United Arab Emirates: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in the United Arab Emirates

The palm kernel oil market in the United Arab Emirates fell to $X in 2022, with a decrease of -11.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a strong increase. Palm kernel oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Palm Kernel Oil Exports

Exports from the United Arab Emirates

After four years of growth, overseas shipments of palm kernel and babassu oil decreased by -4.8% to X tons in 2022. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 252% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, palm kernel oil exports reduced remarkably to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 274% against the previous year. The exports peaked at $X in 2021, and then dropped dramatically in the following year.

Exports by Country

Morocco (X tons) was the main destination for palm kernel oil exports from the United Arab Emirates, accounting for a 99% share of total exports. It was followed by Oman (X tons), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Morocco amounted to +286.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (-36.1% per year) and France (-42.7% per year).

In value terms, Morocco ($X) emerged as the key foreign market for palm kernel and babassu oil exports from the United Arab Emirates, comprising 99% of total exports. The second position in the ranking was taken by Oman ($X), with a 0.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Morocco stood at +310.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (-30.3% per year) and France (-41.9% per year).

Export Prices by Country

In 2022, the average palm kernel oil export price amounted to $X per ton, dropping by -13.6% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 40%. As a result, the export price attained the peak level of $X per ton, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Morocco ($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 Oman (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Kernel Oil Imports

Imports into the United Arab Emirates

In 2022, the amount of palm kernel and babassu oil imported into the United Arab Emirates shrank modestly to X tons, falling by -2.2% compared with 2021 figures. In general, imports, however, continue to indicate prominent growth. The growth pace was the most rapid in 2017 when imports increased by 55%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, palm kernel oil imports fell sharply to $X in 2022. Overall, imports, however, saw a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 59%. As a result, imports reached the peak of $X, and then declined sharply in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest palm kernel oil supplier to the United Arab Emirates, accounting for a less than 0.1% share of total imports. Moreover, palm kernel oil imports from India exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X kg), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from India totaled -17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+35.5% per year) and Malaysia (-68.3% per year).

In value terms, the largest palm kernel oil suppliers to the United Arab Emirates were India ($X), Saudi Arabia ($X) and Malaysia ($X), together accounting for less than 0.1% of total imports.

Among the main suppliers, Saudi Arabia, with a CAGR of +37.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average palm kernel oil import price amounted to $X per ton, declining by -16.8% against the previous year. Over the period under review, the import price recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2021 an increase of 52%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the price for Malaysia ($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 (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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