Saudi Arabia: Tall Oil Market 2024

Tall Oil Market Size in Saudi Arabia

The Saudi tall oil market rose rapidly to $X in 2021, increasing by 7.5% against the previous year. Over the period under review, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.8% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Tall Oil Production in Saudi Arabia

In value terms, tall oil production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.4% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 65% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Tall Oil Exports

Exports from Saudi Arabia

In 2021, the amount of tall oil exported from Saudi Arabia skyrocketed to X tons, growing by 61% compared with 2020 figures. In general, exports saw a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 251%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, tall oil exports soared to $X in 2021. Over the period under review, exports saw a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 296% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons) was the main destination for tall oil exports from Saudi Arabia, accounting for a approx. 100% share of total exports.

From 2015 to 2020, the average annual rate of growth in terms of volume to Nigeria was relatively modest.

From 2015 to 2020, the average annual growth rate of value to Nigeria was relatively modest.

Export Prices by Country

The average tall oil export price stood at $X per ton in 2020, dropping by -14.3% against the previous year. Overall, the export price showed a noticeable reduction. The most prominent rate of growth was recorded in 2016 when the average export price decreased by -1.3%. The export price peaked at $X per ton in 2015; however, from 2016 to 2020, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2015 to 2020, the rate of growth in terms of prices for Senegal amounted to -8.6% per year.

Tall Oil Imports

Imports into Saudi Arabia

In 2013, the amount of tall oil imported into Saudi Arabia rose notably to X tons, with an increase of 13% on the previous year's figure. The total import volume increased at an average annual rate of +13.3% from 2012 to 2013; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, tall oil imports soared to $X in 2013. The total import value increased at an average annual rate of +18.4% from 2012 to 2013; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X tons), Germany (X tons) and Mexico (X tons) were the main suppliers of tall oil imports to Saudi Arabia. Moreover, tall oil imports in the United States exceeded the figures recorded by the second-largest supplier, Germany, fourfold.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +14.9%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest tall oil suppliers to Saudi Arabia were the United States ($X), Mexico ($X) and Germany ($X). Moreover, tall oil imports in the United States exceeded the figures recorded by the second-largest supplier, Mexico, more than tenfold.

The United States, with a CAGR of +23.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average tall oil import price amounted to less than $X per ton, approximately equating the previous year. In general, the import price recorded a moderate expansion. The pace of growth appeared the most rapid in 2013 an increase of 4.6%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+14.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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