ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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