Saudi Arabia: Vegetable Oils Market 2024

Vegetable Oils Market Size in Saudi Arabia

The Saudi vegetable oils market was estimated at $X in 2022, rising by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Vegetable Oils Production in Saudi Arabia

In value terms, vegetable oils production fell to $X in 2022 estimated in export price. In general, production, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Vegetable Oils Exports

Exports from Saudi Arabia

In 2022, shipments abroad of vegetable fats and oils decreased by X% to X tons, falling for the fifth year in a row after two years of growth. In general, exports recorded a deep setback. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, vegetable oils exports reduced to $X in 2022. Over the period under review, exports saw a perceptible slump. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), the UK (X tons) and Lebanon (X tons) were the main destinations of vegetable oils exports from Saudi Arabia, together accounting for X% 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 the Netherlands (with a CAGR of X%), while the other leaders experienced mixed trend patterns.

In value terms, the Netherlands ($X) remains the key foreign market for vegetable fats and oils exports from Saudi Arabia, comprising X% of total exports. The second position in the ranking was taken by Lebanon ($X), with an X% share of total exports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lebanon (X% per year) and the UK (X% per year).

Export Prices by Country

The average vegetable oils export price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to the UK ($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 the Netherlands (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Saudi Arabia

Vegetable oils imports into Saudi Arabia skyrocketed to X tons in 2022, growing by X% on the year before. In general, imports, however, showed a noticeable setback. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, vegetable oils imports rose remarkably to $X in 2022. Over the period under review, imports, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of vegetable oils to Saudi Arabia, with a X% share of total imports. Moreover, vegetable oils imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The third position in this ranking was held by Spain (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Spain (X% per year).

In value terms, Malaysia ($X) constituted the largest supplier of vegetable fats and oils to Saudi Arabia, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports. It was followed by Spain, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Spain (X% per year).

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then shrank significantly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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